Librarian Provides for Retirement and Sacramento State
Ask Legacy Circle member and former librarian Herb Drummond about electronic readers such as iPads and Kindles and he'll sternly tell you, "They are not books." But don't take him too seriously. His scowl turns into a sheepish grin as he admits he's considering buying one...eventually. "Every week, I sort of get an urge to delve into this, but I'm always afraid I'll break it or bring down the Internet by pushing the wrong button," he says laughing. "I'm old school."
That he prefers the look and feel of books is understandable. He has been associated with Sacramento State's Library for almost 60 years—38 as a librarian and 20 as a member of the Friends of the Library. In fact, Drummond has been with the Library almost since the school's move to its current location in 1953. "I came here in 1954 and this was my first job as a librarian," he says.
Drummond, who grew up in Washington, says he only planned to stay for two years but he stayed because he enjoyed being a part of a nascent college ready to grow and because Sacramento State gave him the opportunity to expand his career. "This is one of the reasons why I have such an affinity for the school."
His affection for Sacramento State continued after his retirement in 1992 and became indelible when he established a charitable remainder trust to support the Library, providing funds for the purchase of library materials. "I set it up because of my connection with the Library. It was my life's work," he says.
Establishing and funding a charitable remainder trust provides an immediate income tax deduction to a donor and an income to the donor and/or his or her beneficiary for the rest of their lives. Upon the beneficiary's death, the remaining assets in the trust transfer to a charity of the beneficiary's choosing—in this case, the University Library at Sacramento State. The gift that initially funds the trust can be cash and/or appreciated assets like stock or real estate.
Years ago, Drummond had acquired a piece of real estate, which he planned to use to supplement his retirement income. By donating that property to a charitable remainder trust, he was able to sell the property tax-free. The proceeds from the sale were reinvested with both Drummond (now as income beneficiary) and Sacramento State (later as remainder beneficiary) reaping the rewards.
"When I was introduced to the charitable remainder trust, I saw it as a great opportunity," Drummond says. "It saved a good bit of the capital gains, which I would generally have lost in taxes. It also provides me with a reasonable return on the money the property sale generated. It was a good move for me and an investment in the University."
The program has worked out so well that Drummond continues to add to it. "The return that I receive is much more than I could get from a CD or other places where I could have invested it," he says. "It's a program I would recommend, because you are making a contribution to something very important, and it provides a return in retirement that for me has been quite reasonable."
With any luck, his next investment may be the electronic reader, one that will be "the first step to connect me to the Internet and email," he says adding,
"In my early days, I thought Dick Tracy with his two-way wrist watch was magical, wonderful and advanced."
For more information, please contact Lora Hollingsworth at (916) 278-6115 or email@example.com.