Kingston, NY – Arthur R. Satz died suddenly on June 4, 1992.  However, his untimely death did not prevent him from helping the young people in the community he cared about. Described as being big hearted and with great community spirit, through his Will Satz established the Arthur R. Satz Memorial Scholarship Trust.  The Trust was administered by William Berardi, CPA.

After serving as the trustee for 17 years, Berardi became aware of the Ulster County Community Foundation and began the process of converting the trust to an endowed fund at the Community Foundation.  The modest size of the trust made the expenses of preparing and filing annual federal and state fiduciary income tax returns and mailing checks to the scholarship recipients prohibitive.  “When I realized the Ulster County Community Foundation could administer this fund, fulfill the donors wishes and do it at a much lower cost I was happy to begin the process of terminating the trust,” stated Berardi. 

The trust conversion began in September 2009 and was completed by the end of the year.  The process was simple; the Trustee makes an application to the Surrogate’s Court for an Order Terminating the Trust and permission to transfer the funds to a fund at the Community Foundation.  Because of the charitable nature of the Trust the New York Attorney General also had to consent to the Trustee’s request.  “The entire process took no more than a few months and was relatively simple and pain free for all parties,” explained Bevin S. Harrington the attorney with Gellert and Klein, PC who handled the preparation and filing of the appropriate documents.  When the Trust was terminated, the Arthur R. Satz Memorial Scholarship Fund was established at the Ulster County Community Foundation.

Upon establishing the Fund, the Community Foundation took responsibility for the oversight and strict adherence to donor intent.  The administration of the fund will continue to be professionally managed and at much less cost as there are no individual legal or tax filings required as the fund is now part of the Foundation.  Generally, Community Foundation Funds are less expensive, simple to start and use, efficient and effective.  Because the costs of a Fund may be less than a private foundation, more of your money can be used to support your favorite charitable causes. 

The funds used to establish the trust will continue to benefit the students of Onteora Central School District through a fund at the Ulster County Community Foundation. Eligible students must be accepted at a two or four year college or university with plans to major in education, psychology, landscape and ornamental horticulture, forestry or wildlife management.

The Ulster County Community Foundation administers over $700,000 in assets, represented through 17 funds.  The Community Foundation was started to bring the services of a community foundation to Ulster County.  Guided by a local board of community leaders, monies raised for Ulster County will stay in Ulster County.  The board’s goals are to grow philanthropy in Ulster County, raise money, establish new endowed funds and award grants to make the quality of life in Ulster County even better.

For more information about the Ulster County Community Foundation, how you can contribute or start a fund please call Cynthia A. Lowe, Director at 845-338-2535 or visit www.uccfny.org.