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Gift Annuity Offers Further Scholarship Support

Jack and Valerie Rieske

Jack and Valerie Rieske celebrate Thanksgiving 2016 with their grandchildren.

Jack and Val Reiske chose to support the needs of the University and its students by funding a charitable gift annuity with a $25,000 gift to the Truman State University Foundation.

"With each passing year, we become more and more aware of the debt we owe those who contributed to our education," Jack says. "This is a debt that can only be repaid by investing in the future of those students following us."

The couple made the gift as part of Truman's "Pursue the Future" campaign, specifically the "Thanks a Million, Dr. McClain!" fundraising initiative. As a former member of the Truman faculty and current member of the Mid-Missouri Regional Campaign Committee, Jack has a keen understanding of the economic conditions that have lent a sense of urgency to the fundraising efforts on behalf of the University and its students.

"As state support for higher education continues to fall, it becomes increasingly vital that private support be increased," he says. "For many prospective University students the cost of a degree has become an economic burden which many families cannot carry."

This planned gift arrangement allows Jack and Val to receive fixed payments throughout their lives while providing generous support for the fund they chose to support, the Charles J. McClain Scholarship Endowment.

"I was fortunate during the course of my career to serve under a number of able administrators, but none more able than Dr. McClain. His service to the University and the state of Missouri is incalculable," Jack says. "Few leaders in any field possess the leadership skills and intuitive insight that that Dr. McClain brought to northeast Missouri. The Truman State University of today is his legacy to Missouri and Truman students, past, present and future. I can think of no better way to honor Dr. McClain than to support future students of Truman by making a contribution to the scholarship fund established in his name."

The "Thanks a Million, Dr. McClain!" fundraising initiative has raised $1.2 million in support for the ABC /Charles Scholarship, the Charles J. McClain Scholarship and the General John J. Pershing Scholarship Endowment.

Create a Bright Future

Use your generosity to create a bright future for students at Truman State University. Contact Alexandra M. Reel at 800-452-6678 and areel@truman.edu to learn about the many ways you can make a future gift.

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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, [name], of [city, state, ZIP], give, devise and bequeath to Truman State University [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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