Mike Galane ’74 is no stranger to giving back to SUNY Potsdam. Since graduating from the College, he has served his alma mater in countless capacities—including as the former president of the Potsdam College Foundation Board and chair of the Take the Lead Campaign. In addition to sharing his time and expertise, Mike established the Galane Family Scholarship, which is awarded to computer science majors each year at SUNY Potsdam.
“I believe wholeheartedly in supporting endowed scholarships—it’s a great way to ensure that that there will be dollars available to students in perpetuity.”
Mike has funded his scholarship through a variety of giving methods, including outright gifts and matching gifts from his employer, but one unique method he has particularly enjoyed is giving through appreciated stock.
“When a dollar I put away a few years ago appreciates, that’s more money I’m able to give. If you give appreciated stock, then the whole value of the appreciated stock is what is used to declare for your donation. That’s doubly good: one, the value is increased, and two, there are certain tax advantages,” Mike says.
When donating stocks and securities, individuals most often give appreciated stock held long term (at least one year). If a donor itemizes, the donor may not need to declare any capital gain and may be entitled to deduct the full fair market value of the security up to 30% of adjusted gross income (AGI).
“There are multiple ways to make a difference. Making a donation that’s meaningful to you as well as to the College is the best way to give.”
Discover meaningful ways to give back to SUNY Potsdam HERE.