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Gift Annuity Offers Further Scholarship Support

Eugenia CrainEducators are often cited as having a transformational influence on the lives that they touch. Eugenia Crain has been devoted throughout her life to education and the power of this transformational influence. As a 1942 graduate of Northeast Missouri State Teachers College and teacher at Northeast Missouri State University from 1970 to 1972, Eugenia says she has enjoyed a long and pleasant association with the University.

After graduating from a small high school, she found Northeast Missouri State Teachers College was ideal for her-a small college with high standards and devoted faculty who displayed a genuine interest in their students' progress.

Her husband, Aven L. Roberts, who passed away in 1969, was also a graduate of Northeast Missouri State Teachers College. He received his Bachelor of Arts degree in 1937 and his Bachelor of Science degree in education in 1941. He served in the U.S. Navy from 1943 to 1945. Aven always praised the University and its faculty for the quality education he received. Both Eugenia and Aven received higher degrees and taught in Missouri schools for a combined 60 years.

Ensuring Promising Students Receive a Quality Education
In 2002, Eugenia established the Aven L. Roberts and Eugenia (Ritchie) Roberts Crain Scholarship to support students in accounting or mathematics from Adair or Boone counties in Missouri. Eugenia shared a couple reasons to create this scholarship fund: she wants to enable future students to enjoy the same benefits she received, and she believes "it is necessary to support our schools, as the success of our democracy is dependent upon an educated public."

These reasons, coupled with Eugenia and Aven's love for the University, prompted her to establish a charitable gift annuity with a $100,000 gift that will further support the scholarship fund. Eugenia's decision to enhance the fund through a charitable gift annuity has three important benefits:

  • Provides scholarships for students pursuing degrees at Truman
  • Ensures an enduring legacy at Truman
  • Allows her to receive fixed payments throughout her lifetime

Jennifer Bevell, a senior from Kirksville, Mo., was a recipient of Eugenia's scholarship. "From a student's perspective, receiving a scholarship for academic achievement is comparable to a person or a committee expressing their trust and appreciation for the hard work spent toward achieving success in the academic world," Jennifer says. "I am eternally grateful for the generous scholarships I have received throughout my education, and strive to do my best in every class I take in order to ensure that the faith invested in me does not go to waste."

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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 gift 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 receive an immediate federal income tax charitable deduction. 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 receive an immediate federal income tax charitable deduction. 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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