Meet Our Donors
Joel Zumoff
Passing on a Tradition of Innovation
"My whole career in administrative data processing started with the computer courses I took at Drexel," says Joel Zumoff, who graduated in 1968 with a BS mathematics. When Zumoff came to Drexel in 1964, the University's computing center was relatively new, and the use of computers was growing rapidly across campus. Zumoff developed a passion for computers during this time of technological expansion and has always recognized Drexel's role in the foundation of his career. When he decided the time was right to make a significant gift, he established a charitable gift annuity (CGA) to benefit Drexel's College of Computing and Informatics (CCI).
Following his interest in this emerging technology, Zumoff completed his last co-op at the Auerbach Corporation working as a computer consultant. The founder of the company, Isaac Auerbach, had graduated from Drexel in 1943 and was an early proponent of computers. After graduating in mathematics, Zumoff headed to Cornell University, where he earned a master's degree in computer systems and where he enjoyed a 30-year career.
"My career was bookended by library science," says Zumoff. "My first job at Cornell was working in library systems. Then, I worked in the computer center and as computer audit manager. My last role was as assistant director of library technology."
He never forgot the value of his Drexel education. Says Zumoff, "A lot of what I accomplished in my career was because of my education at Drexel and the opportunities I had to work with computers. So, I've been donating since I graduated."
After retiring, Zumoff started thinking about his estate plans and about how to make a significant contribution on top of his annual giving. Says Zumoff, "I had heard a lot about CGAs, and they seemed to be an excellent idea – the right compromise between the philanthropic and the practical."
With a CGA, an individual makes a gift to a charitable organization and, in return, receives regular income payments for life. After the donor's lifetime, the balance of the gift is retained by the charity. CGAs can be funded with cash or securities (orother assets), which is what Zumoff opted to do.
Zumoff continues, "I bought Apple stock years ago. It split several times, so I had a nice amount of stock to gift. If I had given a straight gift of stock, I would have said goodbye to the dividends – the income from the stock's appreciation. But by using stock to fund a CGA, I was able to replace the income from the dividends with the income payments from the CGA. Plus, I know that Drexel will get the residuum after my lifetime."
Zumoff's CGA provides unrestricted support to CCI, enabling the College to seize emerging opportunities and nimbly respond to immediate student and faculty needs. It's the perfect legacy for an alumnus who studied at Drexel when it was part of an early wave of universities investing in computing. Zumoff thrived in the cutting-edge environment that Drexel offered him, and he's helping to ensure that Drexel's tradition of innovation in computing continues on stronger than ever.