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Bequest Will Benefit Ball State's Student Teaching Program


Veteran teacher Susan White knows the value of Ball State's student teaching program in preparing students for a promising career.

"Being a student teacher is really a full-time job, but students don't get paid, so some must work in addition to teaching," says White. "The additional job then makes it difficult for the student to still be available for after-school activities."

The Susan Hiatt White Student Teacher Fund will help alleviate financial pressures so students can wholeheartedly dedicate their energy to the classroom "instead of worrying about paying the bills," says White, whose fund will be established with a charitable bequest through her estate.

White, a Muncie native, set out to attend Ball State with dreams of a teaching career. With a distinguished teaching university in her own backyard, the choice to attend Ball State was natural.

"I never really considered going anywhere else," says White. "I knew I was going to become a teacher, and Ball State was the logical place to go."

After earning her bachelor's and master's degrees from the university, White stayed in her hometown, teaching at various schools in the Muncie Community Schools system. In 2009, she retired and moved to Florida after acquiring more than 30 years of teaching experience.

At the suggestion of her father, a longtime contributor to the university, White decided to become a benefactor.

"My father initiated the idea of contributing to Ball State," says White. "I don't have children to leave things to so I considered the idea and began thinking of a way to give back."

After a discussion with colleagues about the ever-growing responsibilities of student teachers, White came to a decision that her fund would reach out to these students.

Creating the endowment through a bequest was a simple and significant way for White to demonstrate her commitment to future teachers and Ball State while keeping funds available for retirement.

"I want to see my estate put to good use, and I can think of no better way than helping someone that is going into the same profession I've dedicated my life to," says White.

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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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