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Remembering Where You Come From

Eileen Cioe ’69 honors her parents through an endowed scholarship

Eileen Cioe"My siblings and I were first-generation Americans," explains Eileen Cioe '69. "My father was a mailman, and at one point my brothers and I were all enrolled in Bryant at the same time. That was definitely a financial burden and could not have been easy for my parents."

Cioe's family had a way of exhibiting generosity, even when things were tight. When her mother learned that many of Eileen's classmates were living off canned soups, she opened up the family kitchen. "She cooked for and fed hundreds of students over the years!" says Cioe. "I think my mother's dream was to feed the entire world Italian food."

Several years ago, Cioe's parents died just hours apart. To honor their memory, she established the Joseph and Brigida Cioe Endowed Scholarship, to be awarded to a full-time Bryant student from Rhode Island studying finance.

To fund the scholarship, she set up an IRA Charitable Rollover, providing Bryant with distributions from her Individual Retirement Account. The scholarship is now fully funded, thanks to contributions from Cioe and a match from her employer. She used the required minimum distribution from her IRA each year to build up to the endowed fund threshold — a tax-advantaged way of giving that she often suggests to her own clients.

After her Bryant bachelor's degree in secretarial science, Cioe went on to earn a master's degree in economics and sociology from the University of Memphis. She has worked in leadership positions for state and regional transportation agencies in New England and Atlanta. Her career focus shifted when she became a Certified Financial Planner. Today, Cioe is a financial services representative with Massachusetts Mutual.

The Cioe Endowed Scholarship provides a meaningful boost to Expanding the World of Opportunity: The Campaign for Bryant's Bold Future. Increasing access to a Bryant education through scholarships is one of the campaign's pillars.

"We'll never forget the sacrifices our parents made for us," says Cioe. "I've been very successful in business and always wanted them to be proud of what I could accomplish. It's about not forgetting where you come from. I give to Bryant to honor them."

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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.
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