A Gift That Protects a Unique Piece of UMass History

Richard Bonanno, Ph.D., pictured with his wife, LuAnne, and Chancellor Kumble Subbaswamy

A gift from Richard Bonanno, Ph.D., pictured with his wife, LuAnne, and Chancellor Kumble Subbaswamy, left, will help UMass Amherst's 1894 horse barn reach its new home.

A. Richard Bonanno, Ph.D., has dedicated his career to raising flowers and vegetables and working for food safety. He is owner and operator of Pleasant Valley Gardens of Methuen, Mass., where he grows potted flowering plants, bedding plants, vegetable transplants and 50 acres of vegetables for wholesale markets.

Richard was a tenured professor at North Carolina State University before he returned to work at the family farm with his father, Angelo; his wife, LuAnne; and his daughter, Heather.

He is president of the Massachusetts Farm Bureau Federation (MFBF), which advocates for agriculture and forestry. At UMass Amherst, he is responsible for vegetable and small-fruit weed management for the Extension service and is an adjunct professor in the Department of Plant, Soil and Insect Sciences. His responsibilities also include food safety issues.

One of Richard's passions is the campus' historic 1894 horse barn, which will soon be relocated to the 75-acre Adams-Wysocki field on North Pleasant Street as the centerpiece of the new UMass Agricultural Learning Center.

He recently made a generous gift of a $100,000 life insurance policy to UMass Amherst as part of MFBF's $500,000 pledge for the barn relocation. An additional $4 million will be needed to renovate the building to include classrooms, labs and offices.

You Can Help
To learn how your gift can help the barn relocation efforts, please contact Office of Planned Giving at 413-545-4200 or jkjayne@umass.edu today.

A charitable bequest is one or two sentences in your will or living trust that leave to The University of Massachusetts Amherst 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 designate _________________ to the University of Massachusetts Amherst at Memorial Hall, 134 Hicks Way, Amherst, MA 01003-9270. I request this gift be used for __________________ (for instance, a specific department, college, school or program, a scholarship, or for general purposes of the campus)."

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 UMass Amherst 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 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 UMass Amherst 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 UMass Amherst 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 UMass Amherst where you agree to make a gift to UMass Amherst 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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