Donor Spotlight: Ron Andrea

Ron and Patricia Andrea

Ron and Patricia Andrea

An Akron native and North High School graduate, Ron Andrea found himself enrolled at The University of Akron in the fall of 1964, an eager but apprehensive freshman with more than books and exams on his mind.

Neither of his parents had graduated high school and they were unable to help him financially. The youngest of three children, Andrea was the first in his family to attend college at a time when kids like him didn’t usually have higher education in their futures.

Andrea says his parents wanted him to get a factory job, but he knew that was not the life he wanted for himself. He recalls riding with his mother to pick up his father from his factory job at Goodrich, vividly remembering the green painted windows, the acrid smell of rubber, the deafening machinery noise and the grit and grime on his dad’s face and clothes.

“I knew I wanted something else,” Andrea recalls.

Andrea declined a job as a tire builder that his dad had arranged, instead deciding to attend The University of Akron.

Andrea’s savings from part-time and summer jobs during high school got him started freshman year, but the prospect of covering four years of tuition, books and fees through part-time jobs seemed overwhelming. Fortunately, Andrea received a small scholarship during his sophomore year that eased his financial burden.

“That scholarship, though small, helped me not only to graduate but also to graduate in a timely manner, because I couldn’t afford not to do so,” Andrea says. ”I didn’t have the resources to take courses over or pay for an extra semester of school.”

Andrea earned his bachelor’s degree in education in 1968 and his master’s degree in school psychology in 1971, both from The University of Akron. He earned his Ph.D. in 1979 from the State University of New York at Buffalo after working several years as a New York school psychologist.

Andrea and his wife, Pat, have two adult sons and four grandchildren. After a successful professional career, he and his wife retired to Tucson, Arizona, in 2003 where they are active in community theater and volunteer work.

“Those four years at The University of Akron changed my life,” Andrea recalls. “They opened up new horizons for me. They made me realize I could do anything I wanted to do and that I could have the kind of life I never thought possible.”

Reflecting upon those times at UA led Andrea and his wife to include a bequest to The University of Akron Foundation in their estate plans, supporting The Dr. Ronald K. Andrea Endowed Scholarship. The scholarship will assist highly motivated first-generation college students.

“It’s my hope that this scholarship will have the same impact on many future students that my scholarship had on me,” Andrea says. “I like to think of it as a gift that will reap benefits for others long after I’m gone.”

While Ron Andrea’s experience as a first-generation college student took place several decades ago, this is a familiar story for many UA students. The Andreas’ investment in the success of these students will help them to achieve their goal of becoming the first in their families to earn a college degree.

If you are interested in supporting future generations of students through a planned gift, please contact Lia Jones, Esq. at 330-972-2819 or LiaJones@uakron.edu.

A charitable bequest is one or two sentences in your will or living trust that leave to The University of Akron Foundation 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 give to The University of Akron Foundation, a nonprofit corporation currently located at 302 Buchtel Common, Akron, OH 44325-2603, or its successor thereto, ______________* [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 UA 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.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 UA Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 UA 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 UA Foundation where you agree to make a gift to the UA 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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