When Dr. A. Harry Passow ’42 died last year, his wife, Shirley Siegel Passow ’46, established the Dr. A. Harry and Shirley Siegel Passow Endowment as a tribute to his memory. This endowment will strengthen the University’s educational program and will benefit students for generations to come.
A graduate of the New York State College for Teachers and an Army Air Force veteran of World War II, Dr. Passow completed a master’s degree at Albany and a second master’s and a doctorate at Columbia University. In 1948-50 he served as an instructor in education and as a supervisor of mathematics education on Albany’s faculty. In 1952, he joined the faculty at the Teachers College, Columbia University, and over the course of his career became a leading professor and internationally acknowledged expert on education and the gifted.
Through hundreds of books and articles, his reputation grew in international circles and he was the recipient of numerous awards and honors. He was among the first recipients of the University’s Distinguished Alumni Medal.
Shirley Siegel Passow taught high school English for one year in North Collins, New York, immediately after graduation. She earned two master’s degrees (Albany, 1953, and Columbia University, School of Architecture and Urban Planning, 1969) and, following a career in urban planning in New York City, earned a law degree at Rutgers-Newark in 1989.
She was awarded a Distinguished Alumni Medal in 1978. She is now an attorney in the Office of the Attorney General in New Jersey.
Question: Is it possible to make a contribution to the University and receive lifetime income from your gift?
Answer: The University at Albany Foundation sponsors a Pooled Income Fund (PIF)which allows donors to receive an income for life. In fact, the income can be provided to a second person as well. The donor is credited with a number of units(shares)in the PIF based on the amount of the contribution.
The PIF is somewhat like a charitable mutual fund. The income generated by the PIF is distributed to the participants based on the number of units which they hold. In addition, the donor will receive a tax deduction based on IRS tables. Presently, the PIF is providing a 5.5% income rate. The minimum donation to the PIF is only $2,500 and additional gifts of $500 or more may be made at any time. Minimum age for participants is 50.
The University at Albany Foundation also offers Charitable Gift Annuities (CGA). The CGA is a simple agreement between the donor and the Foundation whereby in exchange for a gift the Foundation agrees to pay one or two annuitants a fixed sum each year for life. The annuity rate is based on the age of the annuitants. At age 50, for example, the one life rate is 6.5%. The rate is higher for older annuitants.
Through a Deferred Gift Annuity, if the donor “defers”receiving the payments until age 65, for example, the rate increases to 16%. The donor receives a tax deduction based on the age of the annuitant. The minimum donation through a CGA is $5,000. Minimum age for participants is 50.
With both the PIF and CGA, upon the death of the participants, the proceeds are transferred to the Foundation and used as specified by the donor. For more information, please contact Sorrell Chesin, Office of Planned Giving, AD-231, 442-5300.