Scholarship Will Be Alumnus' Lasting Legacy

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Ralph and Pearl Sugimoto

Ralph Sugimoto '63 (Accounting) has a long, rich history with Sacramento State. As one of the first residents of its cinder-block residence halls, he graduated with a business degree before the College of Business Administration was fully established and remembers when the basketball and football programs stood at the top of the Far West Conference.

Since his days at Sacramento State, Sugimoto has led a successful career as a CPA and is partner with the local accounting firm Tate, Propp, Beggs & Sugimoto.

"I believe that Sac State had extraordinary business and accounting faculty that helped direct my career pursuits," he says.

He's also maintained strong ties to the University through the years as a mainstay in the Alumni Association where he helped recharge the Alumni Association Scholarship Program. But, he says, he felt he wanted to give more.

"I have seen others support the programs and the University in a much greater magnitude that I could ever dream," Sugimoto says. "I have gotten to know a lot of people through my involvement with the Alumni Association board and staff and have seen the good and hard work that they were doing. I wanted to do my part."

The gift that he, with his wife Pearl, provided to Sacramento State will ensure their contributions to campus will continue to leave a lasting impact on the University for many years to come.

Their donation, a charitable gift annuity, stays in a special reserve fund and pays them an income every year. After their lifetimes, the remainder of the reserve will be transferred to the University for the philanthropic goal of their choice.

Sugimoto says the gift annuity benefits more than the University and student scholarship recipients, noting it's a valuable option for the donor as well.

"Giving to a charitable gift annuity is a 'win-win-win' situation," he says. "You would be able to contribute cash and/or stock at fair market value without picking up capital gains. You can receive an annuity—based on your and your spouse's actuarial life—at a very generous interest rate, and you are able to deduct a portion, based on your age, as a tax deduction."

As per the Sugimoto's instruction, the full amount of the gift annuity will one day benefit the Alumni Association Scholarship Fund, a cause close to him.

"I was a member of its board for two terms and headed the scholarship committee, initially directed by my good friend Larry Augusta, who was its president at that time," he says. "We started with three scholarship recipients the first year, but the program has grown since, awarding up to 10 or 15 scholarships to deserving students per year."

For more information, please contact Lisa Woodard-Mink, CSPG at (916) 278-3852 or lisa.woodard-mink@csus.edu.

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A charitable bequest is one or two sentences in your will or living trust that leave to Sacramento State a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to Sacramento State [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the University Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the University Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the University Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the University Foundation where you agree to make a gift to the University Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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