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A Legacy That Lives On Through a Family Tradition of Giving

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Saxman Family

For the Saxman family, Ball State University has become a common link and a family tradition. Ray and Carolyn originally met on the Muncie campus, and their three sons, Brad, Scott, and Ron, have also graduated from the university.

This family legacy is why Ray and Carolyn felt it made sense to set up a charitable gift annuity with the Ball State University Foundation. The gift from the Plainfield, Ind., couple will support Ball State's Honors College. The funds are unrestricted and can be used at the discretion of the acting dean. "We figure that the Honors College will know how to spend it much better than we would," Ray says.

The couple's contribution will help future students enjoy the same great Ball State experiences that they were able to enjoy. Ray, chairman of the science department at Plainfield High School, graduated from Ball State with a bachelor's degree in mathematics in 1958, a master's degree in general science in 1963, and a doctorate in educational administration in 1971. Carolyn, a retired teacher, earned a bachelor's degree in elementary education in 1957 and a master's degree in special education in 1962 from Ball State.

"We never imagined that a couple of schoolteachers would be in the position to make a gift like this," Ray says. "We are very fortunate to be able to help our alma mater, which has been so important to our entire family. We have enjoyed great careers, and Ball State played an important role in that."

The Saxman's oldest son, Scott (BS '81), is an oncologist and director of clinical studies with Eli Lilly and Company in Indianapolis. Their middle son, Ron (BS '83), is a computer systems analyst for Cinergy in Plainfield, Ind., and Brad (BS '84), the youngest, is a mechanical engineer for General Motors in Brighton, Mich.

Carrying on the tradition of giving, the three siblings have also made contributions to Ball State. We thank the Saxman family and the many alumni, friends, organizations, and corporations whose gifts reflect commitment and loyalty to Ball State and its future.

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A charitable bequest is one or two sentences in your will or living trust that leave to Ball State University Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Ball State University Foundation, a nonprofit corporation currently located at 2800 W. Bethel Avenue, Muncie, IN 47304, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the foundation where you agree to make a gift to the foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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