Fred Burke: Charitable Gifts to Cornell Can Have Unexpected Value
 Fred Burke '70 firmly believes that it makes “good financial sense” to use appreciated stock for charitable giving—and he is in an excellent position to know. Burke not only earns a living as a financial consultant, but for the past few years he has also made an annual gift of appreciated stock to Cornell College.
“If you own an appreciated stock that isn’t producing a lot of dividends—but you don’t want to pay a capital gains tax if you sell—this is an ideal stock to give to Cornell,” Burke says. “You will help the college. You will receive an immediate income tax deduction. Plus, if the stock is not producing, the gift doesn’t hurt your income.” Burke, an Illinois native and a 1970 Cornell graduate, is pleased that he’s in a position to make annual gifts to the college. “Cornell develops the whole person,” he says. “It provides contemporary thinking in a traditional setting, and its well-respected reputation is helpful when you’re going out into the real world or going on to graduate school.” Though it has been 36 years since he earned his Cornell degree, Burke is still closely associated with the college. He is in his 25th year as a part-time coach of the women’s tennis team. “I wanted a private college education with a lot of individualized attention,” Burke says. “Cornell is a great school—worthy of support. And one of the things I’ve learned, which some alumni might not know, is that many of the grants awarded to colleges are based on the number of alums that donate. “Make a donation to Cornell,” he says, “and your gift might be worth a lot more than its actual dollar amount.” |
