Planned Giving

PLANNED GIVING AT NORTH CENTRAL COLLEGE

CORNERS TONE SOCIE T Y

Cornerstone Society The Cornerstone Society was established to honor the individuals and families who have named North Central College as a beneficiary to their estate plan. Cornerstone Society members help ensure the College’s future by supporting the amazing students, outstanding faculty, and distinctive programs that equip North Central students for personal and professional success.

This booklet explores ways to support North Central College through planned and estate gifts. We are happy to help identify the giving options that work best for you and your family. You may be able to: » Avoid paying income taxes on government mandated minimum annual withdrawals with a gift made directly from your retirement account to a public charity like North Central College. Please check IRS.gov for current age restrictions. » Reduce the size of your taxable estate through gifts of assets to North Central or other 501(c)3 organizations. Consult with your tax advisor on what may be best for your situation.

BENEFICIARY DESIGNATION

“Karen and I believe strongly that student veterans should understand that their military experience will enhance any business they work for.”

Finding new ways to serve John M ’90 and Karen Stolz have made significant gifts to the School of Business and Entrepreneurship, including remembering the school in their will. In addition, John and Karen have provided resources to assist studentveterans through the annual John and Karen Stolz Veteran Scholarship and their personal job counseling.

As a former senior vice president with experience in human resources, operations and career management and transition, John is well qualified to offer coaching and resumé reviews. And he can relate to military veterans because he served six years in the U.S. Navy.

“Student veterans need to understand that what they did in the military will enhance any business they work for,” he says.

Beneficiary designation When you name the College as a beneficiary to a will, trust, life insurance policy or other account (e.g., retirement, brokerage, savings/checking), you may: » Reduce the size of your estate’s taxable assets. » Create a legacy through an endowed scholarship or provide faculty resources through an endowed chair, or support various programs and campus organizations. » Define your gift as an amount of money, a percentage of your estate, specific real estate or company stock, or a contingency designation. » Change or revoke your gift at any time during your life for any reason.

INDIVIDUAL RE TIREMENT ACCOUNT

“My Washington, D.C., experience was one of the highlights of my college years, and Kathy and I established this fund to make it easier for current and future North Central students to have comparable experiences.”

Passing along memories

Individual Retirement Account required minimum distribution

As he looks back on his career as a professor at Illinois State University, Tom Eimermann ’67 credits North Central professor Eggert Giere ’48 for his career choice. “I had been planning to become an attorney until Dr. Giere asked if I had ever considered teaching,” he says.

By donating all or a portion of your IRA’s annual required minimum distribution, you can:

“Having spent my entire career in academics, I have first-hand experience with the rising costs of college, and the importance of financial support from alumni,” Eimermann says. He and his wife Kathy used their IRA’s required minimum distribution to establish a fund to support out-of-class expenses for students interning in the nation’s capital. “My Washington, D.C., experience was one of the highlights of my college years,” he says.

» Make a gift directly from your retirement account to a North Central College. You may avoid paying income taxes on government mandated minimum annual withdrawals but please check IRS.gov for current age restrictions. » Name the College as the beneficiary of your IRA to prevent your estate from needing to pay taxes. You may stipulate how you wish the assets of the IRA to be used to benefit students, faculty or programs of the College.

CHARITABLE REMAINDER TRUS T

“We know what a difference this will make for generations of students.”

Giving now, giving later More than 50 years ago, Barbara Wildemuth ’72 and Gaylen Brubaker ’72 met at North Central.

Now, looking back on decades of marriage, they still recall those early days fondly. In fact, the couple are longtime supporters of the North Central College Fund, fine arts programming, and chemistry and music departments.

When the couple toured the Wentz Science Center they were inspired to take their support to a new level. In addition to the couple’s estate commitment, they have established a trust in support of the College’s Brilliant Future Campaign, dividing the gift between the Science Center and Oesterle Library. “We’ve had the College in our will for a long time,” explains Brubaker, “but we want to see some of the benefits of our giving while we’re still alive! We know what a difference this will make for generations of students.”

Charitable remainder unitrust By forming a charitable remainder unitrust, you can: » Turn illiquid assets like securities, real estate and collectibles into powerful charitable gifts. » Secure an income stream for years to come. » Add to the balance over time with additional gifts. » Receive a charitable income tax deduction that can be carried forward. » Avoid potential capital gains and estate tax liability. » Direct the distribution towards the North Central College Fund, a scholarship or a specific program.

CHARITABLE GIF T ANNUIT Y

“We need to train the leaders who will come after us.”

Preparing the next generation In scientific circles, Professor of Chemistry Emerita Anne Sherren was known for her scholarship. But her real passion was students.

When Dr. Sherren retired, trustees of the College established a scholarship in her honor, and former students and colleagues helped fund it.

Dr. Sherren and her husband Bill made numerous gifts to it over the years, and established a charitable gift annuity to further support it.

“Bill and I have a saying: We have faith in tomorrow because of the youth of today,” said Dr. Sherren, who was also one of the earliest donors to the Wentz Science Center. “We need to train the leaders who will come after us. We need to look out for the next generation.”

Charitable gift annuity By forming a charitable gift annuity, you can: » Take an immediate tax deduction and secure a fixed income. » Defer current payments to receive increased future payments. » Receive a charitable income tax deduction that can be carried forward. » Direct the way the College uses the payout. » Direct the way the College uses the remainder of the annuity.

OP TIONS FOR ES TATE GIF T S

Gifting assets to the College can make a huge difference to the institution.

Making a difference Donald ’63 and Mary Jirak have supported the College for more than 40 years. Through gifts of stock, the Jiraks have been able to take advantage of long-term holding laws and avoid capital gains. The Jiraks have included their alma maters in their estate plan to further the missions of the institutions.

Jon ’75 and Julie Petersen ’76 Deiter established a living trust and included an unrestricted gift to North Central. “We both loved our experience at North Central, and want the same for students in the future,” Jon Deiter shared.

Estate gifts Estate gifts like securities, real estate, cash and retirement assets can: » Eliminate capital gains tax. » Result in a charitable income tax deduction. » Reduce the size of your estate’s taxable assets. » Create a stream of income for life. » Leave a lasting legacy to the College.

Bequests, annuities and other planned gifts make it easier to leave a meaningful and substantial legacy for future North Central students—without impacting your current financial situation. You could establish a scholarship, provide program support or general unrestrictued assistance. Do more than you ever dreamed possible while helping our students exceed their personal best.

Thank you!

Eric Solberg Director of Planned Giving

For more information about remembering the College in your estate plans or making an impact in other ways, please contact us:

630-637-5218 esolberg@noctrl.edu plannedgiving.northcentralcollege.edu

Eric Solberg Director of Planned Giving

esolberg@noctrl.edu 630-637-5218 plannedgiving.northcentralcollege.edu