Alumnus funds scholarship with gifts of stock
Donor support for Binghamton takes many forms
Scholarship donor Michael D. Timmeny '73 with recipient Steven A. Lazickas '17
Thinking of selling your stock? If you do, you might have to pay capital gains taxes. There is another option that can provide you with tax incentives and the satisfaction of supporting a cause close to your heart: Make a gift of stock to the Binghamton University Foundation.
Michael D. Timmeny '73, for instance, has made gifts of stock to support the John and Grace Maguire Timmeny Scholarship for Public Service after his financial advisor told him about the tax advantages he would receive for doing so.
"Binghamton and the education that I received there clearly helped me in my career," said Timmeny, who graduated from Binghamton with a bachelor's degree in history. He then worked on Capitol Hill for seven members of Congress over more than two decades, including as an administrative assistant, or chief of staff as it is typically referred to now. Since then, he has spent the past 20 years at Cisco Systems Inc. and recently became its chief government strategy officer.
"It was important for me as an alumnus who had done well to support current students," he said.
Timmeny said he named the scholarship after his parents, who were very politically active and instilled in him "a belief in the possibilities of politics." The scholarship benefits students in Harpur College of Arts and Sciences, with preference given to a returning student majoring in philosophy, politics and law; political science; or history. Preference also is given to a student interested in pursuing a career in public service or who has a demonstrated interest in politics.
"We really need young people to be involved and engaged in politics and to seek careers in public service. I wanted to encourage that," Timmeny said. "I would also encourage other alumni to put themselves in the shoes of current students for whom paying for their education can be a daunting task."
Timmeny met the first recipient of the scholarship, Steven A. Lazickas '17, at the Binghamton University Foundation's annual Scholarship Donors Luncheon in November 2016.
"I have student loans and work as much as I can to put myself through school," Lazickas said. "This scholarship has lifted a burden from my shoulders and given me the opportunity to finish my last year of school with less debt, stress and uncertainty."
Making gifts of stock
When you donate appreciated securities that you have owned for more than a year:
- You are entitled to a federal income tax deduction based on the current fair market value of the securities, regardless of their lower original cost.
- You will be exempt from paying capital gains taxes on any increase in value — taxes you would pay if you sold the stock.
- Learn more about how to donate appreciated securities
- Other ways to give