Jim Sorace, an alumnus of the Class of 1984, has been a donor to Ramapo College since removing his commencement gown and mortar board. He worked for 37 years in the finance division of New York City-based Guardian Life Insurance Company of America and recently shared his thoughts on the importance of giving back.
Q: How and why did you become involved with The Ramapo Foundation?
A: I always thought about giving back, and when I graduated I had a job that offered its employees a match to their donation. Guardian still matches my annual fund contribution even into my retirement. Ramapo College had given me so much when I was a student, I felt helping the College philanthropically was the best way for me to give back.
Q: How did you first learn about planned giving/gifts of life insurance and whom did you consult with when making the decision to give?
A: Because I worked in the insurance business, I knew there were options. It’s not complicated at all. When you take out a life insurance policy, you always name a beneficiary. In my case, I listed Ramapo College as the recipient of the funds.
Q: What do you enjoy most about creating a planned gift/gift of life insurance?
A: Any gift helps. My intention was to give back so the College can continue to grow. There has been so much growth here on the campus since I was a student. It’s wonderful! When I made the decision to give, I didn’t want to focus on one particular area. My unrestricted gift goes toward multiple uses — scholarships, capital projects, whatever the school needs. That’s what makes giving back for me so special.
Q: What advice would you have for someone who is considering creating a gift for the first time?
A: The amount isn’t necessarily what’s important because every bit helps. My advice is to give what you can be comfortable with and what fits into your budget. Even a small gift can grow and make an impact. Talk to your insurance agent or an accountant to discuss options.
Get Started Today
Like Jim Sorace, you, too, can leave a lasting legacy at Ramapo College. Simply contact David Terdiman at 201.684.7179 or dterdima@ramapo.edu.
