| Emma
Schaumann leaves legacy to UB
mma M. Schaumann’s name will always be associated
with UB. She is a member of the Legacy Club, its members
all committed to building a stronger university.
Miss
Schaumann was among UB’s early graduates, receiving
her degree in 1930 when the university was the Junior
College of Connecticut. She loved the school and what
it meant to her life. In later years, she became one
of the first supporters of UB’s Pooled Income
Fund. She invested $30,000 in the fund. In doing so,
Miss Schaumann received a tax deduction based on the
value of the charitable remainder interest. If she used
stock or real estate to set up the fund, she did not
have to pay any capital gains. She also removed that
money from her estate, so it was not subject to estate
taxes. Over the years, she received quarterly payments
from the fund, providing an annual return of about 7
percent on her $30,000. Those payments were treated
as ordinary income when she paid taxes. Recently, Miss
Schaumann died. The legacy she left her university through
the fund is valued at more than $50,000.
In
these times when the stock market, mutual funds and
money market interest rates bounce up and down like
errant tennis balls, the pooled fund is insurance against
the lows. More than that, it is a way to invest in UB
to assure the quality and future of the university.
It is one option in giving to a worthy cause that also
pays you dividends.
For more information on the fund or other ways of giving,
contact: George M. Mihalakos, vice president for institutional
advancement, University of Bridgeport, Bridgeport, CT
06601 or call 203-576-4696.
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