Upholding a Tradition of Giving Back

Thomas M. MurnaneThere is a long history of Ohio State graduates in Tom Murnane's family. Equally notable is the strong family tradition of giving back to the university.

Tom graduated from Ohio State with a degree in Marketing in 1970, and subsequently returned to earn his Masters of Business Administration in 1977. He later leveraged his Ohio State education to enjoy a very fulfilling and prosperous career as a Partner with PricewaterhouseCoopers, consulting with many of the firm's largest and most recognizable clients in the U.S. and around the globe.

"After enjoying a very busy and thriving professional career, I was motivated to draw on my experience and utilize my time to give back to others," said Tom.

In keeping with his family's tradition of giving back to Ohio State, Tom reached out to the university to find ways to get involved. "I wanted to find opportunities where I could support the university financially, but also use my skills and experiences to help make a difference," he said.

Tom currently serves as Chair of the Dean's Advisory Committee for the College of Arts and Sciences. He is also a member of the Alumni Advisory Council, where he previously served a one-year term as Vice-Chair. In addition, he serves as a member of the Board of Trustees-appointed University Brand/Marketing Work Group.

Tom and his wife, Kandy (BSBA '79), continue to support a scholarship in honor of his sister, Kate, who was tragically killed in an automobile accident while working toward a graduate degree in History of Art at Ohio State.

"Kate was a strong believer in traveling the world to study great pieces of art. Upon her passing, my parents set up this scholarship to fund travel for graduate students in History of Art, allowing them to conduct the research necessary to complete their dissertations. Once my parents passed, Kandy and I felt that it was important to continue the Murnane tradition of funding this scholarship."

They have also committed to funding a scholarship for students in the Marching Band. "The Marching Band is a highly visible and important symbol of the excellence of Ohio State and its brand. It's also a source of enjoyment and entertainment for generations of Buckeyes, carrying on many of the traditions of our beloved university."

"I'm proud to be a graduate of Ohio State and am immensely appreciative of the opportunities it has afforded me and generations of my family. I also recognize that the university relies on the generous support of alumni and others to continue on its path of greatness, and I'm grateful to be able to do my part to help," Tom said.

Tom and Kandy support the university with annual gifts, but have also designated the above funds as beneficiaries of their estate. In doing so, they can ensure that future students will be able to benefit from the scholarships and experience the life-changing opportunities that Ohio State provides.

There are many ways you, like Tom, can make a lasting impact on Ohio State, our students and the programs you are passionate about. Contact the Office of Estate and Gift Planning at giftplan@osu.edu or 614-292-2183 to learn more.

A charitable bequest is one or two sentences in your will or living trust that leave to The Ohio State University 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 Ohio State University Foundation, a nonprofit corporation currently located at 14 E. 15th Ave., Columbus, OH 43201, 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 Ohio State or other charities.

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 Ohio State 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 Ohio State 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 Ohio State where you agree to make a gift to Ohio State 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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