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Contributions From IRA Provide Tax-Free Support for Annual Scholarship

WigginsWhile registering for his freshman year at Marceline High School, Ron Wiggins ('59) first encountered a new graduate of Northeast Missouri State Teachers College who would prove to have a profound and lasting influence on his life. Ron had been taught by his father to always follow through and complete each task. His new teacher and coach built upon that work ethic by "always encouraging me to try to excel in everything that I attempted," Ron says. He took this encouragement to heart and excelled as a three-sport athlete throughout his four years of high school. He benefited from countless hours with his mentor as they rode to and from contests, and they forged a lasting friendship.

Upon high school graduation in 1951, Ron accepted a scholarship to play football at Northeast Missouri State Teachers College after turning down offers from several other schools. His high school coach and mentor was then a member of the coaching staff at Northeast. "Unfortunately, after the first contest in 1951, I had an emergency appendectomy, which ended my playing career for that year," explains Ron. He then left college for enlisted duty in the U.S. Air Force, putting his Northeast football career and education on hold. Upon returning to Northeast, Ron was a starting football player for the next four years, completing eight years as a player for his friend and mentor, legendary coach Kenneth L. Gardner.

Ron earned a bachelor's degree in education and a master's degree in education in 1959. "I am the only member of my family to receive two college degrees, and it has taught me to realize the importance of a college education," he says.

He credits the education he received from Truman and Coach Gardner with providing him the foundation for his highly successful career. "It gave me the opportunity to serve the Hazelwood School District in St. Louis County for 29 years as a teacher, coach, and administrator before retiring in 1989," Ron says.

To honor his beloved coach and mentor, Ron and his wife Billie established the Coach Kenneth Gardner Memorial Annual Scholarship in 2004 to provide assistance to promising graduates of Marceline High School. Ron recognized a valuable opportunity to fund this scholarship through contributions from his IRA account. Legislation initially enacted in 2006 allowing for tax-free gifts of up to $100,000 annually, has been expanded through The Emergency Economic Stabilization Act of 2008. Between now and Dec. 31, 2009, this new legislation allows individuals age 701/2 and older to transfer up to $100,000 this year directly from an IRA to a charity, including Truman. "The reason I have made these contributions from my IRA account is because they are tax-free, and by gifting the scholarship to a Marceline graduate, it will make an impact on the recipient's life," he says.

The Coach Kenneth Gardner Memorial Annual Scholarship has been awarded to four students in the past five years providing $2,000 annually in support for each recipient. Katie Cagle, the first recipient of the Coach Kenneth Gardner Memorial Annual Scholarship, received her Truman degree during the 2009 Spring Commencement.

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A charitable bequest is one or two sentences in your will or living trust that leave to Truman State University 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 Truman State University, a nonprofit corporation currently located at Kirksville, Missouri, 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.

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 Truman 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.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

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 Truman 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 Truman 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 Truman where you agree to make a gift to Truman 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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