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Faces of Philanthropy: Waldo Beebe

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Waldo Beebe, a Burris High School graduate, never expected to live in Muncie, Indiana permanently. It was his hometown, but the spirit of youth, serving four years in the Navy in World War II, and possibilities beyond took him overseas.

After graduating from the University of Virginia and Indiana University School of Law, Waldo and two friends went to Europe for a little vacation. While traveling he decided to take a job in Nuremburg, Germany, working for the U. S. Government returning World War II confiscated real estate to its German owners. Then a chance meeting on a train changed his life, brought him home, and he developed a relationship with Ball State.

"In post war Germany, there was no air conditioning on a train, and the windows were open," he says. "Hanging out the window I noticed a very attractive gal wearing a pink coat, which was extremely unusual for that time. A few minutes later, she got on the train. I was lucky. She got on my car and we started talking."

Beebe soon brought his Austrian love, Louisa, home to his family. "I had always thought ‘I'm never going to stay in Muncie,' but she was a transition in my life and my thinking, and I came back home with a completely different attitude. I saw what a great place it is to live and raise a family." And that's what they did. He became president of his family's abstract title company in Muncie while raising three daughters and a son.

Generosity for Generations

His son, Otto, graduated from Burris High School, Ball State with a B.S. in mathematics, and Purdue University with a master's degree. He went on to work in the defense and telecommunication industries. After Otto's untimely death and because of Waldo's interest in Ball State, he established a charitable remainder trust in Otto's memory to pay lifetime income for Otto's widow, Judy. The assets placed in the trust pays income to Judy until her death and then the remaining balance goes to Ball State.

Looking into the future, the Beebes also wanted to provide for their grandchildren by creating a charitable lead trust. The lead trust is the reverse of a charitable remainder trust. With a lead trust, the earnings of the trust help the university now. "In 2033, six grandchildren will receive the balance of the lead trust for their use and benefit," he says.

"It's funny now to think that I thought I would never live in Muncie. Muncie and Ball State has been such a huge part of my life. I want to help others find that connection, too."

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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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