An Alumna's Thoughtful Gift Planning

Albert Einstein once said that the value of a liberal arts education is not the “learning of many facts but the training of the mind to think…” USM alumna Janet O’Toole ’74 is a fine testament to this philosophy.

As a freshly minted graduate with a BA in English, Janet began searching for job opportunities in the newspaper. “That’s how we did it back then,” she laughs. “I answered a blind ad from an unnamed company that said they were looking for ‘liberal arts majors with high grade point averages’ and so I applied. I got an interview and the employer turned out to be the accounting firm, Peat Marwick Mitchell, which today is KPMG International.”

Janet was hired for a job in the firm’s tax department, preparing returns, doing research, and discovering that she loved the work. “They wanted people who could read and comprehend difficult material and be able to communicate well with clients—critical thinkers.”

She hoped to stay with the company, “But I needed to become a CPA to work for a CPA firm, so I went back to USM. I took courses in accounting on nights and weekends and eventually successfully passed the exam."

And that’s how an English major launched a successful, four-decades long career as a CPA.

USM’s role in helping Janet advance in her profession is something she appreciates even more today: “USM serves the nontraditional student, people returning to school after some years or those with family and job commitments. USM offers flexibility and affordability—it’s here for the community.”

In 1983, Janet joined with her colleague Jane Honeck ’76 to found Honeck O’Toole, a Portland-based certified public accounting firm that serves individuals and small to mid-sized companies in Maine. In addition to earning a stellar reputation over the years, Janet became deeply engaged in the Greater Portland community, using her accounting and leadership skills, to help nonprofits in the area. These have included the boards of United Way, Ram Island Dance, Family Crisis Center, Figures of Speech Theatre, the Daponte String Quartet, and the Maine Women’s Fund.

One early and long-lasting board relationship has been with the Kennebec Girl Scout Council, where she first joined the finance committee and went on to become treasurer and president. Many years after completing her service, she was invited to return to the board of the Girl Scouts of Maine, a role she continues today.

Janet retired from Honeck O’Toole in June 2020, but the pandemic has put her skills in great demand as nonprofits wrestle with how to obtain PPP loans and other forms of financial assistance. Janet is helping these organizations navigate through very difficult waters and doing it with the thoughtfulness you might expect from a liberal arts major.

Planned Giving: Lasting support for the organizations you love

As a former CPA and PFS (Personal Financial Specialist), Janet has spent many years working with clients on their retirement and estate planning strategies. “Everyone comes in with multiple entities that they would love to support…they just need to know the best way to accomplish it and how they might gain some tax benefit.”

So, what is Janet’s professional opinion when it comes to her own planned giving approach? She has a long list of entities she cares about and fortunately her alma mater is among them.

“Every community needs a strong educational institution and I think this is what USM does: it supports businesses, the arts, healthcare, and literally every aspect of life, career and culture, so it is important that I consider supporting USM as part of my own charitable giving plan.”

Several years ago, Janet communicated her intention to make a planned gift to USM. When asked recently about a specific area that she would like her gift to benefit at USM, Janet said she was comfortable making an unrestricted contribution.

“I have seen in my nonprofit work that unrestricted gifts certainly allow more options for the organization. I feel confident in having USM’s leadership decide where my gift will have the most impact when the time comes.”

Among the many options for planned giving, an unrestricted gift is one important way to provide flexibility to USM so that philanthropy flows where it is most needed. Thank you, Janet, for bringing your professional expertise (and your liberal arts perspective) to the conversation on planned giving at your alma mater.

If you would like to learn more about how you can support USM with a planned gift, please contact Erin Macey at (207) 780-4408 or erin.macey@maine.edu.