Scholarship Recipient Pays it Forward

Kim Berry '87 was a first generation college student. Neither her parents nor grandparents had been to college, and Kim was on her own to finance her college education. That's why it was so important to her to include Geneseo as a partial beneficiary of her retirement accounts.

"It was a very different time in 1983," Kim says. "Tuition for my first semester was $600 but even then I had to cobble together financial aid, student loans and work during college and summers to pay for it. I received a $500 scholarship from the Geneseo Foundation my junior year and it truly made the difference in my being able to finish my education. I knew that I had to pay it back and pay it forward."

Kim has been a donor to Geneseo every year since she graduated in 1987, so leaving a legacy just made sense. "You can't take it with you. I plan on living life to the fullest and if there is anything left at the end, I want to do something good."

Choosing to designate Geneseo as a beneficiary on her retirement accounts made the most sense to Kim because it was fast and easy. "I get an annual reminder from my financial advisor to review the beneficiaries on my retirement accounts. Adding Geneseo as a percentage beneficiary was simple. It took five or ten minutes to go online and make the change."

Kim helped to start the Sally Harrington Memorial Scholarship, and she continues to support that scholarship with her annual gifts. But she chose to designate her estate gift where need is greatest, providing the college maximum flexibility. "Things change. As much as you might think your favorite major or program will be around forever, you never know what needs will be greatest decades into the future."

IS A BENEFICIARY DESIGNATION GIFT RIGHT FOR YOU?

If you own a qualified retirement plan, such as an IRA, 401(k) or 403(b) and would like to make a charitable gift, your family or your estate might benefit if you update your beneficiary designation form naming the Geneseo Foundation as a beneficiary. Beneficiary designation gifts may help your heirs avoid paying income tax on certain inherited assets and may help your estate avoid estate taxes.

If you have questions about making a beneficiary designation gift, please contact us. We would be happy to work with you and answer any questions that you have.