Not only will deserving students from upstate New York benefit from the foresight of the late Dr. Richard Gates, Sr. ’50 in establishing a two-life charitable gift annuity with Colgate, so does his wife Nancy.
Dr. Gates was proud to establish the Dr. and Mrs. Richard H. Gates ’50 Endowed Scholarship. He was also pleased to be able to provide a stream of income for himself and his wife, Nancy, through a pair of Colgate gift annuities and to be able to restrict the final proceeds from those annuities to the Gates Scholarship. After her husband’s death in 2007, Mrs. Gates continues to receive payments. “Dick decided to establish a charitable gift annuity with Colgate so I would have income after his death,” said Mrs. Gates.
The endowed scholarship will aid Oneida County residents who might not otherwise have the resources to attend Colgate. “With the high cost of education, Dick wanted to make sure that future generations could have the opportunity of studying at Colgate.”
With the same goal, The Passion for the Climb: The Campaign for Colgate seeks to raise $87.5 million in financial aid endowment. This money will help guarantee that academically talented, hardworking students with financial needs can attend Colgate.
Born in West Winfield, N.Y., Dr. Gates attended local schools in Utica and New Hartford before coming to Colgate. “Dick had many wonderful experiences as an undergrad,” Mrs. Gates said. “He had a lot of close ties to Colgate and enjoyed all the people he met there.”
After earning his dental degree at the University of Pennsylvania, Dr. Gates and his father ran a successful practice in Utica. Thanks to Dick Gates’ passion for Colgate, his three children grew up fans of the University’s football, hockey, and basketball teams.
Dr. Gates served on the Alumni Corporation Board of Directors, was Gift Chairman for the Class of 1950 50th Reunion, and served as president of two Colgate Alumni Clubs. One of these, the Low Country Alumni Club, was in Savannah, Georgia, where the Gates lived after his retirement in 1997.
“So many wonderful Colgate alumni are doing fantastic things,” declared Mrs. Gates. “Dick always said that whatever he gave to Colgate, he got back twofold.”
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.
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