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SUMMER 2012 BROOKINGS PARTNERS RECOGNIZING THE IMPORTANCE OF PLANNED GIFTS Sandy and Renee Bank — Honoring Family and Supporting Students PASSION | PLAN | IMPACT

BROOKINGS PARTNERS · A successful entrepreneur, he subsequently built Phoenix Manufacturing Company. His sons John and Douglas joined him in business and ... Established in 2008

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Page 1: BROOKINGS PARTNERS · A successful entrepreneur, he subsequently built Phoenix Manufacturing Company. His sons John and Douglas joined him in business and ... Established in 2008

SUMMER 2012

BROOKINGS PARTNERSR E C O G N I Z I N G T H E I M P O R TA N C E O F P L A N N E D G I F T S

Sandy and Renee Bank — Honoring Family and Supporting Students

PASSION | PLAN | IMPACT

Page 2: BROOKINGS PARTNERS · A successful entrepreneur, he subsequently built Phoenix Manufacturing Company. His sons John and Douglas joined him in business and ... Established in 2008

A Plan.

Laws regarding transfers outside of probate vary by state. Please consult your legal and tax advisors before making your gift. For further information, please contact the

Office of Planned Giving at: 314-935-5373 or 800-835-3503.

page 6

Payable on Death (POD), Transfer on Death (TOD), and beneficiary designations provide a simple legal arrangement to transfer assets to Washington University at your passing without going through the time and expense of probate.

While a gift through one’s will or trust is the most common way to make a planned gift, many alumni and friends like Sandy and Renee Bank (see page 1) choose to designate the university as bene!iciary o! their IRA, bank accounts, brokerage accounts, or other !inancial investments such as life insurance or retirement accounts that may be heavily taxed i! left to individuals. Upon your passing, the funds become available to the university as bene!iciary to support the school, program, or purpose you designate.

Benefits of POD, TOD and Beneficiary Designations:• The right to change the bene!iciary

on the account or policy as long as you own it.

• Assets transfer directly to the university upon your passing, avoiding the potential delay o! probate.

• The value o! the assets is not subject to probate fees.

• The value o! the gift to Washington University is not subject to estate, income, or gift taxes.

Types of assets/accounts that may be transferred:• Bank accounts

• Brokerage accounts

• Securities (must be registered as Transfer on Death Accounts through the state)

• Bene!iciary designations - Quali!ied retirement accounts, such

as IRAs and 401K and 403B plans - Life insurance - Commercial annuities

Gifts of Real EstateYou may also transfer a home or personal residence to the university outside o! probate. A bene!iciary deed, which names the university as bene!iciary o! the property, enables you to retain ownership and all rights to the property during your lifetime, including the right to rent or sell the property. Like other transfer on death designations, you may change the bene!iciary as long as you own the property. Upon your passing, ownership o! the property transfers to the university outside o! probate. Because laws governing bene!iciary deeds vary by state, be sure to consult your legal advisor and the Of!ice o! Planned Giving prior to executing the deed.

Ways To Donate OUTSIDE OF PROBATE

Page 3: BROOKINGS PARTNERS · A successful entrepreneur, he subsequently built Phoenix Manufacturing Company. His sons John and Douglas joined him in business and ... Established in 2008

A Passion.

page 1Continued on page 2.

“2012 MARKS THE 100th ANNIVERSARY OF MY FATHER’S GRADUATION FROM WASHINGTON UNIVERSITY,” Sanford “Sandy” Bank BU ’51 says proudly. Sandy is eager to share details o! his father, Abraham “Art” Bank’s, history. “My father was born in St. Louis, but by the time he was !ive, both his parents had died, so he and his three brothers were sent to the Jewish orphan home in Cleveland, Ohio,” Sandy explains.

“In 1904, he returned to St. Louis to live with his grandmother and received a scholarship to Manual Training School, which was then part o! the university. Subsequently, Washington University gave him a four-year scholarship, and he graduated in 1912 with a degree in Civil Engineering.” As Sandy relates the story, he conveys a sense o! deep gratitude.

“Without the scholarship, he would never have had a college education.”

Following in his father’s footsteps, Sandy attended Washington University and has vivid memories o! his time as a student. “I loved everything about those days,” he says with delight. “I met people from all parts o! the country. I was a member o! ZBT (fraternity) and made friends that I remain close with today,” he recollects. “Those experiences provided me with a greater perspective on people and life.”

Returning home to Chicago after graduation, Sandy pursued a career in accounting and within a few years, had formed his own !irm, which grew to be one o! the largest accounting !irms in Chicago. A successful entrepreneur, he subsequently built Phoenix Manufacturing Company. His sons John and Douglas joined him in business and currently operate the company.

Sandy’s pride in his university runs deep. “I am so proud to be a Washington University graduate,” he says. Sandy and his wife, Renee, enjoy returning to campus for reunions and scholarship dinners and maintain close relationships with Stuart Greenbaum, former dean o! the Olin Business School, and current dean, Mahendra Gupta.

“Sandy and Renee are great friends o! the Olin Business School,” says Dean Gupta. “Their generous scholarship support strengthens Olin’s reputation as a world-class business school and enables students to realize their dreams through the outstanding bene!its o! a Washington University education.”

Abraham “Art” Bank suited up for the WU gridiron.

Celebrating a Century o! WU Pride

Page 4: BROOKINGS PARTNERS · A successful entrepreneur, he subsequently built Phoenix Manufacturing Company. His sons John and Douglas joined him in business and ... Established in 2008

page 2

*Rates are subject to change.

!"#$%"&'(%)*+%YEAR-END PLANNING

! Charitable contributions must be completed by December 31, 2012, to qualify for a 2012 charitable income tax deduction:

• Checks: Checks should be postmarked no later than December 31, 2012.

• Electronic Transfers: Transfers of cash or securities must be received into the Washington University account by December 31. If you are contributing securities that are held in certificate form, please contact the Office of Planned Giving for instructions.

• Credit Card Charges: Charges must be incurred by December 31. To make an online gift, visit gifts.wustl.edu/giftform.aspx.

! Review your will or living trust to confirm that it is up-to-date. Have you experienced any major life events such as births, deaths, or a change in marital status that need to be reflected in your estate plan?

! Confirm that beneficiaries designated on financial accounts including life insurance policies and retirement plan accounts are up-to-date.

! Establishing a charitable gift annuity or charitable remainder trust with Washington University before year-end will provide a charitable income tax deduction and lifetime payments. If you use appreciated assets to fund the plan, you will also reduce capital gain tax.

As you evaluate your year-end financial, tax, estate planning, and charitable giving objectives, the following checklist will help you plan your charitable gifts:

ONE LIFE

AGE FIXED RATE

60 4.4%

65 4.7%

70 5.1%

75 5.8%

80 6.8%

85 7.8%

90+ 9.0%

TWO LIVES

AGES FIXED RATE

60 & 60 3.9%

65 & 65 4.2%

70 & 70 4.6%

75 & 75 5.0%

80 & 80 5.7%

85 & 85 6.7%

90 & 90 8.2%

Gift Annuity Sample Payment Rates*

FOR ASSISTANCE WITH YEAR-END GIFTS, please contact the Office of Planned Giving at 800-835-3503 or 314-935-5373.

Story continued from page 1.

Sandy’s and Renee’s passion for the university extends to their longstanding scholarship support. Their many gifts include an estate gift created through a bene!iciary designation on an individual retirement account (IRA), which will endow the “Sanford A. and Renee D. Bank Scholarship”. The Benefactor-level scholarship will provide a full-tuition scholarship for a student. Earlier this year, they also established the “Abraham A. Bank Centennial Scholarship” to commemorate the 100th anniversary o! Sandy’s father’s graduation. “There are very few things more important than education,” Renee says when asked what motivated them to make a planned gift. “We are fortunate to be able to do for other students what Washington University did for Art Bank.”

Like the Banks, you may designate Washington University as beneficiary of your IRA or qualified retirement plan. For information, contact the Office

of Planned Giving at 314-935-5373 or 800-835-3503.

A Plan.

Page 5: BROOKINGS PARTNERS · A successful entrepreneur, he subsequently built Phoenix Manufacturing Company. His sons John and Douglas joined him in business and ... Established in 2008

page 3

An Impact.

!e program has been an overwhelming success for both students and businesses. More than 120 students have interned with more than 80 commercial and nonpro!it ventures, including Answers.com and the Blessing Basket. Many o! the ventures have experienced signi!icant growth as a result o! their participation and have offered full-time employment to former student interns. Chancellor Mark S. Wrighton cites the program as a signi!icant component o! the university’s campus-wide entrepreneurship initiative. “This program encourages the regional ‘startup’ community, offers new learning opportunities for our students, helps retain some o! the most talented people in the world in St. Louis, and leads to the development o! successful new enterprises,” he says. Building the endowment for the program is a top priority for Ken Harrington, managing director o! the Skandalaris Center for Entrepreneurial Studies. “The internship program provides a rewarding learning experience for the students and has added great value to the regional entrepreneurial support networks,” says Harrington.There are a variety o! planned giving strategies that you may use to support

student internships, scholarships, and study abroad programs for any o! the schools or programs at Washington University; as well as faculty research and endowed professorships at the university. Some o! the ways to create an endowment through a planned gift or the combination o! a current and planned gift include:Estate Gifts You may make a provision in your will or trust, or name the university as bene!iciary o! your life insurance or quali!ied retirement plan.Life Income Plans You may establish a charitable gift annuity or trust, which makes payments to you and/or other individuals. When the life income plan ends, the assets will become available to the university as bene!iciary to support the school, program, or purpose you designate.Outright Gifts You may make a one-time gift o! cash or appreciated assets, or a pledge that may be completed over a period o! years.

Where will new jobs be created? The question comes to mind frequently as the economy struggles to rebound, and unemployment remains high. !e Skandalaris Entrepreneurial Summer Internship Program at Washington University is addressing this critical need by bringing entrepreneurs and students together to create innovative business solutions to the challenges facing startup ventures, contribute to their growth and success, and, ultimately, generate new jobs.

Established in 2008 with a gift from Robert and Julie Skandalaris, the program facilitates the pairing o! entrepreneurial-minded undergraduate students with early-stage startup ventures in St. Louis for 10-week summer internships. Students from every undergraduate school at the university work directly with startup founders four days a week, gaining practical experience and contributing to the growth o! the enterprise. On Friday mornings, they visit St. Louis neighborhoods and meet local entrepreneurs. Afterward, they reconvene on campus for student-moderated panel discussions on topics related to building, growing, and sustaining new ventures. Thanks to the generosity o! donors like the Skandalarises and others, the university is able to provide !inancial support to student interns. Companies pay a nominal fee to participate in the program.

Student-Startup Synergy Fuels Entrepreneurism

Students Startups Success+ =Student Interns by School

Arts & Sciences 44

Engineering School 17

Olin Business School 48

Sam Fox School 14

Cum

ulat

ive s

ince

200

8

Page 6: BROOKINGS PARTNERS · A successful entrepreneur, he subsequently built Phoenix Manufacturing Company. His sons John and Douglas joined him in business and ... Established in 2008

I am interested in supporting Washington University in my will or trust.

I would like a personal illustration of how a charitable gift annuity would benefit me. Use the amount checked below for my illustration:

$5,000 $10,000 $25,000

$50,000 other $ ________________

My gift may be: cash or securities ($ ) (cost basis)

My birth date is ______________.

Please include a second individual whose birth date is ______________.

I am interested in making a gift of real estate & receiving lifetime payments.

I have included Washington University in my estate plan.

I wish to join the Robert S. Brookings Partners in recognition of my planned gift for the university.

I am interested in designating Washington University as beneficiary of my IRA, 401K or other qualified retirement plan.

Thank you for supporting Washington University!

Name (Please Print)

Address

City/State/Zip

Daytime Phone Preferred Email

Consult with your legal or tax advisor before making a charitable gift.

A Passion. A Plan. An Impact.

page 4

Skandalaris Entrepreneurial Summer Internship Program By the Numbers

$100,000 Provides support for one

named internship per year with an endowment for

permanent support

$5,000 Provides support to establish one annual named

internship

81 Number of companies

hosting interns since 2008

TO LEARN HOW YOU CAN ESTABLISH A PLANNED GIFT to support Washington University, please contact the Office

of Planned Giving at 800-835-3503 or 314-935-5373.

For information on the Skandalaris Center for Entrepreneurial Studies, visit sces.wustl.edu.

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Page 7: BROOKINGS PARTNERS · A successful entrepreneur, he subsequently built Phoenix Manufacturing Company. His sons John and Douglas joined him in business and ... Established in 2008

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The Robert S. Brookings Partners recognizes individuals who have chosen to support

Washington University through estate gifts, life income plans or other planned gifts. !e generosity of these donors

helps ensure the continued excellence of the university for generations to come. For information or to notify us

o! a gift in your will, trust or other planned gift, please contact the Of!ice o! Planned Giving at

800-835-3503 or 314-935-5373.

page 5

Page 8: BROOKINGS PARTNERS · A successful entrepreneur, he subsequently built Phoenix Manufacturing Company. His sons John and Douglas joined him in business and ... Established in 2008

Office of Planned GivingWashington University in St. LouisCampus Box 1193One Brookings DriveSt. Louis, MO 63130-4899

Nonprofit Org. U.S. Postage

PAID St. Louis, MO

Permit No. 2501

What’s inside:Celebrating 100 Years of WU PrideAlumnus Sandy Bank and his wife, Renee, are honoring the memory o! Sandy’s father, celebrating a special milestone and providing outstanding opportunities for students. See page 1.

Plan for Year-End GivingTips for year-end !inancial and charitable gift planning. See page 2.

Make a Gift and Receive Lifetime Payments Charitable gift annuities are a great way to support the university and supplement your income. See page 2 for current gift annuity rates.

!e O"ce of Planned Giving is here to assist you.(800) 835-3503 | (314) 935-5373 | [email protected]

Student-Startup SynergyThe Skandalaris Summer Internship Program is bringing students and entrepreneurial ventures together to create innovative opportunities that will help jumpstart the economy. See page 3.

SUMMER 2012BROOKINGS PARTNERS

Visit the New Planned Giving Websiteplannedgiving.wustl.edu is a one-stop resource for a wealth o! gift planning information, features, and tools, including a planned gift calculator.

Donate Outside of ProbateTransfer on death and bene!iciary designations allow you to transfer !inancial investments and assets to Washington University without going through probate. See page 6.