Robert Loughlin, who has been a Friend of the Institute for Advanced Study with his wife Virginia since 1994, believes in the Institute’s commitment to pure research and recognizes its impact on invention and innovation. His father founded the Boonton Radio Corporation in 1934, which developed and manufactured precision electronic instruments that he invented. His firm was one of many involved in the emerging radio industry in Boonton, New Jersey, which at the turn of the century was a thriving community of inventors, making it a Silicon Valley of its day. In 1959, Hewlett Packard purchased Boonton Radio Corporation, its second acquisition. Hewlett-Packard stock became an important resource for the Loughlin family, and Bob Loughlin has taken seriously his role as steward of this asset.
In the late 1990s, the Loughlins undertook an effort to plan their estate. Their goals were to provide for their five sons and daughters-in-law and thirteen grandchildren; minimize estate and capital gains taxes; and share with others beyond their own family. One of the beneficiaries of this planning process was the Institute.
The Loughlins established a ten-year charitable remainder trust in 2000, and funded the trust with low-basis Hewlett Packard stock. With this gift, they created a ten-year stream of income for their family, and were able to minimize estate, capital gains, and income taxes. When the trust matured in early 2010, the residuum funded an endowment at the Institute to support two Memberships, one in the School of Natural Sciences and one in the School of Historical Studies, that are named in memory of Bob Loughlin’s father, William D. Loughlin. The Loughlins meet with the William D. Loughlin Members each year, and enjoy learning firsthand about the work their generosity supports. Bob Loughlin recently reflected on the gift, the impact on his family, and the Institute, saying, “The gift was entirely successful. The funds were well managed so that we received a generous payout each year, nearly recovering our original gift, and ten years later there was a significant legacy to support research at the Institute. All our goals were met.”
The Loughlins continue to be deeply involved in the life of the Institute, and both attend Friends events on a regular basis. Their commitment through the Friends provides annual support for a third Membership at the Institute, the Ginny and Robert Loughlin Founders’ Circle Member. They are members of the Einstein Legacy Society, and the Centennial Council, which recognizes the Institute’s most generous and involved donors.