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.