Donor Stories and Legacies

 

Dick ’70 and Patti Roderick Provide Tuition Support with CRT


Patti and Dick RoderickBack when Notre Dame didn’t allow freshmen to have jobs during the academic year, Richard Roderick ’70 doubted he could afford to enroll at the University. Then he received a letter from Father Howard Kenna, provincial superior of the Indiana Province of the Congregation of Holy Cross:  “Whatever it takes, we’re going to make sure you attend classes here.”

“I was blown away,” says Dick, who ultimately paid for his education with a Navy scholarship. “How could I go anywhere else?”

Today, with their children Notre Dame grads as well—Kristina ’95, Tom ’97 and Carolyn ’01—the University has deeply shaped Dick and his wife Patti’s lives. “The education, the residential lifestyle and the national set of lifelong friends that came with being part of the Notre Dame family, the values and the giving back to the community—we attribute much of that to the Notre Dame experience,” Dick says.

In 2009, Dick and Patti set up a charitable remainder unitrust, which purchases units of the University’s endowment as the investment vehicle for the CRT. “Lifetime income was important to us as prospective retirees,” says Dick, formerly senior vice president and CFO of an energy and real estate company.

“We realized immediate tax advantages by funding the trust with highly appreciated securities. With the Investment Office doing the investing, we know our money’s growing and helping the right place at the right time.”

The Rodericks discovered that when you invest in Notre Dame, you have the reassurance that your gift will be invested prudently by a wonderful team of investment professionals in the Notre Dame Investment Office led by Scott Malpass, one of the most respected institutional investors in America.  They also knew their planned gift offered the personal satisfaction that their generosity today will impact others in a meaningful way far into the future.

In the case of the Rodericks’ generosity, that impact will one day be on young men and women from their home state, Maine.  The residual beneficiary of Dick and Patti’s trust is the Geiger and Gleason Fund, established by Ray Geiger ’32 to provide financial support for Notre Dame students from Maine. He and Jack Gleason ’65 were tireless University promoters in the Pine Tree State.  Based on historic results, the Rodericks expect that the trust will grow in value to more than three times the value of the gift during the lifetimes of Dick and Patti.  If so, the funds that would be transferred to the Geiger and Gleason Fund should more than double the amount of financial aid available for students from Maine.

Dick and Patti Roderick could have selected from many compelling priorities at the University to advance the University, but decided to focus on providing financial aid to Maine residents.

“Here in Maine, we noticed a significant increase in the number of Mainers attending the University in the 1990s because of the Endowment Office’s investment success,” Dick says. “In a smaller way our trust attempts to follow that lead and make a difference.”

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