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Families Create Lasting Legacies for Loved Ones through Endowed Scholarships

The Rose and Pietro DiNardo Scholarship

The DiNardo Family

The DiNardo Family circa 1919

Over a century ago, Pietro DiNardo emigrated to this country from Italy, met and married his beloved Rose, and together they began a lifelong love story with Jersey City, for themselves, their 20 children, and their myriad grandchildren who followed. Donna Di Nardo ’76 described how her grandfather was a produce peddler, with a horse and wagon, and later a wholesale banana distributor, "The Banana King". Rose was a grandma to the neighborhood, always sharing what little she had with anyone she saw in need. Their generations of offspring went on to become integral weavers of the tapestry of Jersey City life, serving in the realms of politics, community outreach, education, law—directly giving back to their hometown. At least 5 grandchildren and 3 great-grandchildren are alumni of St. Peter's College, as it was named at the time.

Inspired by others who had endowed a scholarship in their family’s name, Donna established an endowed scholarship to honor her grandparents. As Donna explained, “My family's story is one example of the American Dream come true. My hope is that the Rose and Pietro DiNardo Scholarship will make it possible for other students' American Dreams to become a reality."

The Colbert Family Endowed Scholarship

Nola and Tom Colbert

Nola and Tom Colbert '61

"We are delighted to participate in the Legacy Challenge. Our future gift through our trust will establish our family endowed scholarship to support the diverse student population that Saint Peter's University proudly serves."
—Nola and Tom Colbert '61

The Kaiser Family Endowed Scholarship

Robert Kaiser with his family

Robert Kaiser ’64, shown with his family

“As an only child and a first-generation college grad, it was important to me to take care of my family. Now I want to contribute to Saint Peter's who advised me in tough times and steered me toward a successful career. I was always a saver, so now I am happy to direct a portion of my IRA to the next generation of Peacocks.”
—Robert Kaiser ’64

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A charitable bequest is one or two sentences in your will or living trust that leave to Saint Peter's University a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest Language

The official bequest language for Saint Peter's University is: "I, [name], of [city, state, ZIP], give, devise and bequeath to Saint Peter's University, 2641 Kennedy Boulevard in Jersey City, NJ 07306 [written amount or percentage of the estate or description of property] for its unrestricted use and purpose." 

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Saint Peter's University or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays the University set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Saint Peter's University as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Saint Peter's University as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Saint Peter's University where you agree to make a gift to Saint Peter's University and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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