Archive for July, 2006
July 28, 2006
Johnnetta B. Cole, president of Bennett College for Women, will be the featured speaker for Opening Academic Convocation Sept. 6 at 3:45 p.m. in Dana Auditorium.
Cole is speaking at Guilford as part of a continuing “exchange” arrangement with President KENT CHABOTAR, who has addressed Bennett’s opening faculty convocation and its Board of Trustees.
For more than three decades, Cole has had a distinguished career as a college and university professor and administrator. She was appointed Bennett’s 14th president in July 2002 and has announced her intention to leave the post in the summer of 2007.
Cole is president emerita of Spelman College and professor emerita of Emory University. She is chair of the Board of Trustees of United Way of America and of the Johnnetta B. Cole Global Diversity and Inclusion Institute, which promotes diversity in employment and society.
After beginning her college studies at Fisk University, Cole completed her undergraduate degree at Oberlin College. She earned a master’s degree and a doctorate in anthropology from Northwestern University.
Previous opening convocation speakers have included Columbia University professor Robert Thurman, Project Vote Smart president Richard Kimball, Yale University professor Sherwin Nuland and his wife, SARAH PETERSON ’70 NULAND, Greensboro Symphony conductor Stuart Malina and author and historian James Carroll.
July 27, 2006
BARB BAUSCH, who coached women’s basketball for 10 years (1993-2003) at Guilford, was named head coach at Vassar College (N.Y.) July 26. She is the fifth coach in program history.
Bausch was an assistant coach the past two years at Cal State Fullerton, her alma mater. During her career she has also coached at Pomona-Pitzer Colleges (Calif.), Cerritos College (Calif.) and Springfield (Mass.) College.
July 27, 2006
A memorial service for triplets born earlier this week to Sports Information Director DAVE WALTERS and his wife, Christine, will be held Saturday, July 29, at 11 a.m. at Friendly Hills Church in Jamestown. The church is located at 1450 Guilford College Road. The family will greet friends at the church following the service.
JONATHAN THOMAS WALTERS, ANDREW RICHARD WALTERS and AMBER HOPE WALTERS, were delivered prematurely (23 weeks) at Women’s Hospital in Greensboro the morning of July 24. They died within hours of the delivery.
Messages of condolence may be sent to Dave and Christine Walters, 20 Archer Glen Court, Greensboro, NC 27407.
July 26, 2006
Information Technology & Services personnel are working on a wide variety of projects this summer in coordination with offices across campus. Some of these include:
Campus One-card System (Quaker Card)
IT&S, Campus Life, the bookstore, Public Safety, the Office of Student Accounts and Dining Services have worked together to implement the new Quaker Card. As part of this one-card system, the college will begin an off-campus merchant program. Revenue generated will be used to defray the cost of the program. Additional details listing the many benefits of this convenient item may be found at http://www.guilford.edu/campus/index.cfm?ID=800002700#its
Phone Switch Replacement
IT&S will also be implementing the phone switch replacement called for in the Strategic and Long-range Plan. On Aug. 7, the campus will transition from its existing 14-year-old phone switch and voice mail system to a Cisco Call Manager system. In the coming weeks, faculty and staff will be provided new phones and given training on the new phones and the new voice mail system. Additionally, IT&S has worked with Residence Life to make adjustments to phone and voice mail for the on-campus population. Additional information may be found at http://www.guilford.edu/campus/index.cfm?ID=800002700#its
Web site Redesign
The Web site is being redesigned. Working with the Office of College Relations and hesketh.com, IT&S has completed two rounds of usability testing. On July 14, prospective students, current traditional and CCE students, alumni and parents participated in a round of testing. IT&S is working on building the new Web site structure and implementing the new templates and content management system for updating pages. College Relations is working on content for the front and primary pages. It is hoped that the new site will be launched in August.
Moodle Course Management System
After piloting Moodle (a free Open Source course management software package) with several faculty this past spring and summer, IT&S decided to fully implement this product for as many faculty as wish to participate. This package allows faculty to offer assignments, quizzes, resources, schedules, and other materials over the Web in an easily available format.
For more information about Moodle, visit http://moodle.guilford.edu/.
Upgrade to Banner 7
IT&S coordinated with departments on campus for months to prepare and test implications of the upgrade, because of this there was little to no interruption of service. While system upgrades are a constant with technology, this summer’s Banner upgrade has provided visible benefits. A major improvement, Banner 7 provides an easier look and feel since it is now accessible via a Web browser. This along with increased security will allow easier but more secure access to Banner forms.
As is the case every summer, IT&S is coordinating computer rebuild and replacements. This year, we are deploying more than 200 computers to replace four-year-old computers or to provide computers for new faculty and staff. Additionally, this year we will be adding a computer classroom as part of the King Hall project. This will provide the college with its fifth computer classroom. The others are Bauman B13, B10, 201, Duke 307 (language lab), and the Betty Place Classroom in Hege Library.
For more information on any of these projects, please contact LEAH KRAUS at ext. 2360 or email@example.com.
July 26, 2006
RITA SEROTKIN, assistant director and instructor in Widener University’s Center for Education, has been appointed dean for continuing education and director of summer school effective Oct. 1. Serotkin succeeds BILL STEVENS, who retired from the college May 19 after 24 years as a faculty member and administrator, including the last five leading the college’s adult programs.
As the chief administrative officer for the Center for Continuing Education (CCE), the dean provides leadership in strategic planning, budgeting and marketing for continuing education programs and reports directly to ADRIENNE ISRAEL, vice president and academic dean. The CCE dean’s responsibilities also include supervising Guilford’s continuing professional education program and maintaining relationships between the college and business organizations and community agencies, especially to promote continuing education opportunities and partnerships.
Guilford’s adult degree program is the oldest at a college or university in North Carolina, having celebrated its 50th anniversary in 2003. Under Stevens’ leadership, the CCE increased adult student enrollment by 381 percent in five years, achieving a headcount enrollment of 1,299 in the fall of 2005. Largely resulting from this increase in adult student enrollment, Guilford’s summer school annually enrolls approximately 900 students.
“The historical importance and significant growth of our Center for Continuing Education necessitated the hiring of a person who was a talented administrator, skilled communicator, and advocate for adult education in an increasingly competitive market,” said President KENT CHABOTAR. “The Center plays a major role in the college’s strategic plan in terms of overall enrollment, educational program, finances and other priorities. We found that Rita Serotkin was best prepared to take on these challenges and responsibilities to the greatest advantage of students and the college. I welcome her to the senior leadership of Guilford College.”
“Rita has been a leader and an innovator as an administrator and instructor, and her expertise in marketing, recruitment and planning is a good fit for the responsibilities of the dean for continuing education,” Israel said. “She understands the college’s strategic goals and objectives, the importance of maintaining continuing education’s integration into the overall academic program, and the academic interests of adult students. I expect her to bring expertise and energy to the program and I look forward to working with her.”
Serotkin spent the past six years at Widener, a private university in Chester, Pa. She oversaw marketing and recruitment efforts for undergraduate and graduate programs; coordinated academic advisement, faculty evaluations and course scheduling; developed, directed and monitored off-campus programs; wrote and edited grant proposals, alumni and faculty newsletters, catalogs and student handbooks; developed and revised admission and registration policies; and taught courses in educational technology and student personnel services.
From 1987-2000 Serotkin was an administrator and adjunct instructor at Mercer County (N.J.) Community College. During her tenure, she served as director of noncredit records, registration and programs, as an academic affairs administrator and coordinator of academic testing services.
She has also worked at Rutgers University and the College of New Jersey (formerly Trenton State College), and spent five years as an editor and staff associate at Educational Testing Service.
Serotkin holds a bachelor’s degree from Douglass College in New Brunswick, N.J., a master’s in higher and adult education from Columbia University and expects to defend her dissertation to complete a doctorate in higher education from Widener before the end of the year. She has made numerous presentations and has several publications in the field of education.
July 26, 2006
The annual faculty, staff and trustees picnic will be held Tuesday, Aug. 15, from 5:30-7:30 p.m. on the lawn of Founders Hall. Plan to attend this community celebration of the new academic year. The festivities will include great food and special fun for the children.
Employees are asked to RSVP by Noon on Monday, Aug. 7, to JOYCE EATON at ext. 2146 or firstname.lastname@example.org with the number who will attend. Please note the number of children age 10 or under. In the event of rain, the picnic will be held in Sternberger Auditorium.
Bring your family and enjoy the festivities as we celebrate the beginning of 2006-07.
July 26, 2006
BRIAN TURGEON ’99, the college’s Webmaster since 2000 and the first person to hold the position, has resigned effective Aug. 18. LEAH KRAUS, director of Information Technology & Services (IT&S), announced Turgeon’s departure.
Turgeon has telecommuted the past three years from Lansdale, Pa., where he lives with wife ISATTA MEAD ’98. The couple is starting their own business, while Turgeon continues work as a Web page and Web site consultant.
A search for a new Webmaster will be conducted in the coming months. Kraus emphasizes that IT&S has a detailed plan to provide transitional support for the Web. The transition will not interfere with the launch of the redesigned college Web site or the deployment of new content management tools.
“As our first Webmaster, Brian has done much more than manage and maintain a Web site and Web server,” Kraus said. “He has brought innovative solutions to the campus to assist in marketing, recruitment, engagement and general communication within the college community.”
Turgeon’s tenure has included three redesigns of the college’s Web site (with the third scheduled for completion soon), the creation of the Guilford Buzz, Guilford Beacon, Alumni Beacon, Guilford Forums and a content management system, the securing of BannerWeb and Banner SelfServe applications, and the formatting of the athletics Web site into the college template.
July 25, 2006
By Douglas A. Rothermich
If you have more than enough assets for your retirement needs, you may be thinking of ways to give some of them away ─ either during your lifetime or at your death ─ and doing so in a manner that avoids gift tax and any estate tax that may apply to the gifted assets following your death. Of course, regardless of the tax benefits, many of us are interested in making gifts to family members, friends, or favorite charities simply because we want to. In this article, we describe ways to make gifts to individuals that are free of the federal gift tax.
In the past several years, federal taxation of taxable gifts to individuals during one’s lifetime and transfers at one’s death has changed dramatically. Now when someone dies, the estate* may be subject to estate tax if it is larger than $2 million (for estate tax purposes). Here are ways to give away assets during your lifetime to reduce the size of your estate.
• Cash Gifts You can make outright gifts of up to $12,000 (for 2006) per person per year free from gift tax to as many people as you choose, provided the gifts are in a form your beneficiaries can enjoy immediately, such as cash, securities, artwork, etc. A couple with two children and four grandchildren can give away, tax free, as much as $192,000 per year ($96,000 per spouse) by giving to each child, spouse and grandchild (eight people in this example) the maximum gift tax exclusion amount ($12,000). The tax benefit: These gifts and all income and future appreciation on them, will be excluded from both donor spouses’ estates for estate tax purposes.
Gifts of $192,000 today, appreciating at a hypothetical rate of 5%% per year, would grow to more than $509,000 after 20 years. Over several years, making gifts of the full annual exclusion amount obviously can remove significant assets from your estate.
• Direct Payment of Educational or Medical Costs In addition to the annual gift tax exclusion described above, you can make unlimited individual gifts by paying someone’s tuition (for any level of schooling) or medical costs, provided you make the payments directly to the educational institution or medical provider.
• Lifetime Gift Tax Exclusion You can give away $1 million (as of 2006) during your lifetime without paying gift taxes, in addition to the $12,000 annual exclusion gifts and gifts for education or medical costs. (You can give the full $1 million to one person only if you specify that this is your lifetime gift tax exclusion.) However, these gifts reduce the estate tax exemption available at your death dollar for dollar; so, for example, if you give away $1 million during your lifetime, your estate tax exemption will drop from $2 million to $1 million (for 2006). Still, the full amount of the gifts and all subsequent income and appreciation are outside your estate.
So, if you want to make very sizable gifts, you can give up to the value of your remaining exclusion amount without paying any gift tax. (Your gift tax return will apply the unused lifetime gift tax exclusion to shelter all of the gift tax.)
Tax-Favored Forms of Gifts
If your gift takes any of the following forms, your beneficiary will receive at least some degree of shelter from tax on investment earnings. Also, some states offer an up-front state tax deduction on contributions to 529 tuition savings plans.
529 College Savings Plans You can contribute up to $60,000 per beneficiary ($12,000 times 5), that’s $120,000 for taxpayers filing jointly, to a 529 plan in one year without incurring the federal gift tax. The contribution would be counted against your annual gift tax exclusion over five years, so you would have to wait five years before making another tax-free gift of any type to that particular beneficiary. If you are single with 10 grandnieces and nephews, for example, you could immediately transfer $600,000 ($60,000 times 10) out of your federal taxable estate in this way. A couple with 10 beneficiaries could transfer out $1.2 million. For more information on 529 College Savings Plans, call 888 381-8283; for the Independent 529 Plan (for private schools), call 888 718-7878.
UGMAs/UTMAs For gifts to a minor beneficiary (a child or grandchild, for example), the simple approach is to open a custodial account under your state’s Uniform Gifts to Minors Act or Uniform Transfers to Minors Act (UGMA or UTMA) and fund it with mutual funds or similar investments. This avoids the cost and complexity sometimes associated with establishing a trust and generally makes sense when gifts are relatively small.
A possible disadvantage of using custodial accounts is that the assets will belong to the minor beneficiary when he/she reaches the age of majority (typically 18 or 21, depending on your state’s law), without any restrictions. If a gift to a custodial account makes sense in your situation, you should avoid serving as custodian for any account that you establish. Doing so would cause the assets to be included in your estate for estate tax purposes if you die before your beneficiary reaches the age of majority. For more information on UGMAs/UTMAs call 800 842-2776.
Trusts If you are making a large gift or plan to make a series of gifts that will potentially grow to a substantial amount in time, placing the gift in trust can provide a number of benefits for you and your beneficiary. You can direct when and how your beneficiary may use the assets. A professional trustee can be appointed to provide long-term asset management of the gifted assets. And the gifted assets may be protected from creditors. Establishing a trust usually involves having an attorney draft the trust document, then giving the assets to the trustee to manage. The trustee can be an individual or a corporate trustee like TIAA-CREF Trust Company, FSB, or both. For information about Trust Company services, call 888 842-9001.
Will You Owe Estate Taxes?
For 2006, your estate will be subject to estate tax only if the net taxable portion is greater than $2 million (reduced by any taxable gifts made during your lifetime). Your taxable estate will typically be reduced by any amount you leave to your spouse or to charity. If you are receiving income from a TIAA-CREF life annuity, only the value of the remaining annuity payments at your death (that is, the value of your joint annuitant’s remaining interest, if any, or the value of a guarantee period) will be included in your taxable estate.
*Your estate comprises all your assets, including investments, real estate and personal belongings.
This tax information is not intended to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties. It was written to support this article. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
Douglas A. Rothermich, J.D., is Vice President, Wealth Planning Strategies, for TIAA-CREF’s Wealth Management Group. Wealth Management Group services are provided by Advice and Planning Services, a registered investment advisor and a division of TIAA-CREF Individual & Institutional Services, a registered broker/dealer, member NASD, SIPC.
July 25, 2006
Whether you’re just beginning to save for retirement — or have been investing for a while — these four steps can help you work toward your goals.
Once you’ve established a retirement savings target, it’s time to take the next step: creating an investment strategy based on the number of years until you retire and your attitudes toward investing. Whether you’re just beginning to save for retirement — or have been investing for a while but need to revisit your plan — the following steps can help you work toward your goals.
Step 1—Get an Early Start. The sooner you begin saving for retirement, the better. An early start gives you more years to build your savings and to potentially benefit from compounding — the earning of interest on interest, or using investment income and gains to produce even more accumulations as they’re reinvested. (Past performance doesn’t guarantee future returns.)
Step 2—Know Your Time Horizon. To create a strategy that makes sense for the goals you want to achieve, understand your time horizon — the number of years you’ll be investing before you use the money and how many years you’ll need that money to last. “At TIAA-CREF, we think of a short-term time horizon as any investment goal between one and three years away, an intermediate term horizon as a goal between three and 10 years away and a long-term horizon as a goal that’s 10 years away or more,” says Pam Foster, advice manager. Knowing your time horizon will help you decide how to invest your money.
For instance, for a short-term goal, you wouldn’t want to put too much money into stocks (equities), since a sustained market downturn could deplete — or even eliminate — your principal. But for a long-term goal like retirement, you’d want to commit a larger percentage of your holdings to equities, which historically have offered greater growth than other investments (though past performance doesn’t guarantee future results). At TIAA-CREF, we regard retirement as a long-term investment goal, even for those who’ve already retired. “Usually, retirees have a life expectancy that’s longer than 10 years, so retirement for most people is a long-term goal,” says Foster. “And with life expectancy continuously increasing, you may need your funds in retirement to last a few decades or even longer.”
Step 3—Understand Your Tolerance for Risk. Your risk tolerance — or ability to handle declines in your portfolio’s value — will also affect how you’ll want to allocate your funds. Generally speaking, if you have a low risk tolerance, you’ll want to allocate a smaller percentage to higher risk investments like equities and probably emphasize more stable investments, such as guaranteed accounts. Conversely, if you have a higher risk tolerance, you’re more likely to be willing to commit more of your funds to equities than someone with a lower tolerance for risk.
Step 4—Invest by Asset Class. An asset class is a category of securities, or investments, such as stocks or bonds, that have similar financial characteristics. When creating a portfolio, most financial experts suggest diversifying holdings across different asset classes instead of relying exclusively on individual securities within a single asset class.
If you find, after saving for some time, that your portfolio has deviated significantly from your original allocation because of market performance, it may be appropriate to rebalance your portfolio. Rebalancing will allow you to maintain your initial investment strategy.
Please also keep in mind that investing in securities carries with it certain inherent risks. Also, TIAA-CREF and or its affiliates do not provide tax or legal advice. You should therefore consult your own advisors to consider all aspects of your situation.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Call 877-518-9161 or go to www.tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing.
©2006 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017.
July 24, 2006
TANIA JOHNSON, associate director of admission, served as director of the Counselors of Color Workshop held July 18-20 in Denver, Colo.
Counselors of Color is a national program run by National Association for College Admission Counseling which focuses on training counselors who specialize in the recruitment of students of color and diverse populations.
As director, Johnson worked with faculty to develop sessions, worked on securing guest speakers and coordinated information for the participants’ workbook prior to the conference. She was also responsible for facilitating discussions and leading sessions.
The conference, formerly known as the Hampton Experience, has been in existence for more than 20 years.