Unitrust gift to fund Sullivan memorial scholarship
Thomas Sullivan, an Oak Brook resident, has made a generous gift of stock valued at approximately $51,000 to Illinois Benedictine College. Sullivan, former director of the Institute of Management at IBC and long time friend of the college, has created a charitable remainder unitrust by transferring appreciated stock to the college. This gift will ultimately endow a scholarship fund for students in severe financial need, according to David Bow, director of planned giving. The scholarship will be named in memory of his late wife, Margaret Mary Sullivan.
"The charitable unitrust allows the donor to make a substantial gift to IBC while retaining the income from the transferred property of life," Bow explained. "The income payments may be sent to the donor or to whomever the donor specifies. The donor benefits from the unitrust because he or she is able to realize the satisfaction of doing good for others by giving."
At the same time, the unitrust guarantees that needed income will continue to be paid for life. This give the donor the opportunity to make very substantial commitments to the programs he or she is interested in at IBC.
The donor is also benefited by receiving income tax advantages, Bow said. The gift creates a charitable deduction against income taxes which yield significant tax savings. If the donor transfers appreciated stock or bonds to a unitrust, capital gains taxes also are avoided.
"Mr. Sullivan's generous contribution will do great good for future students at IBC. This opportunity to invest in quality education is appropriate for many donors," Bow said. ...
The Illinois Benedictine Magazine, April, 1984 page 2
Copy of article from Helen McIntyre's Album "Clippings and Stuff."
