Collegiate Forever by Collegiate School

forever

Legacies that Prepare, Enrich and Endure

“Above everything else I would have you live for humanity’s sake, I would have you good citizens in the widest sense.” ~ Graduation Remarks in the Collegiate Chronicle, 1919

Helen Baker Founding Headmistress

Catharine Stauffer Flippen Headmistress, 1940-1972

“There’s iridescence about the air around young people, so many lights from so many angles. Just when things are dark, light shines from another facet, thousands of changing colors. It’s the most hopeful thing. There’s the sense of eternally looking for tomorrow. Always there’s expectation in a child’s life, and a teacher shares the high expectancy of youth.”

“The Collegiate spirit of giving has been transformational, touching every part of school life and benefiting every Collegiate young person. We are a community that believes strongly that it is a privilege and a responsibility to be effective stewards for our school.” Stephen D. Hickman Head of School, 2014 -

Established in 2001 with 91 charter members, The Helen Baker Society now numbers more than 160 individuals and couples who have notified the School of its place in their financial or estate planning. This booklet tells the stories of a small group of Collegiate alumni and friends who have joined the Helen Baker Society. The Collegiate School offers you these stories of achievement, generosity and gratitude to show how the right legacy gift can advance your personal goals while making a meaningful impact on the School.

Richard A. Bennett, M.D. ‘90 Trustee

Lisa Levey Freeman ‘75 & Carolyn Levey Winks ‘78

Pam Anderson Sutherland Upper School Art Teacher

Noah Greenbaum ‘03 & Muffy Greenbaum ‘04

Betty Compton Former Parent & Grandparent

Bobbie Lee Norris Sutherland ‘54 Grandparent

Hail Collegiate! Our first century, 1915 to 2015 As our second century dawns, let us celebrate what The Collegiate School has meant for thousands of Richmond families over a hundred years – a community built around the ideals expressed in the motto, “Parat, Ditat, Durat.” “Prepare, Enrich, Endure” – this tribute to education expresses the founding beliefs of the school as well as the legacy that it has provided to its students. This motto also states in succinct form the reasons why so many members of this community have created legacies for our School in their estate plans, legacies which reflect the School’s gifts to them, and to so many.

Collegiate forever Your Charitable Legacy for The Collegiate School

Page 1 . . . . . . . . . The Helen Baker Society Page 2 . . . . . . . . . Celebrate our Centennial Page 3 . . . . . . . . . Collegiate forever Page 4 . . . . . . . . . Richard A. Bennett, MD ’90 Page 6 . . . . . . . . . Lisa Levey Freeman ’75 and Carolyn Levey Winks ’78 Page 8 . . . . . . . . . Pam Anderson Sutherland Page 10 . . . . . . . . Noah Greenbaum ’03 and Meredith “Muffy” Zimmer Greenbaum ’04 Page 12 . . . . . . . . Betty Compton Page 14 . . . . . . . . Bobbie Lee Norris Sutherland ’54 Page 16 . . . . . . . . A History of Excellence Page 18 . . . . . . . . Options for Your Legacy Page 24 . . . . . . . . Key Points in Closing Page 25 . . . . . . . . Create Your Legacy

Our thanks go to the alumni and friends of Collegiate School who shared their stories in this booklet, and to all members of the Helen Baker Society, who have informed the school of its place in their financial or estate plans. 3

Richard A. Bennett, M.D. ’90 A 1990 graduate of The Collegiate School, Richard A. Bennett, Jr. graduated from U.N.C. – Chapel Hill in 1994, earned an M.D. degree from MCV/VCU in 1999, and completed his residency in pediatrics in Brooklyn, NY in 2002. He practices pediatrics with his mother Lillie R. Bennett, M.D., in Richmond’s East End. Bennett has served as a Trustee of The Collegiate School since 2009. He is also a Trustee of St. Joseph’s Villa and has served as a mentor through the New York Academy of Medicine as well as Individual Big Brothers. Bennett is a member of the Mayor of Richmond’s Blue Ribbon Commission on Health Policy, Clinical Professor in the VCU School of Medicine Association, and a principal of Clinical Research Partners, LLC.

Mentorship As a Collegiate student in the 1980s, Richard Bennett took part in an innovative peer counseling program started by coach Mike Thompson. “I learned then that even those students who seem the most fortunate can have problems, and their problems are real to them. The empathy I learned then was a vital lesson in my life.” Dr. Bennett, a pediatrician, remembers the Collegiate of his childhood with love. “Collegiate truly felt like a home to me. I still have the friendships I made then, and the teachers there were challenging yet reassured me at every step.” He loves the direction Collegiate has taken in the years since. “Collegiate graduates are going to colleges and universities all over the country and world now. And they are choosing careers in a wide range of disciplines.” “Think of how learning happens on our campus now. The International Emerging Leaders Conference brings youth from all over the world to us, while groups like RAMPS learn social entrepreneurship as they perform vital service for others. Learning at Collegiate is more collaborative than ever and well prepares our alumni for life in business or other professions.” “All these things made me want to give special care to building a legacy for this place, which did so much for me and my classmates, and does so much for others today.” “I hope my bequest will grow with the years, as Collegiate strides further into its future.”

BEQUEST Dr. Richard Bennett included Collegiate in his will early on, but it is never too late to make this choice. If the School is already in your will or estate plans, please let us know, so that your example can strengthen the Helen Baker Society – and so the School can thank you often! 5

Carolyn Levey Winks ’78 and Lisa Levey Freeman ’75

Carolyn Levey Winks ’78 and Lisa Levey Freeman ’75 Lisa Levey Freeman ’75 attended Collegiate from second grade onward, and her sister Carolyn Levey Winks ’78 attended for her entire school career. Carolyn graduated from East Carolina University, and Lisa from Randolph-Macon College. Today Lisa is principal of E.L. Freeman LLC, consultant to non-profit clients throughout Virginia and beyond. Carolyn manages real estate for her family’s real estate firm, Levey Investments, Inc., Richmond.

Part of who we are Lisa Levey remembers how their parents chose Collegiate. “Even though our parents were both from public school backgrounds, they decided to look into sending Carolyn and me to an independent school. They chose Collegiate because the Collegiate community was open and welcoming – the place for us. Collegiate substantially shaped who I am.” Carolyn fondly remembers the “family atmosphere at the school. I was not the best student, but Collegiate prepared me well for college. As a freshman, I soon realized how thorough the teaching and learning at Collegiate had been.” “What I have seen of Collegiate as an adult has kept me proud of the place. Collegiate’s educational approach has moved with the times even as it has built an impressive campus.” Carolyn volunteered in her 20s to telephone Collegiate alumni and friends for donations, “some of the first independent school phonathons anywhere,” notes Lisa, a professional fundraiser. “Collegiate was formative, of me as a student, and ultimately of the people Carolyn and I both became as human beings,” affirms Lisa. “It is gratitude for what Collegiate did to shape our lives that led me to make Collegiate beneficiary of an insurance policy I began some years ago.” “Our parents took out loans each fall to pay the year’s tuition,” recalls Carolyn, “and by the time the year’s loan had been paid, school was about to start again. I’m so grateful to my parents for paying for us to go to Collegiate, and my gift, also through insurance, reflects what their sacrifice meant for Lisa and me.”

LIFE INSURANCE 7

Pam Anderson Sutherland Pam Anderson Sutherland has taught studio art and painting in the Upper School since 1998. A graduate of The College of William and Mary with an M.F.A. from Washington University in St. Louis, MO, Pam concentrates her work in drawing and installation. Pam has exhibited in gallery venues in Virginia, New York, and elsewhere. She received VCU’s Theresa Pollak Prize for Excellence in Fine Art in 2009, Collegiate’s own Joanne Pratt Award for Innovative Teaching in 2007 and the VMFA Fellowship for Drawing in 2004. For Pam, “An ideal art class is a sharing among equals with no hierarchies of thoughts or ideas. Relationship, the connections established between participants, is as vital as the content itself.”

Pam’s design for giving “I believe that the universe delivers what we need. It has for me; my work at Collegiate is grounding in every way. Being in this community has changed my life. “My father always supported my pursuing art, and encouraged me to take this job, too. After he died, I realized how he lives on in me, and how, through my work here, he continues to make an impact in this School. “My gift to Collegiate is both an endowment to provide a scholarship for a student inclined toward art, and a legacy gift that will one day substantially add to that scholarship. These gifts reflect both what the school means to me as well as the influence my father still has on my life. “They also reflect my hope that Collegiate will continue to encourage its students to learn from the outside world. Each year I try to arrange for my students to get together for a joint critique with students from other area high schools. It really helps my classes grow as artists and as young people to interact with a diverse, highly gifted group. “I would love to see The Collegiate School be the private school that would do something adventurous with city schools. This outreach could benefit Collegiate as much as it does the Richmond community. “In any event, I am happy that my family will help chart the future of this wonderful school through my teaching, and these gifts.”

BEQUEST 9

Noah Greenbaum ’03, and Meredith “Muffy” Zimmer Greenbaum ’04 Noah Greenbaum graduated from UVA in 2007, where he was a designated kicker on the UVA football team. Muffy Greenbaum graduated from UVA in 2008. Noah’s father Ben Greenbaum, class of 1965, taught science for many years at Collegiate, retiring in 2012. In 2011, Greenbaum co-founded Canal Capital, a comprehensive wealth management firm providing planning, tax and investment management services in Richmond. The Greenbaums have two sons, Perry age 2, and Ollie, born in February, 2014.

Collegiate for our children When Noah and Muffy Greenbaum had their first child, they understood, as the reality of parenthood dawned upon them, how much they hoped he would experience the lasting community of friendships they had at school. How did they go about securing this future for their children? Before either youngster was old enough to enroll at Collegiate, the Greenbaums took what was for them the first step. “We created a secure financial legacy for the School. ‘Paying it forward,’ also meant, for us, paving the way for our children to experience Collegiate on their own one day.” “We took out an insurance policy ultimately benefiting the school. Starting early keeps premiums low. We can increase the final gift to Collegiate at will as time goes on, too.” “Good cultures can change so readily, in business and in organizations. Collegiate’s culture has proven remarkably stable and enduring, in all sorts of good ways.” “Valuing Collegiate as we do, and as so many of us do, I wanted to have skin in the game from now on.” “If you value what Collegiate did for you, one of the best ways you can show it is through your estate plans. Of the many approaches to a legacy gift, you can probably find one that meets your needs.”

LIFE INSURANCE To consider your options for an estate gift, please review pages 18 – 24 and/or log onto www.collegiate-va.org/plannedgiving.

Betty Compton Betty Compton’s family includes two Collegiate generations. She and her late husband, retired Virginia Supreme Court Justice A. Christian Compton, sent all three daughters to Collegiate, Leigh Compton Shobe ’83, Mary Compton ’84, and Missy Compton Patterson ’87. All six of Betty’s Richmond grandchildren attend Collegiate: Missy’s three sons, Henry ‘23, James ‘21, and Daniel ‘18, and Leigh’s three sons, Noah ‘21, Luke ‘17 and Nicholas ‘15. Justice Compton was Chairman of the Board of The Collegiate School from 1978 to 1980.

Doing my part Between raising three daughters years ago and picking up her grandsons after school today, Betty Compton has had an inside view on life at Collegiate for two generations. “The best thing about the school is that it has been able to grow and improve with the times while keeping the school’s core values the same as ever. I know from the look on their faces when they enter the car that the boys are happy and enjoy the challenge of life at school,” notes Betty. “That line of cars picking up students has taught me something else about the school. Collegiate has many different kinds of families and students, but they all value their children’s education enough to ‘pitch in’ to make it possible. Everyone waiting in that line, whether parent, grandparent or someone else, is doing their part to keep a student in school.” “After Chris died, at a time of reflection, I reviewed my will. That process made me decide that it was time to recognize Collegiate as a part of our family with a bequest in my will.” “I am grateful to the school for educating my daughters and grandsons, and I hope that my gift will do something to keep Collegiate strong. Of course, most of us can only do so much, but by ‘pitching in’ together, we can make great things happen. That’s why I’m proud to belong to the Helen Baker Society.”

BEQUEST 13

Bobbie Lee Norris Sutherland ’54 Bobbie Lee Sutherland ’54 first attended The Collegiate School for Girls in its early location on the 1600 block of Monument Avenue. She then attended junior college in Beverly, MA, before returning to Richmond. Bobbie Lee and Page Sutherland have two daughters, Barbi Gaylor and Beth Kennon. Beth’s three children all attend Collegiate: Ranny ’15, Lee ’18, and Sarah ’22. Page Sutherland died in 2013. A member of Collegiate’s Alumni Board, Bobbie Lee Sutherland was awarded the Distinguished Alumni Service Award for 2013 and recently celebrated her 60th reunion. Recently, we were saddened by the passing of Bobbie Lee. She will be missed but not forgotten.

From Monument to Mooreland Bobbie Lee Sutherland has been beating a path to Collegiate since the late 1940s, when The Collegiate School for Girls stood near Stuart Circle and she rode into town with her father (and took the bus home in all kinds of weather). Today, she drives in from Goochland to attend a dance recital or meeting of the Alumni Board, and as many athletic events as possible. “In those days, we exercised on the wide median of Monument Avenue and played hockey in Sauer’s Gardens, where apartments now sit.” “I have such good memories of Collegiate as it was then, and especially the way we all got along. The person I recall most of all was Catharine Flippen.” “Mrs. Flippen was Collegiate. She greeted you. She reprimanded you. She complimented you. She loved you. Collegiate was her life. When I think of Collegiate, my first thought is of Mrs. Flippen.” “As much as I loved the school then, Collegiate has so much more to offer students now. Second graders learn foreign languages. They practice working in groups at the Sharp Academic Commons. I delight in keeping up with today’s young alumni on the Alumni Board.” “I’m also glad to be member of The Helen Baker Society. I joined some years ago by starting a charitable gift annuity. My gift annuity pays income back to me – getting those regular checks feels like a nice surprise.” “Joining the Helen Baker Society is one way to pay the school back for what it did for us.”

CHARITABLE GIFT ANNUITY For an illustration of a gift annuity or another life income gift designed for you, please contact Michael Brost in the Development Office - mbrost@collegiate-va.org or 804.741.9766.

A History of Excellence

Give beyond your lifetime a bequest in your will Why a bequest may work for you. Remembering Collegiate in your will both ensures that your support for Collegiate will be permanent and that your own needs will come first. A bequest to Collegiate may well suit your needs, if: • • • •

You want to give while also seeing to the needs of your family; You desire to keep your options open should circumstances ever change; You seek to lessen any possible estate tax; or You have a will or revocable trust, or are ready to create one.

A bequest gift is easy to make with your attorney’s help. Bequest provisions can be written to suit your exact inclination, whether that is to give Collegiate: • A particular percentage of the estate’s value; • A specific dollar amount; or • A particular item of property, such as stock. In order to legally distinguish “our Collegiate” from other Collegiate schools elsewhere, please take care to refer to the School as “The Collegiate School, Richmond, Virginia.”

Giving Life Insurance Why insurance may be the right legacy for you. Life insurance is a simple and practical way to give to Collegiate, whether you give using an existing policy or take out a new one with the School in mind.

“Old” Insurance Many people own policies purchased years ago to protect young children who have long since grown up and left home. Policies with sufficient cash value often remain in force, even though they have outlived their original purpose. Such a policy can help the School in one of two different ways: If the School is made the beneficiary, then it will one day receive the policy’s death benefit, assuming any required premiums are paid. Or, as owner of the policy, the School can redeem it at once for an amount close to its cash value, a very substantial gift to the School. The donor will generally receive an immediate income tax deduction equal to the policy’s value. The School also can choose to hold the policy in order to receive the death benefit, paying any necessary premiums in the meantime.

“New” Insurance The right type of policy (one that will remain affordable throughout a lifetime) can be an efficient and effective way to build a legacy for Collegiate. To explore this way of giving, contact an insurance agent well versed in using insurance as a charitable gift. Making the School beneficiary of any type of life insurance policy is a big step in giving back. Please consult your advisor for guidance about your best options. 19

Life Income Gifts: A donation to the School specifically structured to provide income to you Life income gifts take two main forms: A charitable gift annuity makes a stable, reliable contribution to your retirement security. A charitable remainder trust provides flexible income for a group and for a time period of your choosing. Charitable Gift Annuities – Stable and secure. In return for your transfer of cash or securities, the School promises to make fixed payments (monthly or quarterly) to you and/or another individual for as long as either of you live. Why gift annuities may work for you: A charitable gift annuity allows you to share your cash and appreciated assets with the School while enhancing your income. Using appreciated stock for a gift annuity transforms your capital gain into increased income for you and a gift for the School, while avoiding capital gain tax. Part of the annuity payments will be taxed at capital gain rates. The older the annuitant(s) at the time of the gift, the higher the fixed percentage payment.

Example: Jane Jones, age 80, gives securities worth $10,000, with a cost basis of $2,000. Transfer to The Collegiate School. . . . . . . . . . . . . . . . . $10,000 Charitable income tax itemized deduction (estimate). . . . . . . $4,700 Annual income at 6.8% rate. . . . . . . . . . . . . . . . . . . . $680 (Part taxed as capital gain for a period of years) Selected Gift Annuity Rates (as of 7/1/2014) Annuitant’s Initial Age

Rate for one donor

Rate for couple the same age

4.7

4.2%

5.1

4.6%

5.8

5.0%

6.8

5.7%

7.8

6.1%

Rates for 2015 and beyond may be obtained from the Development Office at 804-791-9705.

Tax benefits are extensive. Gift annuities allow a significant itemized income tax deduction which can be spread over six years. As stated above, there is no capital gain tax on appreciated property transferred for the annuity, even though annuity payments reflect the asset’s full fair market value. 20

Charitable Remainder Trusts: Shaped by Your Wishes Why a Charitable Remainder Trust may be right for you. Charitable Remainder Trusts (CRTs) allow you to make optimal use of your resources. In your hands, and those of your advisor, your CRT can provide for any and all of your family while remembering Collegiate. The outcome is a life legacy all in balance. A CRT receives your cash, securities or other property, sells and reinvests them (free of any capital gains tax) in professionally chosen securities, and makes regular payments to yourself or to loved ones for a length of time set by you. At the end, all remaining trust assets go to your chosen charities, including Collegiate. CRTs pay income to you or loved ones in one of two ways: • a fixed dollar annuity (Charitable Remainder Annuity Trusts) or • variable income, designed to increase over time (Charitable Remainder Unitrusts) A CRT can sell appreciated stock and reinvest sale proceeds without capital gain tax. In this way your CRT can return more income from your assets to you. A flexible planning tool: A CRT allows you to provide income to a spouse, children, grandchildren or others. You can change or add charitable beneficiaries, and even (for a unitrust) contribute additional assets later. To learn more, please log onto www.collegiate-va.org/plannedgiving If you would like to consider how a CRT might play a role in your legacy please contact your attorney. Your advisors can help you realize a CRT’s potential to benefit both your family and the school.

Retirement Accounts – The Gift that (Almost) Pays for Itself Why your retirement account can serve as an ideal legacy. Retirement plans designated for Collegiate avoid the income tax and any estate taxes payable when these accounts pass into the hands of your family. These tax savings will pay for most of the gift. For this reason, your retirement plan is more valuable to Collegiate than it is to your children. Qualified Retirement Accounts – 401(k) and 403(b) plans, IRAs, Keoghs and others – will be the major source of income after retirement for many people. Contributions to these plans are often tax free and usually grow tax free. Yet, retirement accounts are heavily taxed at the death of the owner. Funds withdrawn from these plans are usually liable for income tax, and accounts held by large estates may owe estate tax as well. For accounts left to anyone other than a spouse, these combined taxes can easily pass 70%. No other asset is so heavily taxed. Account assets left to the School avoid both of these taxes. For this reason, friends of Collegiate often create their legacy in this way, and leave other assets to their loved ones. To designate part of your retirement account for the School, contact your account manager to record your intention and please inform the School.

Key Points in Closing It is helpful to notify Collegiate about your intention, especially if you plan to designate your gift for a particular purpose or if it concerns specific property. Notifying the School will help to ensure that your gift is used as you intend, and makes the maximum contribution to our mission. The Collegiate School pledges to keep all information secure and confidential. Although Collegiate welcomes a planned gift for your designated purpose, an unrestricted gift allows the School more flexibility - a gift in itself. If you have already made provision for The Collegiate School in your planning, please accept our gratitude. We invite you to consider informing the Development Office using the attached envelope or otherwise.

As always, Thank You for all you do for The Collegiate School.

Hail Collegiate! This publication presents general information only and should not be construed as legal, financial, accounting or other professional advice. Please seek professional assistance to determine how any giving approach discussed here might impact your tax or financial situation.

Join The Helen Baker Society Create the legacy thatâ&#x20AC;&#x2122;s right for you. Thereâ&#x20AC;&#x2122;s no time like our centennial year to talk with your family and your advisors about your planned gift to Collegiate. The Development Office can help you draft a legacy with the optimal impact on the school. Please contact Michael Brost at 804.741.9766, or mbrost@collegiate-va.org

103 North Mooreland Road Richmond, Virginia 23229 804.741.9766 www.collegiate-va.org