BARNET FAIN

risd connection: RISD trustee, 1977-present; chairman of the Board, 1995-98

professional status: The former CEO of Highland Distributors, a.k.a. Fain’s Fine Carpet and Rugs, Barnet (“Bunny”) Fain is a lifelong advocate of arts and service organizations, having served as chairman/director of such nonprofits as the Rhode Island State Council on the Arts, the Providence Art Club and Miriam Hospital. He currently heads the Board of Directors of Lifespan, Rhode Island’s largest nonprofit health service provider, and continues to volunteer his time, energy and expertise to help his favorite art school.

type of gift made: Wanting to make a sizable gift that RISD could immediately begin planning for, Fain established a remainder trust funded with appreciated securities. He also wanted to be sure that his gift would not detract from his current lifestyle.

rationale: “The remainder trust meets our needs because we used tax savings from the trust to purchase a life insurance policy for our children equal to the amount of the gift plus the interest it would earn in our lifetimes,” he says. “This is an advantage for our kids, who won’t pay any tax on the amount that will go to them — and it also reduces our income taxes now. It turns into a win-win situation, for the school, myself, my wife and my children.”

process: Although Fain admits that establishing the remainder trust “might sound complicated,” it wasn’t. It did involve his attorney, accountant, life insurance advisor and the RISD Development Office, but was accomplished “easily, legally and without hassle.”

why risd? After a quarter century on the Board of Trustees, Fain says he feels “an unwavering commitment to the college and the museum.” This translates into support via a planned gift to assist RISD in the future as well as ongoing, annual giving to bolster programs, scholarships and capital needs. “It’s incumbent upon all of us who have a commitment to RISD to respond in a bifurcated way,” he says — “to balance strategic thinking such as estate planning with ongoing support.” For Fain, it’s a matter of supporting the causes and institutions that best exemplify his values; “I have very strong feelings about RISD’s dedication to its students, to Rhode Island and to the world,” he concludes.