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Gift of Family Farm Provides Income and a Good Way to Give Back


With so many worthy causes, philanthropists often choose to support organizations that have made the most impact on their lives.

Chuck and Doris Newton found their worthy cause in Ball State University, deciding it would be nice to give back to an organization that meant so much to Doris (BS '43), who taught 3rd and 4th grade in northern Indiana. Doris inherited her family's Indiana farm and wanted to leave the property of great sentimental value to the university through a bequest in her will. Doris passed away in 2009.

"Doris liked everything about Ball State," says Chuck, a longtime executive for U.S. Steel. "I wanted to give because Doris wanted to give. Since we did not have any children, it was something nice to do with the farm."

To honor those who had made a real difference in her life, Doris created the Mr. and Mrs. T.J. Lewis Memorial Scholarship Fund in memory of her mother and father whom she admired. The fund was created to benefit students from Morgan County, Indiana, where Doris was reared.

She also established the Dr. Robert H. Cooper Science Advancement Fund to honor one of her favorite professors. Doris thoroughly enjoyed her science courses with Dr. Cooper and incorporated experiments that she had learned in his classes into her teaching.

"Dr. Cooper took a special interest in Doris, and she wanted to thank him for everything she had learned," says Chuck.

The Newtons decided to donate the farm to the university in exchange for a charitable gift annuity, which pays fixed, lifetime income, allows an immediate income tax deduction, and provides a reduction of estate and gift taxes. "This was an ideal way to address our needs and benefit Ball State," says Chuck.

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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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