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Member Profile: Mike Beck

Mike Beck

A Passion for Helping Kids

In 1999, I was living in a suburb when my office moved around the corner from the Vanderbilt YMCA in midtown Manhattan. I had a very bad back, and I'd been through all types of treatments: physical therapy, pain management, holistic medicine, chiropractic and so on.

I decided to try to get myself into an exercise routine and swimming. I started going to the Vanderbilt Y at about five in the morning, finishing my routine around seven; then I'd go up to my office. At some point I was asked by one of the YMCA members if I would like to make a contribution to their Annual Fundraising Campaign and of course, I didn't hesitate to do so.

For a number of years, I continued to exercise at Vanderbilt and one day the Executive Director asked me if I'd like to get active within the YMCA besides just exercising, so I joined the board in 2001. Because I am the Chief Financial Officer of my company, I was asked if I would serve as Chair of the Vanderbilt Finance Committee. I've been Branch Chair of the Vanderbilt board for three consecutive terms.

When I first joined the Vanderbilt Y, I didn't realize how involved the Y is in the community, helping children and families and improving the future of New York City.

Growing up I was poor kid from Brooklyn, and I didn't know about the Y. My mom went to work when I was eight years old and my father balanced several jobs at one time.

As a result, one of my strongest passions is to mentor kids — the Y gives me that opportunity. Growing up in Brooklyn and not having had the knowledge about the Y's existence, I try to be an advocate of the Y any opportunity I get. All people should have the opportunity to be involved with the Y.

Being part of the Heritage Society means making either a current gift in support of the endowment fund, or via an estate gift that will benefit the Y at a later date. It's your own personal desire, of leaving a part of your legacy; and contributing to the benefit of kids.

When I travel and speak with people, many still think the Y is nothing more than a gym and a swimming pool. But I think people in New York City are becoming aware that the Y is so much more than another health club.

The ultimate goal is to leave a legacy in a philanthropic way. Some people do it with their estate planning, insurance policies, annuities — there are many options with tax advantages to suit different personal situations.

The way I see it, is this: every kid you can help is a success story.

eBrochure Request Form

Please provide the following information to view the brochure.

A charitable bequest is one or two sentences in your will or living trust that leave to the YMCA of Greater New York 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 to the YMCA of Greater New York, a nonprofit corporation currently located at New York, NY, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

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 New York City’s YMCA 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 New York City’s YMCA 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 New York City’s YMCA 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 New York City’s YMCA where you agree to make a gift to New York City’s YMCA 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.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.