Making a Real Impact
Bob and Judith Bodwell Mulholland ’62 established a charitable remainder unitrust and named Colby-Sawyer as a beneficiary because they strongly believe that the college is a place where their gift will make a significant impact. |
by Rebecca Sherman
These days, with seven grandchildren often descending upon their Florida home, Judith Bodwell Mulholland ’62 and her husband, Bob, are happy to be known as Nana and Gramps. In their former professional lives, however, they were known by many titles.
Judith, in a successful career that spanned nearly 30 years in the printing and publishing industry, retired in 1996 as vice president of technology at The Courier Connection, a division of the Courier Corporation. In 1994 she was the first female inducted into the Printing Hall of Fame.
Bob is a former president and chief operating officer of NBC, capping a 25-year career that began as a news writer in Chicago. After NBC, he became a professor and chair of the broadcast department at his alma mater, the Medill School of Journalism at Northwestern University, before retiring in 1993.
Judith and Bob came from families of modest means. Judith, who attended Colby Junior College on a scholarship, always wanted to give back and has long been a supporter of the college. She and Bob also made plans to give to Colby-Sawyer in Judith’s will. Recently, during a financial review, their financial advisor suggested that they consider the advantages of giving now, rather than later, through a charitable remainder unitrust (CRUT).
As a vehicle for philanthropy, a CRUT allows donors to place assets in a trust that produces income during their lifetimes. It also allows donors to designate beneficiaries, often a charity, to receive the remainder of the trust once the surviving spouse passes away. Donors may designate a dollar amount to a certain beneficiary or a percentage of the remaining assets.
According to Judith and Bob, the option to establish a CRUT offered them three things: tax advantages while they are alive, payments during their lifetime, and the chance to make a gift that will have a significant impact immediately.
That third benefit influenced Bob to change his provision and combine it with Judith’s so that both of them designated funds to Colby-Sawyer as a beneficiary. For Bob, this decision was about ensuring that his giving would make as big an impact as possible. “It became clear to me that the amount of money I could leave might be only a raindrop in a barrel at some places, but that by putting our gifts together and giving to Colby-Sawyer, we could really make a difference for the college,” Bob said.
“As we got to know everyone at Colby-Sawyer, and as Bob learned more about the mission of the college,” Judith said, “it was clear that giving to the college was the right decision for us, and the CRUT was the best way to do that.” She added, “When people look at their estate planning, they should be aware that [a CRUT] provides benefits while you are alive and accomplishes what you want to do when you are no longer here. We were amazed by it and pleased to give where it will make a real impact. For us, it became an easy decision and has turned out to be a real win for Colby-Sawyer and for us!”
Rebecca Sherman, a research and prospect management analyst, came to Colby-Sawyer in March from the Dana-Farber Cancer Institute in Massachusetts. She holds a B.S.J. from E.W. Scripps School of Journalism at Ohio University.
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