Donor Stories

By Mike Kleinman '63

More than ten years ago, I was asked to serve on the initial Planned Giving Committee at Rockhurst University. It was headed up by Fr. Tom Denzer, S.J. and now by Tom Audley.

During that time it has been gratifying to witness the substantial increase in the dollar amounts of deferred gifts to Rockhurst. Likewise the membership of our Heritage Club (those people who have named Rockhurst in some capacity in their will or trust) has more than doubled.

However, I have found it frustrating to only work on programs of deferred gifts only when the needs of institutions like Rockhurst are in the "here and now." We are always looking for ways that Planned Giving types can be in the "here and now."

A recent change in change in the tax law makes it easier for a person who dies to leave IRA funds to charity or an educational institution. Under prior IRS Regulations, leaving part of your IRA to a charity could have adverse income tax results for one's other beneficiaries - usually family or loved ones.

Under the new IRS Regulations there are now several ways to can "tithe your IRA" (i.e. leave 10% of it to Rockhurst) and preserve all the income tax benefits for your loved ones. Naming a charity like Rockhurst can be accomplished in several ways. You should contact your tax advisor to discuss the best way to use your IRA to remember Rockhurst.

Still this is a deferred gift. Recently I had noticed that many of my generation had lost one or both of their parents in the last ten years and the idea struck me to tithe part of your inheritance to institutions either of your choice or possibly those favored by your parents when they were alive.

Well, the opportunity for me to put "my money where my mouth was" was not long in coming. It occurred last year when the second of my parents died.

During their lifetime, my parents not only grew-up during the Great Depression, they also lived through World War II and The Cold War. As they entered their retirement years, they encountered new challenges such as longer life expectancy, Alzheimer?s disease, and nursing homes.

The good news was they had a monthly pension check and health insurance provided by my father?s former employer. My parents could preserve their savings for a rainy day. Their savings became our family's inheritance.

When both of my parents were alive, they obviously were more concerned about making "ends meet" especially during the lifetime of the survivor. Shortly after my father died, my mother fell victim to dementia, then Alzheimer?s, then a nursing home.

As the surviving parent, my mother did not have the capacity to make a charitable donation even if she had the financial means. By "tithing my inheritance" I could feel that I was standing in my parents shoes even after their deaths.

Since my parents were children of the depression, they developed savings habits we seldom see today. I began to wonder what the concept of "tithing you inheritance" would mean to me?

My parents never went to college, but they knew the value of a good Catholic education. The month before I started kindergarten my family moved to the cradle of Jesuit education in Kansas City-the corner of Rockhurst Road and Lydia. For the next 19 years I was the product of that Jesuit education and the recipient of Jesuit formation.

I estimate the total dollar cost to my parents for this 19-year education program was substantially less that the cost of one semester of tuition at Rockhurst University today. In addition, my parents were long time members of the Honorary Directors and always looked forward to the Annual Dinner. What a better way to remember the principles that my parents stood for the to contribute part of my inheritance to those education institutions that means so much to them?

As I mentioned earlier my parents were committed to the scholarship mission of Rockhurst's Honorary Directors. In talking to Rockhurst, I discovered that I could establish an endowed scholarship fund through the Honorary Directors in my parent's name for as little as $5,000.

Myself, family members, or friends in any amount can add future contributions to the Kleinman Endowed Scholarship Fund. Every year our family knows that we are helping a student with need obtain a Rockhurst education.

Gifts to Rockhurst High School and my parent's former parish completed the tithing of my inheritance. I have the satisfaction of knowing all three of my gifts are where they would have wanted them.