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Dunbar Family Celebrates Passion for Ball State By Creating Endowment Funds

Although most of Joe Dunbar's passions in life are separate from those of his parents, their common enthusiasm for Ball State University inspired a legacy that will honor their family and aid future students and faculty forever.

Joe came to Ball State to study education, and with two parents as alumni, the university was what his family knew best.

Deep Ball State Roots

Joe's mother, Elizabeth, enrolled at Ball State because of its proximity to her hometown of Parker (now Parker City), Ind. Joe's father, George, came to the university to be near his aunt who lived in Muncie. Having lost his parents when he was only 11, George grew up in northwestern Ohio and was raised by aunts and uncles.

Elizabeth, who was known as "Betty," had a long history of playing music and carried that interest to Ball State, where she was a member of the university marching band and orchestra. While she studied music and art education, George studied business education, social science, and physical education while also working at the Hotel Roberts in Muncie.

Although different paths led his parents to the university in the 1930s, a blind date would ultimately be the avenue that brought them together.

Like his parents, Joe enjoyed his undergraduate studies at Ball State but began to look elsewhere to continue his education.

"I had first wanted to go to law school and had taken the LSATs and even decided on Duke University," Joe says. "But after I completed my student teaching at Ball State, education was where I wanted to stay."

Steering his path to a career in education, Joe completed his master's degree at Ball State while teaching in his hometown of Kokomo. He continued teaching many years in Kokomo and was later promoted to various positions in the central administration office. Upon retirement in 1996, he continued to give back to the Kokomo schools by serving on the board of trustees in addition to contributing to the community through several activities and projects.

Supporting Their Passion for Ball State
It was not until the 2003 death of his father that Joe joined forces with his mother, before her passing in 2008, to combine all their interests to support their passion: Ball State.

"I think giving back to the university had always been in all of our minds," Joe says. "Deep down, I think, my father knew that we would end up doing something like this."

Their combined love of education, music, business, and family took center stage as each endowment will be created from their estate with a planned gift. Two endowments will be funded to reflect Joe's interests and past activities such as debate team and teaching. Additionally, the funds allowed Joe to honor students and professors particularly dedicated to achieving success.

The Joe Halliday Dunbar Distinguished Professorship will provide funds that allow the university to attract and retain excellent teacher-scholars whose passions lie in the same areas the Dunbar family once studied: communication studies, social studies, and education. Because of their research and professional reputations, the recipients of these awards can invigorate the classroom atmosphere and guide students as they work toward their degrees.

Likewise, the Joe Halliday Dunbar Scholarship will recruit outstanding students in communication studies, social studies, and education. The scholarship allows the university to recognize students who achieve high honors while studying in some of the same areas in which Joe was once devoted.

The George C. Dunbar Scholarship will be created to recruit outstanding students majoring in education, business education, elementary education, and physical education. The Elizabeth Halliday Dunbar Scholarship will be established to attract outstanding students of music, performance in violin, and education. Finally, the family also planned the Dunbar Family Ball State Unrestricted Endowment Fund to support the greatest needs of the university.

"You consider various avenues when you want to give back-should you help the church, the community, and so on-and you try to spread it around," Joe says. "But for us, Ball State had the most meaning for our family."

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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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