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| Mr. and Mrs. H, ages 65 and 68, now retired, would
like to establish a scholarship endowment in their names. Their ultimate
goal is to build their endowment up to $100,000. To reach their goal,
they plan to use the following strategies: Take $75,000 of appreciated
stock and gift $25,000 to the NIACC Foundation to immediately establish
their endowed fund. The other $50,000 will be gifted to the NIACC
Foundation to create a charitable gift annuity that will provide income
for them during their lifetimes. After their death, the balance of the
annuity will go into their endowment fund. In addition, they are
bequeathing a small percentage of their estate to the endowment. When
fully established, this endowment will provide $5,000 (5 percent of
$100,000) for scholarships each year. Their preferences are three $1,000
scholarships for needy students who are preparing to become teachers and
two $1,000 scholarships for student athletes.
Mrs. C, has a very successful career as a nurse and is very interested in NIACC’s fine arts program. Her goal is to provide a $500,000 endowment to assure future generations will benefit from NIACC’s fine arts programs. She decided on a two-step plan that should meet her objective. She places $250,000 of appreciated assets in a Charitable Remainder Trust that provides her with income during her lifetime, and names NIACC as the remainder beneficiary. She also purchased a life insurance policy for $250,000 naming NIACC as the owner and beneficiary. When fully established this endowment fund will provide $25,000 (5 percent of $500,000) annually for the fine arts program. Mr. R, is a NIACC graduate and wants to create an endowed fund to provide general support for NIACC’s agricultural technology department. He farms and plans to deliver 1,000 bushels of beans to his local elevator each fall and deposit them in a NIACC Foundation account. The Foundation will sell the beans immediately, and the cash will be used to establish a named endowment fund honoring his parents. Mr. R has also made estate plans to leave 160 acres to the NIACC Foundation. Once the Foundation owns the land, it will be sold and the proceeds deposited into his parents endowed fund. |
NIACC Foundation
641-422-4386, or 1-888-GO NIACC ext.4386,
foundation@niacc.edu
North Iowa Area Community College, 500
College Drive, Mason City, IA 50401
