Samuel Pritz, DDSA Happy, Generous LifeDr. Sam Pritz says he got into dentistry without anyidea what it was all about.That may be true, but thousands <strong>of</strong> people whohave known him after a notably long and brilliantlysuccessful career would find his claim hard tobelieve. Colleagues, students and patients characterizehim as a consummate dental practitioner, awise man who continues to share a substantial body<strong>of</strong> knowledge with upcoming generations in thepr<strong>of</strong>ession.After college he applied to <strong>Columbia</strong>’s <strong>Dental</strong>School and, although he says his grades were notacceptable, he and the Admissions Dean establisheda rapport, and because <strong>of</strong> this he was accepted.Upon graduation, he became an instructor in theProsthodontics Department. After two years <strong>of</strong>teaching, he resigned and went into practice.His first <strong>of</strong>fice was at 57th and Fifth Avenue and thefirst four years he was supported by his father, whoalso paid the rent. Things changed in the fifth yearbecause Dr. Robert F. Loeb, the Chief <strong>of</strong> <strong>Medicine</strong>,and Dr. Dunnington, the head <strong>of</strong> ophthalmology,took an interest in him and sent many patients hisway. From that point on, things went very well. Thepractice ultimately became one <strong>of</strong> the most prestigiousin the country.About 15 years ago, Dr. Pritz came back to<strong>Columbia</strong> to teach in the operative department andhe says these years have been happy ones. He isalso a member <strong>of</strong> the CDM AdmissionsCommittee. Dr. Pritz says the school is one <strong>of</strong> thebest in the country and requires considerable fundsto maintain this enviable position, which is the reasonhe and his wife have made a pledge <strong>of</strong> one milliondollars to the <strong>College</strong> <strong>of</strong> <strong>Dental</strong> <strong>Medicine</strong>.
IRA DONORS OVER 70 1 ⁄2 FIND PHILANTHROPY LESS TAXINGFor philanthropists, age 70 1 ⁄2 or older,making a gift from an individual retirementaccount (IRA) has recently becomeeasier and more financially attractive. Inpast years, using IRAs – as resources forpersonal philanthropy – has been complicatedand had minimal tax advantages.Now, a change in the charitable tax lawsgives the donor a gift, if he or she will be70 years or older by December 2007.If you must take a minimum distributionfrom your IRA, you will pay income taxeson that withdrawal. If instead you make agift directly from your IRA to a charitysuch as the <strong>Columbia</strong> <strong>University</strong> <strong>College</strong><strong>of</strong> <strong>Dental</strong> <strong>Medicine</strong> <strong>of</strong> any amount up to$100,000 per person by December 31,2007, the transfer will not be taxed asincome. Additionally, you may count thegift amount toward fulfilling the IRA’srequired distribution in the year the giftis made. There will, <strong>of</strong> course, be nocharitable deduction for the gift.Called the Pension Protection Act <strong>of</strong><strong>2006</strong>, the new charitable tax regulationsallow a gift if:• You are age 70 1 ⁄2 or older• You make an outright charitable gift <strong>of</strong>up to $100,000• You transfer funds from an IRAdirectly to a tax-exempt organizationsuch as <strong>Columbia</strong> <strong>University</strong> <strong>College</strong><strong>of</strong> <strong>Dental</strong> <strong>Medicine</strong>Here is the scenario: Dr. Dan Tell, whocelebrated his 70th birthday in April, hasan IRA totaling $500,000. He and his wifehave been annual supporters <strong>of</strong><strong>Columbia</strong>’s <strong>College</strong> <strong>of</strong> <strong>Dental</strong> <strong>Medicine</strong>,but had not felt financially ready to makea major contribution until the advantageousrewriting <strong>of</strong> the IRA tax law. Nowhe is able to fulfill the couple’s desire tohelp CDM by instructing his plan administratorto make a transfer <strong>of</strong> $100,000from his IRA, and he may do so withoutadverse tax complications.The <strong>College</strong> <strong>of</strong> <strong>Dental</strong> <strong>Medicine</strong> invitesfriends and alumni to consider this verysensible method <strong>of</strong> making a gift duringtheir lifetime, so that they may enjoywatching their generosity benefit CDM’sstudents, faculty, and the communitiesthey serve. Donors should consult theirtax advisors about charitable distributionsfrom an IRA and the advisability <strong>of</strong>making such contributions.RAISING AWARENESS FOR DENTAL EDUCATION:A National Effort to Support Partner Organization FundraisingA 2005 study supported by the JosiahMacy Jr. Foundation says the dental pr<strong>of</strong>essionwill enter a crisis situation withinthe next ten years if current issues facingdental schools are not addressed. <strong>Dental</strong>Education: Our Legacy – Our Future is anational effort to raise awareness <strong>of</strong> thesechallenges, which include faculty shortages,lack <strong>of</strong> diversity, aging physical andclinical facilities, lagging federal and stategovernment support, and escalating costs.Our Legacy – Our Future, which is not afundraising entity itself, plans to help itspartner organizations collectively raisemore than $500 million between July 1,2004 and December 31, 2014.There are three types <strong>of</strong> partners:•RECIPIENTS: institutions that raise theirown funds and maintain dental educationprograms accredited by the ADACommission on <strong>Dental</strong> Accreditation.They include dental schools, graduatedental education programs, hospitalbaseddental residency programs, andallied dental health programs.•FACILITATORS: organizations that solicit,hold and redistribute funds for dentaleducation.•DONORS: for-pr<strong>of</strong>it corporations andnonpr<strong>of</strong>it or philanthropic organizationsthat financially support dentaleducation.Among 61 current partners, there are 44dental schools and 17 dental and specialtyorganizations, including the ADA Foundationand the American <strong>Dental</strong> EducationAssociation (ADEA). Dr. Leslie W. Seldin,’66, former ADA vice president, has beennamed as a Vice Chair for the campaign.“Our Legacy – Our Future,” is underwrittenby the ADA Foundation with additionalsupport from the American <strong>Dental</strong>Association, and will showcase all opportunitiesand fundraising campaigns bypartner organizations, helping donorsdecide where to send their money andhow to direct its use.primus<strong>2006</strong>