Gift Planning

Donor Stories

Gives Back to Colgate Through IRA Rollover

As the former chief executive officer and president of a number of large companies, including Canada Dry, Continental Can, Del Monte, and Revlon International, Robert A. Fox ’59 had a gift for evaluating the situation, figuring out the solution, and motivating people to take action.

Bob would like to encourage Colgate supporters who are 70½ and older to take advantage of the opportunity to contribute under the Charitable IRA Rollover provision, currently scheduled to expire at the end of 2009. The provision permits taxpayers to transfer up to $100,000 tax-free directly from their IRA to a charity such as Colgate.

“You don’t have to count the distributions as income and pay tax on them,” said Bob. “It’s a very efficient way to give to Colgate.”

In Bob’s case, the IRA gift will benefit Colgate through the Endowment for the Robert A. Fox ’59 Institute for Leadership. The Institute brings together students from across campus for training and to focus on leadership development as an ongoing process of self-reflection and experience.

“I had done well in business because of my ability to lead people and companies to improvements,” said Bob, who majored in German at Colgate. “I had already established endowed scholarships as a means of giving back, since I was able to attend Colgate thanks to scholarships. And I helped establish the Mark S. Randall Jr. Endowed Chair for Swimming and Diving to honor my varsity swimming coach. The next logical thing was to help students through the Institute by signifying and reinforcing the leadership lessons I had learned in my career.”

Bob, a former Colgate trustee, serves on boards for a dozen public and private organizations as a means of staying involved and mentally stimulated. He and his wife Nancy like to spend time with their 10 grandchildren and on their boat.

He encourages other alumni to give to Colgate. “What a great way to give back, encourage students to receive a high-quality education, and support Colgate’s desire to be one of the top liberal arts schools in the country,” Bob said.

The discussion herein is general in nature and may not apply to all individuals. Prospective donors are urged to consult their personal tax and financial advisors concerning the specific consequences of making gifts to Colgate. We would be pleased to discuss, in confidence, ways in which you may support Colgate. These measures may also have an impact on your estate planning.