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Calculating the Benefits: Phyllis Schumacher, Ph.D., Establishes Family Scholarship

Phyllis and Milt Shumacher

Phyllis Schumacher, Ph.D., and her husband, Milt

For Phyllis Schumacher, Ph.D., retired professor of mathematics at Bryant University, her 46 years of being part of the Bryant community is a wonderful time to reflect back on.

“Bryant University has meant a lot to me, my husband and our three sons,” she says. “More than simply a place to work, Bryant has connected us to a network of friends, social and cultural events, and opportunities to learn and share knowledge. I couldn’t have chosen a better place to build a career.”

A career that spans almost five decades and produced dozens of collaborative papers with colleagues in a variety of disciplines — not to mention thousands of students with a better grasp of mathematics, statistics and how to apply these disciplines to successful careers.

“Teaching students and ensuring they understand has always been my number one focus, and I’m fortunate to have worked in an environment that supports that,” Schumacher continues. “At some bigger universities disciplines with smaller enrollment might not get the same level of encouragement that Bryant provides.”

As college education and accessibility continues to be a hot topic, Schumacher has decided to give back in a big way to the University that has “allowed her entire family to benefit in many ways.” She and her husband, Milt, and their sons Kris, an entrepreneur, Erich, an adjunct professor at Bryant, and Brad, a Bryant Information Technology grad, agreed that Bryant has allowed all of them to benefit from their relationship and they wanted to reciprocate in a lasting way.

“The Schumacher Family Scholarship is the culmination of decades of shared experiences with a welcoming and inclusive community that has been a second home to my family and me,” she says. “It’s important to me that young women interested in STEM have more opportunities to study at an institution like Bryant.”

After working with the University’s development office to make her family’s vision a reality, she recommends the process to any retiree who is considering leaving a living legacy at Bryant. “Creating an endowed scholarship through an IRA is a really nice and uncomplicated way to maximize the benefit and minimize the tax burden,” she says. “We are pleased to be able to do this.”

“The generosity of Phyllis and her family is charitable and impactful,” says Veronica McComb, Ph.D., dean of the College of Arts and Sciences at Bryant University. “Scholarships allow us to recruit the brightest students, regardless of their economic status, which elevates our work and reputation. Her addition to our financial aid offerings will contribute to our success in perpetuity, and for that, we are grateful.”

Schumacher and her husband may be retired, but they’re still active — in the community, on their 80-acres of land in the heart of Rhode Island, in the church and at Bryant. “My time at Bryant was a positive time for me, for my family, even my grandchildren spent a great deal of time on campus as children,” says Schumacher. “We continue to be active on campus and can’t imagine a life without Bryant.”

Easily Create Your Own Legacy

The Schumacher Family STEM Endowed Scholarship Fund, to be awarded to a female student studying mathematics, is a wonderful way to celebrate the Schumacher family’s legacy at Bryant and support the next generation of women in STEM fields.

When you consider starting a scholarship fund that is structured in a way that is meaningful to your family, there are multiple ways to fund a gift to Bryant to fulfill your wishes. When retirement plan assets are given to loved ones, a portion of those assets will be consumed by income taxes. Instead, leave nontaxable assets such as cash, real estate or life insurance to your family, and consider using your retirement plan assets to make gifts to tax-exempt charitable organizations like Bryant. To name Bryant as a beneficiary, simply contact your plan administrator to get a change-of-beneficiary form or download the form from their website. Name Bryant as a beneficiary for the desired percentage and return the form to your plan administrator, then let Bryant know of your generous gift, and keep a copy for your records. For more information about planned giving, please reach out to Bob Ferrell at 401-232-6171 or rferrell@bryant.edu.

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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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