Richard '55 and Joy Dorf
An Entrepreneurial Approach to Philanthropy
For Richard ’55 and Joy Dorf, endowing a faculty chair at Clarkson was a natural next step in a lifetime of teaching, entrepreneurism, and philanthropy. As Dick says, "Philanthropy is an investment in the mission of charities. I review my charities' goals, strategies and results. Joy and I believe deeply in the power of higher education to meet the needs of society. Our vision is in sync with Clarkson, and I have confidence that Clarkson will achieve its mission."
Dick’s connection to Clarkson began as a student in electrical engineering. After receiving his bachelor's degree in 1955, Dick taught at Clarkson from 1956 to 1958. He received his master's in electrical engineering from Colorado University in 1956 and his Ph.D. from the U.S. Naval Postgraduate School in 1961. Dick is professor of electrical and computer engineering and professor of management at the University of California, Davis. He has authored several engineering texts and has co-founded six technology firms. "My education prepared me well to compete in graduate school and in business," says Dick. "There is a thread in my life that ties back to Clarkson. I started many lifelong friendships at Clarkson; it's where Joy and I met. Clarkson gave me many good gifts. Now it's time for me to return the favor."
The Dorfs’ gift plan will create the Richard C. ’55 and Joy M. Dorf Chair in Entrepreneurism and Innovation. This faculty position will be housed in the School of Business, but the faculty member will also connect the concepts of entrepreneurism to programs in the School of Engineering. As Dick says, "I've spent my life connecting technology to innovation. Clarkson provides the perfect setting to nurture the creation of intellectual property and creative problem-solving skills critical to engineers and business leaders. The timing for this gift is right, and Clarkson is the right place to make it happen."
An entrepreneurial approach to philanthropy requires careful planning. Dick and Joy are partners in their combined philanthropic plan. They advise each other to establish goals and plan how to achieve their mutual objectives. As Dick says, "An entrepreneurial approach to our giving helps us set priorities, organize our resources, and maximize the impact we can have over time. A big part of that was working with Clarkson to craft our plan at the University. We all want to make a difference with our lives, and planning our philanthropies can make that possible, especially at a dynamic place like Clarkson."
What's Innovative About the Dorf Gift Plan?
- Their gift will create an endowment at Clarkson to support a faculty position in perpetuity
- Their combined outright and deferred plan will create an endowment of $1 million
- They pledged their outright gift over a multi-year period
- A prtion of their gift is included in Dick's estate and a portion is included in Joy's estate
- The executors of their estates will have flexibility to choose the best assets to give to Clarkson. This may save estate tax and income tax to heirs
- They have integrated their philanthropic plan with their estate and financial plans
- Their annual gifts may be eligible for a full income-tax charitable deduction
- Their gift will count in Clarkson's E2E fundriasing campaign
- Some of their outright gift will count in Dick's 55th reunion in 2010
- The endowed chair will foster innovation and entrepreneurism between the School of Business and the Coulter School of Engineering
- the Dorfs will see the impact of their gift planning during their lifetimes
Joy & Richard '55 Dorf
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