academy in action SPECIAL ADVERTISEMENT SECTION
A Gift That Keeps On Giving Through charitable bequests and other planned giving efforts, pharmacy educators can positively affect the future of their institution and the profession. By Maureen Thielemans
Think back to your years as a student pharmacist. Was there a special faculty member or unique experience that helped mold you and your career? Or maybe it’s the camaraderie you’ve built with current colleagues and students that has enriched your personal and professional life. Whether it’s your alma mater or current academic home, one group of AACP members is asking you to remember that special place in your planned giving efforts. Making a positive impact on the future of pharmacy education is something educators do every day through their teaching, research and service, but making a planned gift to your institution of choice is leaving an even deeper legacy.
Building Awareness
The idea to get pharmacy educators thinking about planned giving began about three years ago during a Development Directors SIG workshop on the topic. Recognizing that every pharmacy school is unique in its access to planned giving programs and resources, a team of development professionals suggested partnering with the national campaign, Leave a Legacy. The program’s goal is to raise the general public’s awareness of planned giving and inspire individuals to make a charitable bequest. This type of charitable giving is not realized until after your death. Ellen Carfagno, director of development at the Virginia Commonwealth University School of Pharmacy and former chair of the SIG, said the group decided to promote the idea within academic pharmacy. “The idea is about pooling resources to raise awareness and therefore increase giving for everyone. If just 10 percent of pharmacy faculty left an estate gift to their school, it would have a significant impact on private philanthropy to pharmacy education.”
Meeting Multiple Needs
There is no shortage of ways pharmacy faculty can make a planned gift. Below are just some of the giving opportunities available through your school’s planned giving office. Charitable Bequest—A popular and simple option, individuals can remember an institution in their will, with a letter stating the intended future gift. Retirement Plan or Life Insurance Beneficiaries— Life insurance can be distributed to a school of pharmacy if it is named as a beneficiary of the policy at the time of your death. Request a change of beneficiary form from the insurance company and then decide what percentage of the policy’s value you would like your school to receive. Charitable Remainder Trust—A charitable remainder trust enables you or other named individuals to receive a set income each year during your life. Your gift assets create a trust, which is invested and generates income annually. As the donor, you (or your named beneficiary) receive the income and at the time of your death, the school of pharmacy receives the principal investment.
A Personal Choice
Carfagno stresses that pharmacy faculty at any age, and at any point in their career, should begin having planned giving discussions with their school’s development office. Academic Pharmacy Now will feature a series of faculty vignettes highlighting those who are remembering their alma mater or employer in their estate planning. As you read each story, think about how your school has provided you with a professionally fulfilling career, and consider how you can leave a legacy that will give back to the profession for years to come. Maureen Thielemans is Communications Manager at AACP and editor of Academic Pharmacy Now; mthielemans@aacp.org.
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ACADEMIC PHARMACY NOW Fall/Winter 2013