A Cause You Love

The Kaungs have transformed their retirement into a time of volunteering and active generosity.

BILL: I started working in life insurance in the Wall Street area when I was 17. Then I attended what was Pace College in the mid 1960s to learn the basics of accounting and finance. Even today, I believe the business school is still one of the largest schools within Pace University.

While serving on the Lubin School Alumni Board for over 20 years, starting in the 1990s, we helped Pace work out new ways to reach out and to recognize alumni—such as the creation of the Alumni Section on the Pace University website.

We encouraged giving at all levels—from a recent graduate's $25 per year all the way up the ladder. Communicating with all Pace alumni is important, because we can continue to help them network and further their own careers.

ROSE: Two different charitable vehicles are our passions. We both believe in supporting educational institutions, and a charitable gift annuity is a great vehicle to achieve that. We also believe in establishing endowed funds.

BILL: I spent almost 40 years in the life insurance industry, so I know annuities. And Rose was always a believer in the idea of charitable annuities.

Because of the way charitable gift annuities are managed, they pay higher interest rates than the market rate. It's a good way of giving in the sense that while we're alive we receive quarterly payments from our annuity, part of which is nontaxable. Eventually Pace will receive whatever remains of the annuity.

ROSE: Bill completed his graduate education with the help of the GI Bill. A National Science Foundation Fellowship, graduate assistantship and scholarship grants helped me complete my master's and doctoral degrees. Bill and I are both immigrants and partly because of the generous support we have received in pursuing our graduate education, we passionately believe in supporting deserving students, nonprofit organizations and educational institutions. We favor two different charitable vehicles to achieve our goals—charitable annuities and establishing endowed funds.

We are starting an endowed scholarship fund at Pace University because we would not have been able to afford graduate education. Without financial help, it would be impossible for so many deserving students to achieve their dreams. Because we received support ourselves, our endowed scholarship fund is our way of giving back.

BILL: The United States is a country of immigrants. Seeking opportunity here, immigrants arrive, struggle, and work hard—but it's difficult to raise a family while paying for a college education. Rose and I encourage first-generation immigrants to go to college and to get that degree.

We must always understand one another's point of view. College education helps immigrants understand and communicate—which is more important than ever in our polarized society.

Now that we're retired, we are professional volunteers. In addition to our educational support, we advocate for Asian American rights and for senior citizens. Our endowed scholarship fund will be for Asian Americans and for transfer students from Westchester Community College to Pace University.

ROSE: Sometimes people fail to support causes they care about because no one has reached out to them. If someone simply suggests the idea to you, you may start to think about what you could do to support a cause you love.

We have conversations with people we know about creating scholarships, and we encourage people to explore the idea. What attracted us to endowed funds is the fact that they go on in perpetuity and can benefit so many students. Because they saw how passionate Bill and I are, many of our friends have also set up endowed scholarship funds in memory of parents and loved ones.

You, too, can leave a legacy by including Pace in your estate plan. To learn more, contact Marc Potolsky at mpotolsky@pace.edu or 212-346-1619.