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'Donor Advised Fund' Allows Robert A. Brullo'66 to Plan Generous, Tax-Wise, Charitable Giving
Robert A. Brullo '66 appreciates his St. Patrick High School education, and has tirelessly and generously sacrificed to provide young men of today the same chance in life that he was given: "I can recall vividly my first impression of the 'new' St. Pat's that had just opened when my family was living near Belmont and Central. I knew one day I would attend St. Pat's and those four years turned out to be some of the best I've ever had. ... We worked hard, played hard, and through it all were molded into young adults ready to change the world. It's as simple as that. Now our legacy is to give those that follow that same opportunity."
Bob indeed has had wonderful opportunities. After earning a B.S. in Chemical Engineering from IIT and an MBA from the University of St. Thomas, Bob went on to hold a variety of R&D, marketing, sales and management positions within 3M, a diversified global company known for their its innovative products. Most notably, he rose to the position of President of Dyneon LLC a, a joint venture company between 3M and Hoechst A.G. of Germany. This was followed by an overseas assignment as Managing Director, responsible for 3M's subsidiary operations in the United Kingdom and Ireland. Bob retired from 3M at the end of 2007 as the Vice President of International Technical Operations.
Cognizant of the wonderful opportunities he has been given, Bob has for decades focused on giving back to St. Pat's. He has served, not only as a valued member of the Saint Patrick Board of Trustees, but also as its Chairman. Bob has also charitably sponsored numerous St. Pat's events, including St. Pat's 150th Anniversary Gala and the Run for the Shamrocks.
Not surprising for one with a degree in chemical engineering, Bob has championed scientific learning. In 2015 Bob and his wife Kathy created an endowment at St. Pat's earmarked to help students interested in a career in science. Bob has also taken a keen interest in the school's other evolving initiatives, including STEM (science, technology, engineering and math), the STRIKER Robotics program, and Incubator.edu, our innovative entrepreneurship program modeled after the TV show "Shark Tank".
In order to combine his philanthropic goals with the goal of reducing his tax burden, Bob and his wife have used a Donor Advised Fund, or "DAF" (the Brullo Family Irrevocable Charitable Trust at Fidelity Investments), to fund their endowments, sponsorships, and gifts to SPHS. Utilizing a DAF, a donor makes an irrevocable, charitable contribution to the fund, and receives an immediate tax deduction. The money in the fund can be invested and grow tax-free, and the donor can recommend and cause grants to be made from the fund to a qualified charity, such as St. Pat's, over time, whenever the donor chooses.
One of the advantages that Brullo sees with the DAF is its "win-win" component for both him and St. Pat's: he realizes the tax deduction and consequent tax savings at the time when the charitable donation is placed into the DAF- and likewise, St. Pat's will receive charitable gifts from the DAF each time he directs Fidelity Charitable to make a donation from the trust to SPHS. "The use of a DAF was a tax advantaged strategy which allowed our family to direct some of our assets toward charity rather than be subjected to Federal income taxes. It can be 'topped up' at any time (we have used 3M stock as the way to fund the Trust). And it can be directed easily online and funds are made available [to St. Pat's] immediately rather than having to wait until one passes." In fact, Bob wishes that he had used a Donor Advised Fund sooner, "... as anyone facing large ordinary income gains could be helping the school sooner than later so it becomes a win-win for the donor and SPHS."
"I firmly believe in the Mission of SPHS," said Brullo recently. "We continue to provide a quality educational experience to young men in the Chicagoland area, and have continued to be at the leading edge compared to our peer schools (both public and private). SPHS is relevant and needed."
Bob and his wife have three married daughters; and, when not engaged in efforts to further support St. Pat's, they frequently spend their time trying to find new ways to spoil their seven grandchildren.
