Personal Donor Stories

We thank all our planned-gift donors for their generous support. Here are some of their stories.

Sally Clark Brummer, Class of 1956

Family comes first for the Brummers of Brookside, New Jersey. Shortly after Sally Clark Brummer ’56 graduated from Wells, she and her husband Gordon welcomed their first son David. Sally and Gordon continue to experience the joys of family, which now includes four children and eight grandkids, and have made it a priority to provide for their loved ones well into the future.

Both Sally and Gordon are active volunteers for Wells and Colgate and their respective class giving campaigns. Sally recently teamed with Elise Unhoch Mock ’56 to raise record-breaking amounts for their 50th Wells Reunion, and Gordon serves on Colgate’s Alumni Corporation Board of Directors as well as their planned giving committee. Engaging in fundraising activities for the colleges exposed them to different possibilities for making gifts that would provide for their alma maters as well as their family.

After careful consideration, they established a giving plan which included a charitable remainder trust. With low yielding stock, which had a high appreciation value, they were able to fund the trust without paying capital gains and increasing their income. At the same time they purchased a surprisingly affordable second to die life insurance policy naming their children as beneficiaries, which replaced the assets donated to the trust. Neither the value of the trust nor the life insurance proceeds will be considered part of their taxable estate. Additionally, their children will receive the insurance benefit tax-free. With this arrangement, they could make significant contributions to their alma maters while passing a portion of their estate to their children and grandchildren.

Their trust pays them an annual income for the rest of their lives with the principal designated to benefit both Wells College and Colgate University, Gordon’s alma mater. By establishing the trust they were able to receive benefits such as current year tax savings, increased income, and capital gain avoidance.

The Brummers are quite proud that they have done something significant for their schools while providing for family. Their Wells College family — faculty, staff and students — is most appreciative.

Susan Wray Sullivan, Class of 1951

On what Wells meant to her: "I think the one thing I will always remember about Wells is the terrific, lasting friendships I made. When I talk to other people, they just don't have the same feeling about their alma maters as my friends and I do about Wells."

On why she feels it's important to support Wells: "My parents had to sacrifice to give me the opportunity to go to college, so when I think about my four years at Wells, I feel those four years were truly a special gift. Now that I am in a more financially secure position, I feel that it is important to help others students experience the same wonderful education I experienced. It makes me feel very good to know that I will be able to help other students enjoy the unique Wells experience."

On why she chose her will to remember Wells: "From an estate planning point of view, it just made good sense to include Wells. There are obvious tax advantages, and I felt this was an ideal way to make my largest single gift to the school. It's hard to believe some of the most important times of my life occurred over 50 years ago, but by including Wells in my will, I know that I will be helping other young women share that same experience for some time to come. I feel that it is a privilege to make a commitment to Wells. It is my way of giving a little back where I took so much - it's a wonderful feeling."

David and Nancy Barton Barclay, Class of 1956

"We chose to make a gift to Wells through the Pooled Income Fund Plan. Many Wells alumnae have experienced good fortune in their lives, and this is an effective way to contribute to the college's endowment, while at the same time, saving taxes, improving our income, and diversifying investments during our lifetimes.

"This type of gift makes sense because it guarantees that Wells will benefit to a much larger degree than it would if we were to make a bequest of a similar amount. Here's why. In 1988 when the family company was sold we received a large capital gain.

"The stock was first given by Dave's grandfather to his mother in 1922 and had a very small cost basis. She, in turn, passed it on to him as a gift and it still carried the same low basis for tax purposes. Although this one investment was a large part of our savings, the dividend income we received from it was less than we could have gotten from other investments. We also had no capital gains tax to pay on the donated shares whereas we would if we had received cash from the sale and then donated that to Wells. The proceeds going to the pooled income fund were about five times as much as the pre-sale appraised value. This meant that we received the added benefit of that larger amount as our share of the pooled fund as well as the extra income it produces for the rest of my life. Clearly, this is a way to have your cake and eat it too!

Since 1988 the value of the fund has gone up almost 50%. The stock market bubble which burst in 2002 has not affected the fund to a greater degree because it holds a large share of high grade bonds. Although conservative, we believe this has proved to be a wise choice, and we highly recommend it to others."

Hugh and Martha Linton Whitehouse, Class of 1946

"Wells College is very much a part of who I am. I care deeply about its mission as a small women's liberal arts college. I am particularly grateful for my recent experience serving on the Board of Trustees, because it was a chance to learn in more detail about Wells today. That time increased my dedication to the college and my respect for the job Wells continues to do in educating young women. Attending my fiftieth Reunion was also a wonderful experience and told me a lot about a great group of past graduates. I believe the current undergraduates are worthy successors, and that Wells is flourishing, and deserving of support.

Hugh has always joined me over the years in being supportive of Wells as we were able. At the time of the last capital campaign we wanted to help more financially. We were pleased to find a way to do it through the Pooled Income Fund, which made it possible for us to give a highly appreciated stock, receive a helpful tax deduction, and continue to receive a steady income. An added advantage for us is that we can increase our gift to the Pooled Income Fund at any time. In the future, if we decide we will not need to depend on that income, it can be directed immediately to Wells. This was clearly the best way for us to give more than we could have otherwise."

Mr. and Mrs. W. William Dyrkacz (Mary Scheller '42)

On what Wells meant to her: "It is difficult to put into words what Wells has meant to me because it is a combination of so many different things: the traditions tying it to the past and at the same time staying in the forefront of the present and planning for the future. I am certain I would not be in my present position were it not for the four years spent at Wells which prepared me for a very productive career."

On what she did after Wells: "With my math major, I joined the General Electric Company and was a computer programmer and participant in the growth and technological progress of computer usage for engineering design and applications for 25 years. My husband and I enjoyed our stimulating and rewarding industrial careers. On the occasion of our 50th wedding anniversary, we thought it was appropriate to share some of our assets with the universities that built the solid educational foundations for our successful careers."

On why she and her husband chose a Charitable Remainder Trust: "The reason we chose a charitable remainder trust was to minimize our tax liability. Not only does the charitable remainder trust help us avoid estate taxes, but it also helps to avoid capital gains taxes."

Pettibone House
Aurora, NY 13026
315-364-3443 | Fax: 315-364-3362
E-mail: development@wells.edu

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