MESSAGE FROM DEVELOPMENT 2016 has been a tremendous year for the University of Maryland School of Pharmacy. A top 10 U.S.News & World Report ranking, a milestone birthday celebration, and the largest alumni giving rate in School history. We continue to be impressed by and proud of the accomplishments of our many alums and are extremely thankful to those who continue to give to the School both in time and in money. Our students greatly benefit from your generous contributions and look to you for guidance on how to be engaged alumni upon their graduation. In June, we challenged each and every one of our alumni to help us attain a $25,000 anonymous donation by making 272 gifts — one in honor of each member of the graduating Class of 2016. We are pleased to report that, although we did not reach our goal of 272 gifts, we now lead the other schools on campus in alumni participation! Through your wonderful support and participation, you have set the bar high for our future fundraising efforts. The School of Pharmacy is proud to have such supportive, engaged, and enthusiastic alumni!
“I expect to pass through life but once. If, therefore, there be any kindness I can show, or any good thing I can do to any fellow being, let me do it now, and not defer or neglect it, as I shall not pass this way again.” — WILLIAM PENN
WHAT TO DO WITH ‘OBSOLETE’ INSURANCE Do you have a life insurance policy you purchased years ago to provide financial protection — and no longer need it? If so, it may be a great asset to gift to the University of Maryland School of Pharmacy. Consider the benefits when you irrevocably name the University of Maryland Baltimore Foundation, Inc./School of Pharmacy as both the owner and beneficiary of the policy: 1. You receive an income tax deduction. When you fill out your itemized tax return, you can claim a charitable deduction for the cost basis of the Ken Boyden policy or an amount approximately equal to the cash surrender value. For deduction purposes, the gift is treated as though it were cash. This means you can deduct the gift up to 50 percent of your adjusted gross income. And if you can’t use the full deduction in the first year, you can carry forward the unused portion up to five additional years. 2. You reduce the size of your estate. At death, the face value of most life insurance policies is typically includable in the taxable estate of the deceased. For some estates, this can mean a significant increase in estate taxes. However, transferring the policy during life will remove this “hidden” asset and reduce the size of your estate and any applicable taxes. 3. You leave your current income undisturbed. Many people desire to give more to the School of Pharmacy, but are concerned about their own cash flow and any unforeseen emergencies. They are reluctant to reduce investment assets. We at the University of Maryland School of Pharmacy do not want any of our friends to jeopardize their security in making charitable gifts. At the same time, it’s quite possible that you have either forgotten about an “obsolete” life insurance policy or consider it an unneeded asset. In any case, the beauty of giving such a policy is that it doesn’t affect your current income stream. It’s easy to do! Making a gift of life insurance is easier than you might think. Your life insurance professional can help you obtain a transfer form from the insurance company or you can contact the company directly. Of course, we are happy to assist you, as well. You can reach me by calling 410-706-3816 or by emailing me at kboyden@rx.umaryland.edu. Thank you for your ongoing support! Very truly,
Ken Boyden, JD, EdD Associate Dean Office of Development and Alumni Affairs