A Winning Solution to Help the College They Love
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“We realized that most of what really was good in our lives began at Cornell,” says Tom. “So, we decided it was time to begin paying them back.” Maureen and Tom met at Cornell and graduated with the Class of 1952. Maureen, a music education major, spent many years teaching elementary music, while Tom, a history and political science major, spent 37 years in the telecommunications business before working in the banking industry for several years. Still very interested in the future of his alma mater, Tom joined the Cornell Alumni Association Board of Directors nearly 10 years ago. Since then, he has served as president of the board and is currently a trustee. “As I reconnected with Cornell, I began to become more conscious of the school’s needs,” Tom explains. Looking for ways to help the college and its students, the Coxes remembered reading about the charitable gift annuity (CGA) in Cornell’s planned giving newsletter and decided it was the best fit for them. “Really, it’s a win-win situation for us,” says Tom. They funded the CGA with appreciated stock and, thereby, escaped capital gains tax, in addition to earning an income tax deduction and receiving lifetime payments from the annuity. Best of all, they know that if Cornell invests the gift properly, the college should receive more than what was initially put in the annuity. Tom and Maureen hope their gift to Cornell will ensure that other students have the same wonderful experiences they had. “We’re designating this for scholarships to help students who are capable of handling Cornell but who don’t have the means to get there,” says Maureen. “It’s very gratifying to know we’re going to help students.” |
After 50 years of marriage, Tom and Maureen McDermott Cox looked back over the years and began to count their blessings—three sons, 11 grandchildren, lifelong friends and successful professional and civic careers.
