Manhattan College welcomed back alum, Michael Kakos, along with his wife, Aimee Kakos, on the occasion of their $15 million donation to the college to improve its School of Science, now renamed The Kakos School of Science, in the couple’s honor. The two said they were incredibly proud to support the college, a private, Catholic, liberal arts university, located at 4513 Manhattan College Parkway in the Fieldston section of The Bronx.

 

Quoted in an October 21st college press release, the couple said, “This gift will help nurture the next generation of innovators, giving them the tools and opportunities to make a profound difference in the world.” They added that the experiences Michael had on the campus shaped him as a person and set him on the path toward a successful career, adding they were incredibly grateful for the opportunity to give back to what they described as the beloved Manhattan College community.

 

The hefty donation will be paid in installments over several years, according to representatives of the college, founded in 1853 by the Christian Brothers. It will be used to provide “needs-based academic scholarships for students pursuing undergraduate degrees in a STEM (Science, Technology, Engineering & Mathematics) field, scholarships for students to study abroad, and to support the research and scientific discovery interests of undergraduate students.”

 

It will also be used “to support innovative academic and research ideas and projects” and “to modernize the school’s equipment, laboratories, and other facilities.” In reference to the donation, Manhattan College president, Br. Daniel Gardner, FSC, said, “This transformative gift will take our School of Science to a whole new level.” He added, “We are extremely grateful to Michael and Aimee for their steadfast generosity in supporting students, faculty, and programs at Manhattan College.”

 

Rachel Mojica, a senior at the Kakos School of Science, who is studying biochemistry and hopes to enter the medical field, said that although the new funds won’t arrive in time to make much of a difference during her last year at the college, she’s glad incoming science students will have more opportunities arising from the donation.

 

Mojica said her favorite part about it is that part of the donation will be used to support research and “to modernize” labs and facilities, some of which, she said, needed renovation. “I see how this can be useful for students who are younger than me,” Mojica said. “This will really enhance their college experience, because we go to the classroom and we learn about all of these theories, but we don’t really know how they work until we go into the lab and experiment.”

 

She continued, “I want to work in a lab, and since I have had research opportunities, and people like the Kakos family have donated for us to have funds to do this research, it makes a huge difference, and it prepares you for a future job.”

 

Mojica added that she hopes the research funds will be used to create more opportunities for students to carry on their research over the summer. She said she, herself, is the recipient of a scholarship which enabled her to go to Manhattan College debt free. She’s happy that part of the Kakos donation will go towards providing more needs-based scholarships for undergraduate students.

 

“College is everything but cheap, and students need a lot of help,” Mojica said. According to the college’s website, the estimated total cost of attendance for new students entering for academic year 2022-2023, who live on campus, is $70,398. For those who commute to the college, the estimated annual total cost is $54,758.

Meanwhile, Dr. Marcy Peteroy-Kelly, dean of the Kakos School of Science, said of the Kakos’ donation, “This gift will support our new vision for the school to build our community of student and faculty scholars through the development of innovative academic programming and research opportunities for students, and the enhancement of our teaching and research facilities.”

 

Michael Kakos graduated from the Manhattan College’s School of Science in 1958. According to the College, in 1987, he went on to found Resin Express, a company that distributed “engineering thermoplastic raw materials.”

 

The $15 million is not the first donation to Manhattan College from the Kakos couple. The husband and wife are co-trustees of the Michael John Kakos and Aimee Rusinko Kakos Foundation. They previously funded The Michael ’58 and Aimee Rusinko Kakos Study Abroad Scholarship, The Michael J. and Aimee Rusinko Kakos Endowed Scholarship for Cardinal Hayes High School graduates, The Kakos’ Center for Scientific Computing, The Michael J. and Aimee Rusinko Kakos Endowed Chair in Science, as well as a named site in the Raymond W. Kelly ’63 Student Commons.

 

According to a 2019 Forbes article, entitled “The Tax Benefits of Creating A Private Foundation,” establishing a private foundation may make it possible to reduce income tax for every year during which the foundation makes a donation; avoid paying capital gains taxes, depending on the characteristics of assets donated; increase the foundation’s assets through tax-advantaged growth and compounding; and reduce or eliminate potential estate taxes.

 

IRS taxpayers may deduct charitable contributions of money or property made to qualified organizations if they itemize their deductions. Generally, taxpayers may deduct up to 50 percent of their adjusted gross income, but 20 percent and 30 percent limitations apply in some cases.

 

According to a 2020 IRS 990 filing, the Florida-based, Michael and Aimee Kakos Foundation is managed by a corporate trust, Bessemer Trust Company of Florida, which operates as an investment management company, investing in equities, fixed-income securities, credit investments, commodities, currencies, and hedge funds. Bessemer also offers legacy planning, tax strategies, and financial services.

 

The Michael John Kakos and Aimee Rusinko Kakos Foundation, a private, independent foundation, has reported gross receipts of $19,561 and assets of $216,843 according to public filings. It was granted tax-exempt status in 2016. Part of its income, according to its 2018, 2019, and 2020 990 tax filings, was derived from “dividends and interest from securities.”

 

Last August, many public college students were elated when Democratic U.S. President Joe Biden approved one-time debt relief by the U.S. Department of Education (DOE) as part of the Biden-Harris administration student debt relief plan. As reported, and as confirmed by State Sen. Alessandra Biaggi (S.D. 34), the application period for the Student Loan Forgiveness program was opened in October 2022. The DOE recommended that students apply even if they had automatic forgiveness. Nov. 15 was the first application deadline. Applying by Nov. 15 was to ensure students would receive relief before loan payments resume and interest begins to accrue.

 

For those who did not receive total forgiveness, loan payments are no longer paused, and interest is due to begin accruing on the balance as of Jan. 1, 2023. The final deadline to apply for Student Loan Forgiveness was set for Dec. 31, 2023. However, due to various legal challenges across the country by, primarily, Republicans, the courts issued orders blocking the program in the meantime.

 

As a result, the government is not accepting applications currently. The Biden administration is seeking to overturn the court orders. For students who have already applied for relief, the federal government will hold their applications. Check back here for updates. The U.S. Department of Education will post information as soon as further updates are available. Meanwhile, more information on the latest, ongoing legal negotiations on the program can be read here.

 

As also reported, and confirmed, once again, by Biaggi, the FAFSA filing season opened on Oct. 1. Through FAFSA, students can receive federal grants, loans, and work-study jobs to help fund their education. The earlier families fill out the FAFSA, the better their chances are to receive aid, since some financial aid is awarded on a first-come, first-served basis, or from programs with limited funds. Here are some of the documents needed to apply, including tax documents and information about any investments or savings your family has. A Social Security Number is required, although students with undocumented parents can still apply.

 

Meanwhile, financial help is also available to high school students, as reported. As, once again, confirmed by Biaggi, since Aug. 1, all students at designated public high schools across New York State can apply to up to seven SUNY schools for free. SUNY has automatically waived application fees for every student at the 500 high schools statewide with the highest percentages of students receiving free lunch. Additionally, any student at any high school in the State who receives free lunch will also have their fees waived. Please click here for additional information and to see which schools qualify.

 

Back at Manhattan College, referring again to the cost of studies for many U.S. students, Mojica said, “You could take out loans and work and pay for school but that causes a lot of stress, and stress and academics don’t mix well. So, the least financial burden students have, the more they will focus on their careers, the better they’ll do, and the better opportunities they will have for graduate school and for their future plans.”