“I always felt that I wanted to give back to MIT as significantly as I could. It’s the nature of MIT to be a world leader, and I really wanted to support that leadership position,” says Sherwin Greenblatt, who along with his wife, Vivian, recently established a charitable remainder unitrust to be invested in the MIT endowment.
“I believe that MIT has some of the best investment managers in the country,” he adds. “So to be able to have them manage my gift is really a wonderful opportunity for us.”
The couple donated appreciated securities and got not only a tax benefit but also an income stream for life. “A key advantage for me is that the unitrust is invested alongside MIT’s endowment,” says Greenblatt. “Since it’s important to MIT that its endowment grow, we’re confident that our gift will be well managed. As the unitrust grows, we also benefit from increased payout.”
Greenblatt earned a bachelor’s degree from MIT in 1962 and a master’s degree in 1964, both in electrical engineering. As a student, he was a teaching assistant for Professor Amar Bose ‘51, SM ‘52, ScD ‘56, who offered him a job as the first employee of Bose Corporation. Greenblatt served the company for 38 years, including 15 years as president. He retired in 2002 and became the volunteer director of MIT’s Venture Mentoring Service, a program through which business leaders volunteer to mentor young entrepreneurs. Then, in 2005, he was asked to serve as MIT’s interim executive vice president and treasurer. In 2008, he again served the Institute, as interim executive vice president of the Alumni Association. Now he continues as director of the mentoring program. He and Vivian, whom he met in high school and married as an undergraduate, have two children and two grandchildren.
“A unitrust was the most attractive option in terms of both our retirement and estate planning,” he says. “Establishing it was a simple process, much easier than I thought. I was pleased to be able to make it happen.”
Donors can now establish trusts invested in the MIT endowment and benefit from its diversified investment portfolio. The income paid by such trusts has the potential to increase over time as the endowment does.
For giving information, contact Judy Sager: 617-253-6463; jsager@mit.edu. Or visit giving.mit.edu/ways/invest-endowment.
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