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Supporting SXU Students for Years to Come

Mary Janet and John W OLeary

Mary Janet and John W. O’Leary

The life and legacy of Saint Xavier University (SXU) alumna Mary Janet (Janet) O’Leary ’59 will be honored with a new endowment. The Mary Janet (Dreyer) ’59 and John W. O’Leary Memorial Scholarship will support students at Saint Xavier for years to come.

John (Jack) initially made a significant gift to the University before his passing in 2021 to honor Janet, who passed in 2018. Jack loved his wife dearly and knew how much Saint Xavier meant to her, so it was important to him to give back in tribute.

Recently, Jack and Janet’s children, John O’Leary and Mary Kay Springman, donated to fund the new endowment, targeting students who have financial need and who, through their academic achievement, demonstrate a strong commitment to their education.

“Mom and Dad donated to SXU over time as a way of giving back and wanted to make a nice gift from their estate after they passed away,” said Springman. “When we found out about the opportunity to create a scholarship in their names, it seemed like the perfect way to continue their legacy as lifelong learners.”

Janet and Jack were actively engaged in community service throughout their lives and consistently celebrated and lived Saint Xavier’s mission and core values, working with incarcerated youth, bringing resources to victims of domestic abuse, and facilitating reading support and promoting financial literacy for young people.

“Mom and Dad instilled the importance of work ethic and giving your best effort in whatever you do,” said Springman. “They taught us to appreciate education. With this endowment, our hope is to provide opportunity to students who might not have had it otherwise, and we would love to grow it over time.”

Leaving SXU in your estate plans can have the same impact on students, and your legacy can become part of Saint Xavier’s rich history as it celebrates 175 years of quality Mercy education. To learn more about how you can create your SXU legacy, please contact Jeanmarie Cusack '85 at 773-298-3316 or cusack@sxu.edu.

Anahi Velazque

“With the help of this scholarship, I will be able to earn my degree, make my family proud and get closer to my dreams of teaching within the community and sharing my passion for art with others.”

Anahi Velazquez ’21
Art

“Receiving a scholarship established financial freedom for me as a first-generation college student. It allowed me to pursue my degree and work toward my vision.”

Demari Hudson ’22
Nursing

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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 Saint Xavier 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

I give, devise and bequeath to Saint Xavier University, a non-profit corporation existing under the laws of the state of Illinois and located in the city of Chicago, Illinois, ________ (fill in a percentage of your estate, a certain sum of dollars, or a description of particular property), to be used in its area of greatest need.

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 Saint Xavier 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 Saint Xavier 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 Saint Xavier 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 Saint Xavier where you agree to make a gift to Saint Xavier 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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