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Supporting Excellence in Education

MorrisonMany things have changed on campus since Jack ('57) and Berneita (Morrison) ('55) Rice, of Lindale,Texas, graduated from Truman State University some 50 years ago, but their love for Truman and the Kirksville community has not."Truman was an amazing university in the 1950s, and it is an amazing university today--an institution focused on academics and preparing our future leaders," says Jack, reflecting on his alma mater. In support of Truman's focus on education, the couple contributed $25,000 to the newly established Truman State University Endowment Fund for Excellence.

Jack, a native of Kirksville, Mo., came to Truman because he was determined to get a college education and go onto professional school so that he could be "his own boss." During Jack's sophomore year, one of his professors, John D. Black, recognized Jack's passion and fascination for science and persuaded him to pursue medical school."I was a little nervous when I first arrived at medical school because there were students from Princeton, Harvard, and Yale, and many people had not heard of Kirksville, and I began to question whether I could compete, but I did fine--I was amazed," says Jack. In 1998, he retired after more than 30 years of practicing medicine in Mesquite, Texas. Since retiring, Jack has been involved with medical missions all over the world.

Berneita, who attended Truman because she received a band scholarship and because it was close to her hometown of Paris, Mo., loved school and knew from an early age that she wanted to be a teacher. "My parents passed away, and I did not have money to go to college. My band scholarship and campus job made it possible for me to go to college and to become a teacher," says Berneita, who is appreciative of the education she received at Truman."Because of my education, I was able to put Jack through medical school. Jack and I have had a wonderful life and a lot of it has to do with our education and experience at Truman." Most notably, Jack and Berneita met at Truman, and they look forward to celebrating their 50th wedding anniversary next June.

By supporting the Truman State University Endowment Fund for Excellence, the Rices helped create a permanent fund to sustain Truman's programming and activity needs.The couple also satisfied their desire to help the university that helped them. "You have to give to people and organizations that help you," says Berneita."Certainly Truman helped Jack and me--we are very blessed, and Truman played a part in that."

eBrochure Request Form

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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.

Personal Estate Planning Kit Request Form

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