Richard E. Mahmarian M.B.A. ’68

Richard E. Mahmarian M.B.A. ’68

Upholding Seton Hall's legacy of access

Richard E. Mahmarian M.B.A. ’68 grew up in Belleville, N.J., the son of immigrant parents who understood that an education was essential for achieving prosperity in their adopted country.

“My father, John, and my mother, Pauline, were from Armenia,” he said. “He was a blue-collar photo engraver, and when I went to Seton Hall, the University drew many children of blue-collar workers just like me.”

After earning his M.B.A., Mahmarian established a successful career as an entrepreneur and business owner. He was the chief executive officer and managing member of his own investment company, REM Associates, LLC, and the owner of several other computer-related businesses. He stayed connected to Seton Hall in numerous ways, including service on the Board of Regents.

When he and his wife, Carolyn, decided to include the University in their estate plans, Mahmarian wanted to ensure that Seton Hall remained accessible to students whose background and upbringing were similar to his.

Together they set up a charitable remainder trust that created the Mahmarian Scholarships. Their trust granted them an immediate tax deduction, an income for life and payments that can be partly tax-free. Although Richard passed away in 2015, Carolyn will continue to receive an income for the rest of her life. The University will then fund the Mahmarian Scholarships with the balance of the trust.

“This trust will benefit students who don’t have a lot of resources, but are smart and willing to work hard to get a good education,” he said. “I’m proud that Carolyn and I can contribute to the successful futures of Seton Hall students.”

At a Glance: Charitable Remainder Trusts

  • Charitable remainder trusts pay income for life or for a term of years to you or others you designate.
  • This type of gift can be funded with any asset: cash, stock, real estate, collectables or an interest in a closely held business.
  • Payments from the trust may increase over time. They can be structured in various ways to meet your needs or the needs of another recipient.
  • Benefits include a charitable income tax deduction. Also, any capital gain associated with assets going into the trust is deferred or forgiven.