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Alumna Gives the Gift of Education


Growing up near Ball State campus, Marilyn Skinner had no idea that in her future would be the means to make an impact on a university she grew to love, as well as honor family members and celebrate her career in education.

Vard and Vera Skinner urged their two daughters, Marilyn and Norma, to attend Ball State. The pair walked or rode their bikes to campus while attending classes.

Norma Skinner Wolf received a bachelor's degree from Ball State Teachers College in 1951. Marilyn received a bachelor's degree in 1958 and a master's degree in 1961. She also received a doctorate in instructional technology from Indiana University. During her 37 years in the Kokomo, Ind., school system, Marilyn was a teacher, assistant principal, principal, and assistant superintendent.

Honoring the People and Causes She Loves
Realizing possession of the family home following the passing of her parents and sister, Marilyn used the property the make an outright gift to endow the Skinner-Wolf Scholarship Fund. To be eligible for the scholarship, students must be undergraduates with a major within Ball State's Teachers College. "I hope this will help encourage others to go into education," says Marilyn, who is now director of the Center for Early Childhood Education at Indiana University-Kokomo. "There's a real need for teachers everywhere."

Marilyn recalls discussing the gift with "the kids," her six nieces and nephews with whom she is very close. "They enthusiastically agreed that setting up the scholarship in this way was an excellent way to honor their mother and grandparents," Marilyn says. "The kids are successful in their own lives, and didn't need the home. I'm hoping they will eventually add to the scholarship fund in the future." Marilyn also makes gifts to the endowment each year and plans to add to the fund in the future with a gift in her will.

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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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