Skip to Content

Gratitude Lasts a Lifetime for Bernie Spirito ’77

Bernie SpiritoFor some alumni donors, a chance meeting with a former classmate can rekindle their feelings of gratitude for their alma mater and expand their understanding of the ways their philanthropy can change the lives of students.

Bernie Spirito ’77 was vacationing in Florida last year when he had lunch with fraternity brother Frank Reis ’69, who mentioned his own recent decision to create a Partners in Scholarship fund at Bryant. Bernie had been reflecting on Bryant’s impact on his life and career, and when he returned from his trip he worked with the Bryant team to create the Bernard Spirito ’77 Partners in Scholarship fund through a generous bequest. “I hope that I can help someone like me, a young person who wants to go to Bryant and needs some additional support to afford tuition,” he says.

Growing up in Providence in a single-parent household, Bernie was good in math but struggled in school until his mother, a bookkeeper, found a way to enroll him at nearby La Salle Academy. He says now that he had been hanging around with the wrong crowd, and he remains grateful for the suit-and-tie structure and discipline at La Salle that kept him from heading down the wrong path. After graduating, his mother steered him toward accounting and he enrolled at Bryant.

Acknowledging Bryant’s recent growth and rising reputation with a smile, Bernie says, “I don’t think I would have been able to get admitted to Bryant today.” His Bryant scholarship fund will prioritize students with financial need who attended La Salle Academy and who are studying accounting. During his years at Bryant, he was active in campus life, becoming fraternity president and serving on the student programming board. “At Bryant, I grew so much as a person,” Bernie says.

After a career that included 28 years as Vice President of Finance at Bassette Printers, LLC, Bernie is currently the Chief Financial Officer at the Springfield Museums, a group of five museums in Massachusetts that includes The Amazing World of Dr. Seuss Museum, featuring the work of children’s book author and Springfield native Theodor Geisel.

Bernie is reminded of the Dr. Seuss book Oh, the Places You’ll Go when he says, “There are a lot of different ways to get where you want to go. I was fortunate that Bryant prepared me well.” Now, he says he hopes that his planned gift will help to prepare another student for success. “It’s my turn to give back.”

If you would like to learn more about how you can make an impact on the lives of Bryant students through a planned gift, contact Bob Ferrell at 401-232-6171 or rferrell@bryant.edu.

eBrochure Request Form

Please provide the following information to view the brochure.

First name is required
Last Name is required
Please include an '@' in the email address

Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Bryant University 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

 Bequest Language

"I, [name], of [city, state ZIP], give, devise and bequeath to Bryant University [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 Bryant University 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 Bryant University 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 Bryant University 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 Bryant University where you agree to make a gift to Bryant University 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.
Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.

First name is required
Last Name is required
Please include an '@' in the email address