RADCLIFFE ALUMNA GIVES BACK ACROSS THE UNIVERSITY

Transcription

1 HARVARD UNIVERSITY PLANNED GIVING NEWS FALL 2014 JAMES F. ROTHENBERG AB 68, MBA 70 THE POWER OF PLANNED GIVING AT HARVARD James F. Rothenberg AB 68, MBA 70, former treasurer of Harvard University, chair of the Board of Directors of Harvard Management Company (HMC), and chairman of Capital Group Companies, Inc., shares his thoughts on One Harvard, his passion for the University, and what it means to have Harvard and HMC standing behind your planned gift. Q: What are the most important things you learned about Harvard as the University s treasurer? I have learned that Harvard is a complicated place. The University s historical approach to financial management, which we know as every tub on its own bottom, has enormous strengths. It has helped produce the excellence of each of the Schools. But there are weaknesses to that approach as well, so we are always trying to find the right balance between a strong and capable center that can help the Schools, and the inherent value of entrepreneurship that autonomy gives the Schools. In doing so, we have excellent partners in each of the deans, who are wonderful University citizens. I have also learned that President Faust s notion of One Harvard is very important because it reflects the way human knowledge is expanding today and how people are learning. There are so many subject areas that no longer apply to just one department or School and so many challenges that RADCLIFFE ALUMNA GIVES BACK ACROSS THE UNIVERSITY Pringle Hart Symonds AB 56 may have spent her formative years on the campus of Radcliffe College, as it was then known, but her recent generosity reaches across Harvard. Symonds has established charitable gift annuities that support the Radcliffe Institute for Advanced Study, Harvard Medical School (HMS), Harvard Business School (HBS), and the Harvard College Library system, including Widener Library where she once worked. These gifts provide Symonds with both steady income and tax benefits. The daughter of a naval officer, Symonds attended 17 schools prior to college, but by the time she was a high school junior, she had set her sights on Radcliffe. She recalls her mother saying about college: Do something that you will never be able to do again in life. And she did just that. While at Radcliffe, she majored in French and seized the opportunity to spend her junior year in Paris. Through Radcliffe College, Symonds made enduring friendships. One of her close friends is Nancy PRINGLE HART SYMONDS AB 56 Pforzheimer Aronson AB 56, the daughter of longtime Radcliffe supporters Carol Pforzheimer R 31 and Carl Pforzheimer Jr. AB 28, MBA 30. Symonds says she gave to the Radcliffe Institute in honor of Carol Pforzheimer, who died in 2010 after a lifetime of generosity to Radcliffe that took many forms including the Carol K. Pforzheimer Professorship; the directorship of the Schlesinger Library; and the Carol K. Pforzheimer Student Fellowships. Additionally, Pforzheimer House is named for the Pforzheimer family, reflecting their long-standing support of Harvard. CONTINUED ON PAGE 4 ABOVE: STAINED GLASS WINDOWS BY SARAH WYMAN WHITMAN ( ) IN THE SCHLESINGER LIBRARY IN RADCLIFFE YARD AT HARVARD UNIVERSITY PHOTO: KRIS SNIBBE/HARVARD UNIVERSITY (HU) CONTINUED ON PAGE 2 JAMES F. ROTHENBERG PHOTO: KRIS SNIBBE/HU PRINGLE HART SYMONDS PHOTO: COURTESY OF PRINGLE HART SYMONDS 1

2 THE POWER OF PLANNED GIVING AT HARVARD CONTINUED FROM COVER require the close collaboration of several Schools. How do you tackle a subject like climate change, for example? Because it s not just science. It s policy, law, business, ethics, education, and more. This is one of the great advantages of Harvard. When we take on a challenge, we get the best people working on it together from every angle. Q: Why have you chosen to allocate a great deal of time and energy in key leadership roles at Harvard? When I was considering whether to become the treasurer of Harvard, my wife, Anne, said she knew that if I didn t say yes, I d regret it. And she was right. I said yes to Harvard because I believe the work of this University is so important. There are so many challenges in our country and in the world today and so many ways that Harvard can help solve them. It would be very hard for me to walk away from helping Harvard do that. to give and where we will have the most impact. We support Harvard financially for the same reason we give our time and energy: we believe Harvard has impact. As a family, we have made education a big philanthropic thrust, and Harvard is our number-one priority. We support other areas and institutions as well, lots of things in our community, and Anne has a great passion for the Huntington Library, which also has a significant educational mission. But we always think about where we can have the most impact. Because I ve been so actively involved at Harvard, I can also see where dollars are most needed and where even small amounts can really help. For example, I made a gift to support House Renewal. I saw how important it was to Harvard, and that is why I supported it. My football coach once said about me, Show him a wall and he ll try to knock it down. I think that captures how I feel about helping Harvard be the best university it can be. Q: Harvard is a global leader in planned giving. What makes Harvard such an appealing place to establish a planned gift? Q: Why do you and Anne support Harvard financially, and how do you make your decisions about charitable giving? Making a planned gift is an excellent way to support an institution you care about and provide an ongoing benefit to yourself generating annual income and handling estate and other tax issues in an efficient manner. Making a planned gift at Harvard is something more because you have the staying power of this University Anne and I look at the whole perspective. After setting aside assets for our expanding family, we look at how much is available Make a Difference. Make a Bequest. It is easy to support Harvard through a bequest simply include the following language in your estate plan: I give ( dollars or percent or all of the residue of my estate) to the President and Fellows of Harvard College, a Massachusetts educational, charitable corporation (for its general purposes or for the benefit of a School or Unit). Bequests can be tailored to your interests. Please contact Harvard University s Planned Giving team at or pgo@harvard.edu for assistance. Thank you! 2 RIGHT: VIEW OF THE SCIENCE CENTER THROUGH THE ARCHES OF MEMORIAL HALL PHOTO: KRIS SNIBBE/HU behind you. You have Harvard Management Company working for you, so you can be sure that your funds are being managed by very talented people. It s the combination of doing something for Harvard, helping yourself and your family with financial and tax planning, and having Harvard standing behind you. That s a powerful concept. Q: Among gifts that pay income to donors and are managed by HMC, the most popular investment option over the past 10 years has been the Harvard endowment. Why is that, and would you expect it to continue? When you look at an institution that has done well over the years, you should ask yourself, What are the factors that have produced that success and will they stay in place? At Harvard, there may be changes in leadership at HMC, but with the board in place and the history of this University, you can feel comfortable that Harvard will sustain its excellence and commit the necessary resources for hiring the right talent. I like to think that my company, Capital Group, has been around a long time, and it has been in business for 80 years. But when you compare that to what Harvard has achieved over many, many years, you understand that it s the process and the commitment rather than a single person that is most important.

3 Harvard faces two major financial challenges. The first is that net tuition growth will be modest over the next several years. The second challenge is that federal funding for scientific research, which especially affects the Faculty of Arts and Sciences, Harvard Medical School, and Harvard School of Public Health, is clearly going to remain under pressure for some time to come. So we will not experience growth from tuition or government funding. With that in mind, we will need to set priorities and move on the fronts that make the most sense. And yet, the opportunities are very exciting. The problems that need to be addressed in the world today from education to water to disease all of these things are right up Harvard s alley. Our faculty and students are tackling them from many sides. There are financial constraints to doing all that you want to do, but as my father liked to say, You ve got to keep fighting. That is why philanthropy is so critical. It means we can keep fighting. Michael Shinagel PhD 64, the longestserving dean in Harvard University history, calls investing with Harvard a win-win. Shinagel retired as dean of continuing education and University extension in 2013 after 38 years of service to the Division of Continuing Education, including 36 years as dean. Shinagel says his Harvard annuities offer several advantages: his children receive a dependable stream of yearly income from the accounts established for them, and his deferred charitable gift annuities help create a secure retirement fund for him and his wife, Marjorie. And there are other benefits. You invest in Harvard, which I think is a safe investment, and you get a tax deduction. You also get a reasonable rate of return over time, and when you pass on, or when the people you have done annuities for pass on, the money reverts to Harvard, he says. Shinagel s gifts will also support a cause he is passionate about: scholarships for students in need at Harvard Extension School. A charitable remainder unitrust will benefit the Dean Shinagel Scholarship Fund at the Extension School as well as the School s general charitable purposes. I care very deeply about access for deserving socioeconomically disadvantaged students, he says. It has been my great sense of satisfaction over the years to give a Harvard education to students who normally wouldn t come. Shinagel has long been dedicated to making a Harvard education accessible and affordable. As a graduate student working in Harvard College s admissions office, he once recommended an applicant who did not fit the profile of a typical Harvard student. The student attended Harvard, graduated cum laude, went on to receive graduate PHOTO: JEFFREY PIKE/HU Q: What are the greatest challenges and opportunities facing Harvard over the next 10 years? How will the University and HMC respond? DEAN S GIFTS A WIN-WIN FOR STUDENTS, FAMILY MICHAEL SHINAGEL PHD 64 degrees in education, and eventually became a high school principal. My hope for my scholarship fund is that we get more people like that and do some good in the world, Shinagel says. Shinagel first came to Harvard in After graduating with a PhD in English in 1964, he went on to teach at Cornell University and Union College. He returned to Harvard in 1975 as director of the Division of Continuing Education before being named dean of the Extension School in He has held a number of other roles at Harvard: He was a master of Quincy House from 1986 to 2001, a tutor at Eliot House, and president of the Harvard Faculty Club. He also worked with the Harvard Foundation, chaired the Committee on Dramatic Arts in the Faculty of Arts and Sciences, and served on the boards of the American Repertory Theater and the Harvard COOP. Harvard students will continue to benefit from Shinagel s teaching as well as his gifts; he remains at the Extension School as a distinguished service lecturer in extension, teaching graduate courses on satire and the English and American novel. There s an old saying attributed to Confucius: If you find work that you really enjoy, you ll never have to work another day in your life, he says. I ve always valued the opportunity to do the things I ve done. Harvard s always been a home to me. 3

4 KRIS SNIBBE HARVARD SPOTLIGHT RADCLIFFE ALUMNA GIVES BACK ACROSS THE UNIVERSITY CONTINUED FROM COVER AMIR YACOBY (LEFT) AND YULIYA DOVZHENKO SCIENTISTS PUSH DISCOVERY TO THE MOLECULAR LEVEL A group of Harvard scientists including After graduating from Radcliffe, Symonds earned a master of library science degree from Simmons College in Boston before returning to Cambridge, where she spent three years working on descriptive cataloging at Widener Library. Symonds notes that the library was, like Radcliffe, a place where many friendships were born. Symonds credits her brother, W. Howard Hart MBA 61, for motivating her to give back to the University. Hart provided Symonds with financial support after the death of her husband, John, in However, when she attempted to purchase a home, she was unable to take out a mortgage alone as she had money but no income. At her brother s suggestion, she established a charitable gift annuity in support of HBS in That and her subsequent charitable gift annuities across the University one in 2011 to support the Radcliffe Institute and another in 2014 for HMS and the Harvard College Library provided Symonds with steady, solid income as she was turning 80. Charitable gift annuities are a great opportunity. PRINGLE HART SYMONDS AB 56 team leader Amir Yacoby, professor of physics and of applied physics, and research assistant Yuliya Dovzhenko is taking MRI technology and shrinking it down, in the hopes of one day producing 3D images of individual molecules, which could have a wide-ranging impact on health care and other industries. Make a planned gift to support Symonds, who has had several doctors in her family, says she is passionate about primary care and global health, and she believes that good medical care for everyone should be important to all of us. She says she is happy to give unrestricted funds to HMS, especially given the cost of medical education and the financial barriers to going into primary care. We need more internists and general medicine practitioners, she says. For Symonds, charitable gift annuities at Harvard are a great opportunity that more people should take advantage of and be educated about. She notes that an annuity is a good gift vehicle for anyone who is not in the category of having a lot of money. Reflecting on her decision to direct her support to the University, Symonds adds, Harvard was a reliable and trustworthy source to establish my charitable gift annuities. I know it isn t going anywhere! Harvard scientists at the forefront of groundbreaking discoveries. LEARN MORE To learn more, please pgo@harvard.edu or call ABOVE PHOTO: KRIS SNIBBE/HU Harvard Management Company: 40 Years of Support For four decades, Harvard Management Company has provided world-class investment management in support of Harvard s educational and research goals such as enabling life-changing financial aid programs. With a planned gift, you can be a part of this tradition. For more information, visit hmc40.com. 4

5 Harvard University Gift Annuity Rates ANNUITY RATES ARE BASED ON YOUR/YOUR BENEFICIARY S AGE(S) WHEN QUARTERLY PAYMENTS BEGIN. DONOR MAKES A GIFT TODAY AT CURRENT AGE AND ANNUITY BEGINS IMMEDIATELY AT THIS RATE* OR WAITS 5 YEARS BEFORE ANNUITY BEGINS AT THIS RATE* DONORS % 7.6% 65/ / / / GIFT HARVARD ACCOUNT PRINCIPAL AT END ANNUAL INCOME FOR LIFE TO DONORS AND/OR OTHER BENEFICIARY(IES) * ANNUITY RATES CURRENT AS OF SEPTEMBER 2014 HARVARD CHARITABLE GIFT ANNUITY A charitable gift annuity is a simple contract between you and Harvard that offers a tax-advantaged way to provide guaranteed income for yourself and/or someone else. PHOTO: JULIETTE LYNCH/HU STAFF ANNOUNCEMENT University Planned Giving is happy to welcome new staff assistant Ernesto Fernández MDiv 14. He is a graduate of St. Thomas University and received his master of divinity from Harvard Divinity School. Prior to joining University Planned Giving, Ernesto worked in development and grantmaking in his native Miami, Florida. Most recently, he was a public affairs consultant for the Miami Foundation. He spends his spare time studying martial arts, reading and writing on philanthropy, taking in the arts around Boston, and cooking with friends. Visit campaign.harvard.edu to learn about The Harvard Campaign and the School campaigns. 5

6 UPCOMING UPG EVENTS: FAMILY, FINANCE, AND PHILANTHROPY DINNERS WASHINGTON, D.C. DECEMBER 3, 2014 WILLARD INTERCONTINENTAL BEVERLY HILLS FEBRUARY 25, 2015 THE PENINSULA BEVERLY HILLS SAN FRANCISCO FEBRUARY 26, 2015 FOUR SEASONS SAN FRANCISCO UNIVERSITY PLANNED GIVING EVENTS DINNER AND DISCUSSION ON FAMILY, FINANCE, AND PHILANTHROPY Earlier this year, guests enjoyed Family, Finance, and Philanthropy dinners in East Palo Alto, New York City, and Beverly Hills. If you are interested in receiving materials or sponsoring a program in your area, please contact University Planned Giving at or pgo@harvard.edu. EAST PALO ALTO, FEBRUARY 26, 2014 Held at the Four Seasons Hotel Silicon Valley, the evening was hosted by Marc A. Bodnick AB 90 and Michelle S. Sandberg AB 95, Donald E. Farrar AB 54, PhD 61 and Joan F. Farrar, and Daniel J. Mendez AB 86 and Vivian M. Leal. 1. ANNE MCCLINTOCK, 2. BRIAN HAUGHTON AND MARC A. BODNICK FRED TAYLOR AB 65 AB 90, AND MICHELLE 3. CATHERINE BODNAR AND S. SANDBERG AB 95 OREST BODNAR MBA LOREN KINCZEL AB 98 AND BILL URBAN MPA 13

7 1 2 3 NEW YORK CITY, MAY 8, 2014 Held at the Harvard Club of New York City, the program was hosted by Mike M. Donatelli AB 79, JD 81 and Evelyn Byrd Donatelli, Edward C. Forst AB 82 and Susan R. Forst, Carl H. Pforzheimer III AB 58, MBA 63 and Elizabeth S. Pforzheimer, and Samuel H. Wolcott AB 57 and Nora Bradley Wolcott. 1. ELIZABETH S. PFORZHEIMER, 2. PAUL MULKERRIN AB MIKE M. DONATELLI AB 79, JD 81, CARL H. PFORZHEIMER III AB 58, MBA 63, EVELYN BYRD DONATELLI, AND AND DAVID KARP AB 90 DAVID POOR AB 77 1 BEVERLY HILLS, FEBRUARY 27, Enrique Hernandez Jr. AB 77, JD 80 and Megan M. Hernandez, Michael T. Kerr AB 81, MBA 85 and Margaret L. Kerr, and Theodore R. Samuels II AB 77, MBA 81 and Lori W. Samuels hosted the event at The Peninsula Beverly Hills. 1. PAUL BALSON AB 89, 2. MICHAEL T. KERR AB 81, MBA 85 ANISSA BALSON, AND WILLIAM GLASS MBA 59 7

8 HARVARD UNIVERSITY 124 MOUNT AUBURN STREET CAMBRIDGE, MA Non-Profit Org. U.S. POSTAGE PAID PERMIT NO. 6 HUDSON, MA HOW TO REACH HARVARD S PLANNED GIVING PROFESSIONALS University Planned Giving Anne McClintock Philanthropic Advising Alasdair Halliday University Planned Giving professionals can help you develop gift plans for any part of the University: Harvard University 124 Mount Auburn Street Cambridge, MA pgo@harvard.edu alumni.harvard.edu/give/planned-giving Business School Peter Doyle Harvard College, GSAS Peter Kimball Law School Charles Gordy Medical School Mary Moran Perry School of Public Health Judi Taylor Cantor Alumni Affairs & Development Marketing and Communications 2014 President and Fellows of Harvard College UPG Harvard University President s Fund Harvard College Graduate School of Arts and Sciences Business School School of Dental Medicine Graduate School of Design Divinity School Graduate School of Education School of Engineering and Applied Sciences Extension School Kennedy School Law School Medical School School of Public Health Radcliffe Institute for Advanced Study Harvard Art Museums Harvard Museums of Science and Culture Memorial Church American Repertory Theater Arnold Arboretum