Herrick Society Stories
Building a Legacy Through Charitable Gift Annuities
It’s a story that’s typically American: War-torn immigrant family arrives in the U.S. with limited resources, son overcomes difficult childhood and gets second-chance opportunity to study at university, son finds enormous success in a career in technology and manufacturing.
That son was alumnus George Schneider, and the school was Kent State, an institution to which he’s now giving back in the form of scholarships through a charitable gift annuity.
Schneider’s family arrived in Lorain, Ohio, in 1955 following a tumultuous early life in Transylvania, Romania, and Germany. After high school vocational training and a stint in the U.S. Navy, he was determined to earn a college degree — but was denied entrance because he hadn’t taken the required preparatory classes.
Kent State offered him that second chance, provided he could maintain a 2.0 grade point average. Schneider beat that by a mile, and earned his bachelor’s degree in 1965. After a master’s degree from Case Western Reserve University and a career in industry, he moved on to become a professor and author of four books on manufacturing and technology.
“We live in a great country: U.S.A., the land of opportunity,” Schneider says, “where a Transylvanian farmer can become a university professor.”
The decision to create a scholarship at Kent State followed Schneider’s near-fatal heart attack in 2002. The crisis caused him to reevaluate his life and achievements.
“I was always grateful to Kent State for giving me the opportunity others wouldn’t,” he says. “I want what I have accumulated over the years to come back and go back into the university.”
Charitable gift annuities offer the perfect vehicle.
“CGAs are a smart idea for philanthropic-minded people who also want retirement income,” says Mindy Aleman, executive director of the Center for Gift and Estate Planning. “Donors get an immediate tax deduction, as well as guaranteed income throughout retirement. Then, upon their passing, the university receives the corpus remainder to establish an endowment to support scholarships or other programs.”
Schneider’s CGAs will ultimately support hands-on, or experiential, learning in the College of Technology.
“I always wanted to bridge the gap between academia and industry,” he says. “I want students to work for and with industry, and students need practical experience to work in the industry.”
And charitable gift annuities he’s created give him the flexibility to begin creating an impact today. Schneider has chosen to contribute his guaranteed yearly income from the annuities back to the program for current-use scholarships. He receives an additional tax deduction — and students benefit immediately.
“I want to share with other people so they can have the same chance as I had,” he concludes.
Herrick Society StoriesBuilding a Legacy Through Charitable Gift Annuities
It’s a story that’s typically American: War-torn immigrant family arrives in the U.S. with limited resources, son overcomes difficult childhood and gets second-chance opportunity to study at university, son finds enormous success in a career in technology and manufacturing. That son was alumnus George Schneider, and the school was Kent State, an institution to which he’s now giving back in the form of scholarships through a charitable gift annuity. Schneider’s family arrived in Lorain, Ohio, in 1955 following a tumultuous early life in Transylvania, Romania, and Germany. After high school vocational training and a stint in the U.S. Navy, he was determined to earn a college degree — but was denied entrance because he hadn’t taken the required preparatory classes. Kent State offered him that second chance, provided he could maintain a 2.0 grade point average. Schneider beat that by a mile, and earned his bachelor’s degree in 1965. After a master’s degree from Case Western Reserve University and a career in industry, he moved on to become a professor and author of four books on manufacturing and technology. “We live in a great country: U.S.A., the land of opportunity,” Schneider says, “where a Transylvanian farmer can become a university professor.” The decision to create a scholarship at Kent State followed Schneider’s near-fatal heart attack in 2002. The crisis caused him to reevaluate his life and achievements. “I was always grateful to Kent State for giving me the opportunity others wouldn’t,” he says. “I want what I have accumulated over the years to come back and go back into the university.” Charitable gift annuities offer the perfect vehicle. Schneider’s CGAs will ultimately support hands-on, or experiential, learning in the College of Technology. “I always wanted to bridge the gap between academia and industry,” he says. “I want students to work for and with industry, and students need practical experience to work in the industry.” And charitable gift annuities he’s created give him the flexibility to begin creating an impact today. Schneider has chosen to contribute his guaranteed yearly income from the annuities back to the program for current-use scholarships. He receives an additional tax deduction — and students benefit immediately. “I want to share with other people so they can have the same chance as I had,” he concludes. |