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Enduring Connection to Bowdoin Grows Stronger

Steve '65 and Judy Siegel

Steve '65 and Judy Siegel created an endowed scholarship to help future students afford a Bowdoin education.

As I reflect on the last 50 years, I realize that my acceptance to Bowdoin and my education there were defining moments of my life.

I grew up in Lawrence, Massachusetts, a poor, working-class mill town where education played a subordinate role to football and where less than 2 percent of my graduating high school class went on to any form of further education. Lacking college guidance, I traveled to the Boston YMCA for a free session with a counselor, who strongly recommended that I consider applying to Bowdoin.

Prior to that meeting, I knew nothing about the college. Lawrence High School left me ill-prepared for the rigors of a Bowdoin education. Yet, Bowdoin took a chance on me, gave me scholarship assistance, and—most importantly—provided me with a wonderful education, countless memories and everlasting friendships. In three semesters, I was able to "catch up" to my classmates, thanks to the tremendous support of my professors, fraternity brothers and coaches. I attribute much of my success to the core values I learned during those wonderful four years.

Since then, my bond and commitment to Bowdoin have only become stronger. I had the pleasure of vicariously enjoying Bowdoin a second time as I watched my son Matt and then future daughter-in-law Karla both receive Bowdoin educations and come to have the same feelings and commitments to the college. Through them, I was reminded of what the "Common Good" is all about, and my dream to give back to Bowdoin was strengthened.

My wife, Judy, and I are committed to doing whatever we can to enable others to experience a Bowdoin education. That is why we decided to establish an endowed scholarship to benefit students from the rural mountain counties of New Hampshire where we have lived for the last several years. This scholarship is in addition to our alumni fund gifts and estate plan provisions. We are proud to be able to do our small part to help ensure that Bowdoin can continue to be the very special place it is today.

-Steve Siegel '65

About Steve
Steve earned an economics degree at Bowdoin followed by a J.D. at New York University School of Law. After initially practicing corporate law, he was a senior executive for several publically traded companies. Subsequently, he became the COO and CFO of Filene's Basement. He began his career in franchising by establishing Dunkin' Donuts in London, England, and then returned to Boston where he became a multi-unit franchisee of Dunkin' Donuts. He was selected by professional colleagues to become the first franchisee to serve as chairman of the International Franchise Association. In 2004, he retired with Judy to the mountains of New Hampshire to hike and enjoy the outdoors. He now acts as a senior advisor to two large private equity firms in the retail and franchising sectors. Steve was a Bowdoin class agent for many years and has also served on the Alumni Council.

eBrochure Request Form

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A charitable bequest is one or two sentences in your will or living trust that leave to Bowdoin College 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 Bowdoin College, a nonprofit corporation currently located at 4100 College Station, Brunswick, ME 04011, 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 a charitable account sponsored by a public charity that donors use to support their philanthropy.

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.

A lead trust holds appreciating assets for a term of years (or for your lifetime), and makes quarterly or annual payments to Bowdoin College. The College benefits from the stream of reliable, steady gifts from the lead trust, and you're able to witness the impact of your gifts during your lifetime. At the end of the trust's term, all remaining trust assets are distributed to your designated beneficiaries with greatly reduced (in some cases zeroing out) gift and estate tax, regardless of how much the trust has grown.

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 Bowdoin 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 Bowdoin 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 Bowdoin where you agree to make a gift to Bowdoin 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.

With a retained life estate, the donor(s) irrevocably deeds a personal residence or farm to the College, but retains the right to live in it for the rest of his/her life, a term of years, or a combination of the two. The term is most commonly measured by the life of the donor or of the donor and the donor’s spouse.

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