FALL 2019 GIFT PLANNING RESOURCE
CONTINUING EDUCATION FOR SERVICE THROUGH FINANCE AND PHILANTHROPY
GIVING BACK THROUGH AN IRA ROLLOVER
The year John C. Adams graduated from the University of Indianapolis, he took out an insurance policy with the intention of giving it back to the university later in life. While a planned gift is not a typical first gift from a recent graduate, this is one that can be practical for new alums entering the workforce while creating a large impact for an organization in the future. John C. Adams graduated from the University of Indianapolis in 1973 with a B.A. in Physics and received M.P.A. and M.B.A. degrees from The Ohio State University. Adams has served in numerous senior positions in public finance throughout his career, including as the senior managing director at Fifth Third Securities. Adams handled public finance throughout the bank’s footprint, which included Ohio, Michigan, Indiana, Illinois, North Carolina, and Florida. This included bond and note underwriting and financial advisory services to cities, counties, school districts, and other issuers of tax-exempt debt. John has also been a member of the UIndy Board of Trustees since 2014. Adams said that without an education from UIndy, his life would be very different. John took to heart the UIndy motto “Education for Service” and is contented to see that the same motto rings true today with the institution. John is pleased that he was able to forge a successful career in finance while continuing to serve his community in a variety of ways.
S E E “A D A M S ” P G 2
P L A N N E D G I F T S . U I N D Y. E D U
Curtis Atteberry remembers formulating the perfect strategy in the fall of 1952 as the freshmen class plotted to take down the junior class in the tug-of-war match at the annual Brown County Day for University of Indianapolis students. Their idea was for half of the group to conserve their energy while the other half would pull – and then they would switch off, with their fresh arms being able to take down the older class. Suffice to say that strategy didn’t pan out, and many of SEE “GIVING BACK” PG 3
HAVE YOU CREATED YOUR LEGACY? After taking care of their families, many people decide they want to create a legacy to a place or institution important to their life. Every year dozens and dozens of alumni, faculty, staff, parents of students, and friends of the university create a legacy to the University of Indianapolis through estate planning. These estate gifts allow future generations of UIndy students to benefit from the special one to one, personalized, service-oriented education, which is the hallmark of the University. There are a number of common ways to make an estate/planned gift to leave your legacy. The most common example is to make a simple bequest in your will. The bequest can be for a percentage of your estate, or for a dollar amount. The language to use for a simple bequest is as follows: I give___________ (% or $) of my estate to the University of Indianapolis (EIN 35-0868107), 1400 E. Hanna Ave., Indianapolis, IN 46227, to further the mission of the University without restriction as to use. (or you can designate your gift to benefit a School, Department, Program or Fund at UIndy) Leaving a gift or bequest provides long-lasting support for the University of Indianapolis. This sample language illustrates how a bequest or a gift through a living trust can be accomplished and is intended to be used for educational purposes rather than as legal advice. Another way to leave a legacy gift to the University is to designate all or a portion of your IRA , 401(k) or 403(b). These tax deferred retirement plans have become prevalent for retirement planning. The stock market run-up of the last decade has caused
assets in these plans to grow significantly. But as assets in your tax deferred plans grow, so do the taxes due. When your children of grandchildren inherit your retirement plan’s tax deferred assets, they also inherit the tax bill that comes with them. The taxes can seriously diminish their inheritance. However, tax deferred proceeds left to a qualified charity, like the University of Indianapolis, generally pass to the charity 100% tax free. Thus, many people are now leaving their children or grandchildren assets like stocks outside their retirement plans and their home, which receive step –up to fair market value in their estate, and thus can be sold with little or no tax due. To find out more about leaving assets in tax deferred plans, like IRA’s, 401(k), or 403(b) plans, you can contact your plan representative or the University of Indianapolis Office of University Advancement. Finally, another vehicle popular with UIndy supporters who want to create a legacy is the Charitable Gift Annuity. These gifts are given during a person’s life, and when given to a qualified charity, receive favorable tax treatment and provide the supporter an annuity gift stream for one or two lives. The university then receives the remaining corpus of the gift once the annuity ceases. To find out more, please contact one of the staff members listed on the back of this newsletter. Leaving a legacy of any size makes a great impact on the future success of the University of Indianapolis and its students. Call or email us to learn more about the variety of ways you can pass on assets to your family and to the University in the most beneficial way possible.
ADAMS “Particularly [at] a school like this, which has a service orientation…you don’t always get finance and service in the same sentence,” Adams said. “But…if you do it right, they can be.” John serves UIndy as a Trustee and a loyal philanthropic supporter through the Campaign for UIndy, which started in 2013. His most recent gift created the John C. Adams Finance Institute. This gift consists of a current annual pledge for the next ten years and an outright bequest gift in John’s estate plans. The new Institute will support student participation in national and regional competitions, sponsor research projects, and strategically
complement the new Martin Family Finance Lab as it supports students and the lab curriculum. The Institute will also facilitate student mentoring relationships with faculty as well as with alumni and friends of the University. “I hope John C. Adams Finance Institute’s support for student competitions, student research, and mentoring will show UIndy business students they can compete with anyone.” John is thrilled to see that the curriculum will uniquely bring together finance and service to prepare UIndy students for a successful career while also giving back to their communities.
D R . I . LY N D E S C H S O C I E T Y
During his time as the University of Indianapolis president (1945–1970), Dr. I. Lynd Esch educated students about how they had benefited from the generosity of alumni and about the obligation they now shared to maintain that support for the next generation of students.
Dr. I Lynd Esch
The University maintains the legacy of Dr. Esch through the Esch Society, the institution’s premier giving-recognition level. Members have generously included the University in their estate plans, providing needed funds for the institution’s endowment and other designated areas.
Please consider sharing your planned giving wishes and continuing Dr. Esch’s remarkable legacy, as well as your own. Please contact your friends in the University of Indianapolis Office of Advancement Office listed on the back of this publication.
Thank you and welcome to new members of the prestigious Esch Society Rev. Marvin Anderson and Mrs. Lou Anderson Mrs. Judith Bryant and Mr. Kenneth Bryant Mrs. Linda Card and Mr. Larry Card Ms. Deborah Daniels and Mr. Lyle Mannweiler
Dr. W. Edwin Domb and Dr. Jo Ann Domb Mrs. Karen Knoblich Mr. Eugene Lausch and Mrs. Carolyn Lausch Dr. David Willoughby
MAKING AN IRA CHARITABLE ROLLOVER GIFT TO THE UNIVERSITY OF INDIANAPOLIS IS EASIER THAN EVER If you are 70 1/2 or older, you can avoid taxes on your Required Minimum Distribution (RMD) withdrawal and meet your charitable giving goals by directing all or part of your RMD withdrawal as an IRA Rollover gift directly to the University of Indianapolis and/or any other qualified charities. •
IRA Rollover gifts may help you avoid paying more in taxes and possibly moving into a higher tax bracket.
You can direct a transfer of up to $100,000 to be made this year from your IRA to UIndy. Any amount you direct toward UIndy and other charities is counted toward your RMD.
You will pay no income taxes on the amount directly transferred. NOTE: Because you are not claiming the transferred amount as income, you will not receive an income tax deduction for your gift.
Contact your IRA administrator for your specific instructions and forms to help you make a rollover gift.
Please contact your friends in the University of Indianapolis Advancement Office (listed on the back of this publication) to let us know to expect the transfer and how you would like your gift to be used.
P L A N N E D G I F T S . U I N D Y. E D U
the freshmen ended up being pulled into the creek by the Juniors. “We thought we had a pretty good plan,” Atteberry said. “It just didn’t work out.” Fortunately for Curtis and his wife Doris, deciding where to make charitable contributions doesn’t require as much strategic prowess as the Freshman/ Junior class tug-of-war match at Brown County Day. The Atteberry’s have generously given to the University of Indianapolis for nearly 40 years and for the past few years have taken advantage of the IRA charitable rollover as a way to make their gift. The company Curtis Atteberry spent his 37-year career working for, Panhandle Eastern Pipeline Company, also had a matching gift program which matches charitable donations dollar for dollar, which enables Atteberry to double the amount of his gift each year to the University. “The way I saw it, that was free money, so it was a no-brainer,” Atteberry said. “I make it a point not to restrict my giving. I want the University to use those funds in whatever way is best in that moment,” Atteberry said. “I trust the University will use it to help students and meet their needs.” Aside from cooking up tug-of-war winning schemes with his freshman pals, Atteberry fondly remembers a lot of time spent playing flag football with his classmates and playing ping pong in the basement of his dorm. Though Atteberry never graduated (he left campus to enlist in the army in 1954), he still feels a great personal connection to UIndy and is happy to give back. “I have always loved the University and appreciate the experiences I had and the time I spent there, so I’m happy to give back,” he said.
This information is not intended as tax, legal or financial advice. Gift results may vary. Consult your personal financial advisor for information specific to your situation. Under federal rules, your benefits may be different from this example. Please contact us for your specific benefits.
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I N S I D E : YO U R G I F T PL A N N I N G R ES O U R C E
THE UINDY EFFECT Rachel Hurrell ’20 is finishing her bachelor’s degree in chemistry on a pre-med track. Rachel is part of the Strain Honors College, serves as a tutor, and as a teaching assistant in the chemistry department. She loves learning about chemistry and sharing her knowledge with others, especially elementary-aged children. Rachel received the Claude Brooker Organic Chemistry Award, named after the late father of former department chair and professor Robert M. Brooker. The award is given to an outstanding student in organic chemistry. She shares her love for UIndy and appreciation for the scholarship opportunity she has received.
“I love the small class sizes and have great relationships with all of my professors, especially those in the chemistry department. I was both humbled and thrilled to learn that I had been selected to receive this prestigious award as a reflection of my dedication and love for organic chemistry. Such scholarships have allowed me to thrive as a student.” - Rachel Hurrell ’20
L E A R N M O R E AT PL AN N EDG I F TS .U I N DY. EDU OR CONTACT: Chris Molloy, J.D., CFRE Vice President, University Advancement 317-788-3360 | firstname.lastname@example.org
Stephanie Hays-Mussoni, EdD, CFRE Associate Vice President, Development 317-791-7988 | email@example.com
Dennis Judy ’86 Development Officer & Gift Planner 317-788-2071 | firstname.lastname@example.org