George De Luca ’74: Good Deed Multiplied
Prior to his passing in 2015, George De Luca ’74 was a generous benefactor to Saint Peter's University. To continue that philanthropy in perpetuity, De Luca, in conjunction with his brother, Thomas De Luca ’72, designated the University as a beneficiary of a donor advised fund. The donor advised fund has established the De Luca Family Endowed Scholarship at Saint Peter’s in his honor and has directed additional contributions to the University.
Donor advised funds provide a number of important tax benefits to donors. When you establish or make a contribution to a donor advised fund, you are making a charitable contribution and are entitled to receive the maximum tax deduction allowed by law. In addition, the investments in your donor advised fund will grow tax free and will incur no capital gains taxes. Your contribution will also reduce the impact of the alternative minimum tax, and your fund will not be subject to estate taxes.
“This is a growing form of philanthropic support that benefits charitable organizations and donors alike,” explained Leah Leto, M.Ed. ’05, vice president for advancement and external affairs. “Many families have these funds, but may not fully realize the benefits. Your financial adviser can offer further details on how contributions to Saint Peter’s through a donor advised fund provides families—like the De Lucas—with unique tax advantages.”
Tom and George grew up in Bayonne and both attended Saint Peter's University (then College). Many of their family members also attended Saint Peter’s. As Tom noted, “Saint Peter’s was instrumental to both George and me, not only by educating us, but also through the career office through which we both got our first jobs. Saint Peter’s set up both of us for the success we had in our lives.” Tom continues to make generous contributions to the scholarship through the donor advised fund he and George established.