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LEGACY SPOTLIGHT. . . . . . . . . . . . . . . . . . . . . . . 1 Class of 1966 Scholarship
Q&A WITH SERENA BLACK ’20 . . . . . . . . . . . 4 RETIREMENT PLAN ASSETS. . . . . . . . . . . . . . 5 LEGACY IMPACT. . . . . . . . . . . . . . . . . . . . . . . . . . . .7
Carl Lawrence ’51 Lois Adams Lawrence ’42 William “Bill” Braun ’51
LEGACY is a Millikin University publication aimed at providing information regarding the University's planned giving programs, which provide alumni and friends with opportunities to participate in Millikin's future in a tangible way. LEGACY was previously known as the Investor, a name created by alumna Virginia "Ginny" Holben Rogers ’32. Ginny believed in the importance of alumni and donors investing in Millikin, and it is the University's desire to continue to honor her commitment through this publication. LEGACY is produced by the Office of Alumni & Development on a semi-annual basis, with editions released each spring and fall. For questions regarding this publication, please contact Caroline Colby Bruder ’08 , special counsel, at 217.424.3960 or cbruder@millikin.edu.
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LEGACY SPOTLIGHT: Class of 1966 Scholarship
It’s no secret that Millikin has been blessed with thousands of loyal alumni and friends who give their time, talent and treasures to the University. For Class of 1966 donors Nike Smyth Whitcomb and Robert “Bob” Givens, giving back to Millikin brings a smile of satisfaction to their faces—one that is plainly shared by many of their classmates. Since Nike and Bob conceived the idea of a Class of 1966 scholarship in 2016, they, along with their fellow classmates and alumni, have raised more $50,000 for deserving Millikin students. Both Nike and Bob are well-known among the Millikin alumni community as generous givers, not solely of financial support, but also of countless hours of their time and thoughtful leadership. Nike, the 2014 recipient of the Alumni Merit-Loyalty Award, acted as class agent for many years, served as consultant for two highly successful capital campaigns at Millikin, and is a member of the Investors Society. Bob has served as class agent since 2011. He is also a member of the Investors Society, and a current member of the Board of Trustees. Together Bob and Nike, as well as classmate and Alumni Association Board member Sue Vaughan Nelson, co-chaired the class’s 40th, 45th, and 50th Homecoming reunions. The idea of a Class of 1966 scholarship grew out of their combined efforts. Nike and Bob were both searching for a way to help future students benefit from the Millikin campus experience and education. Nike and a group of her Class of 1966 Delta Delta Delta sorority sisters found themselves discussing the idea as their 50th reunion approached. At about the same time, Bob brought the idea up during a conversation with President White in Florida. “Great minds think alike!” said Nike. The pair decided to introduce the scholarship as part of their 50th class reunion in 2016, but are quick to extend the credit for the success of the scholarship to the support from their fellow classmates. More than 15 classmates from 1966 were among the scholarship’s initial donors, and the first three scholarship recipients were introduced at the class reunion dinner at Homecoming. “The reunion was a great impetus to begin the process, since so many of us were gathered together,” said Bob. Since its creation in 2016, the Class of 1966 Scholarship has been awarded on an annual basis, typically given in $3,000 increments to those with a demonstrated financial need, including outstanding students like
PICTURED Bob Givens, Jordan Williams ’20, Jean Haher Buttz, Sophia Schwalbach ’19, Nike Smyth Whitcomb, Matt Brown ’20 and Josh Miller ’18
“We were so blown away by the students we met,” said Bob. “Afterward, we all said we weren’t sure if we wanted to grant them the scholarship or adopt them!”
Serena Black ’20 (see Q&A, page 3). Mary Kay Gisolo Burton, Jean Haher Buttz and Sue Vaughan Nelson, 1966 classmates, have joined Nike and Bob as part of the selection committee. Nike said, “I was astounded by their work ethic and the fact that they still made time to be engaged in campus activities. When do they sleep?!” Now this group of 1966 classmates has decided to set some new fundraising goals. Nike said, “We believe that, given the right opportunity, many of our classmates are willing and financially able to do more to help Millikin. We want to provide them with an opportunity to do so.”
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“We have received many notes from classmates about how personally rewarding it is for them to be able to give to Millikin and see great results with the caliber of our scholarship recipients.” Bob said, “We would like to raise awareness for another great way to give to our university.” Many donors, particularly those from the 1950s and ’60s, may not realize how their required IRA distributions can be used to benefit Millikin—while also giving them a tax break. This method of giving is commonly referred to as an IRA rollover. Here’s how it works: IRA owners must begin taking required minimum distributions (RMDs) once they reach age 70 1/2. In most circumstances, the distributions are subject to regular income tax. However, by instructing your IRA administrator to direct your RMD to a charitable organization like Millikin, the gift completely avoids income taxation. Donors can contribute up to $100,000 per calendar year via their IRA rollover. For the past several years, both Nike and Bob have used these required minimum withdrawal funds to provide charitable gifts that avoid taxation. “The decision point is, ‘Do I need this money?’ Folks have to take their RMDs. If you don’t want to pay the income tax and are already considering making a donation, then it just makes sense to use your IRA distribution to do it,” said Bob. “Making an IRA gift was as simple as calling my financial advisor and telling him where to direct my distribution,” said Nike. “It was a one-minute phone conversation, and the joy I created by doing that was a wonderful way to end my year.” Nike and Bob are also encouraging their fellow alumni to become members of Millikin’s Investors Society. “Including Millikin in your estate plans is a great way to help young students come to college who cannot afford it,” said Bob. Along with Nike and Bob, Robert Jackels, Barbara Kuhns, and Erma Lawrence have joined the Investors Society. A call to your attorney can set this process in motion, after which you we encourage you to let the Alumni and Development Office know you have made a provision for Millikin as part of your will or estate plan. In typical fashion, Nike has set a challenging goal for her class: “I hope that at least twenty-five people from our class will take the opportunity this year to join the Investors Society. We should all see this as a wonderful way to support Millikin.”
If you are interested in learning more about the Class of 1966 Scholarship or about making an IRA rollover gift, please contact the Alumni & Development Office at 217.424.6383.
Q& Serena Black ’20 Class of 1966 Scholarship
Tell us about yourself. My name is Serena Black. I'm a senior studying accounting and finance in the Tabor School of Business. I work at J.L. Hubbard Insurance and Bonds as a customer service representative, and I will soon be licensed in life and health insurance production. I'm the type of person who always has to be busy. I work as much as I can to pay for school, but I also stay busy during my downtime. I serve as treasurer for a group called Women in Business, and I also love to read, play my guitar and compete in pool tournaments (billiards, not swimming!). I’ve competed in billiards tournaments for the last five years and have won multiple national titles. The highlight of my career thus far was traveling to Shanghai to compete in the 2016 World Junior 9-Ball Championships. I recently founded Big Blue Billiards at Millikin, and we will compete against other universities this fall. Why did you choose Millikin? I am a first-generation student with few resources and very few connections, so I didn't initially consider any private schools when I began applying. I had always (mistakenly) assumed that Millikin wouldn't be an option for someone like me, who is independently working my way through school. I honestly didn't think I could afford this kind of education on my own.
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Dave Carr ’72 and Tanya Reed Andricks ’95 knew I was wrong and that Millikin was where I belonged. They knew that the small campus, hands-on learning and networking opportunities that Millikin offers would be the key to my success. After I was accepted, I received a merit scholarship, external scholarships and federal loans. Attending Millikin is one of the best decisions I've made. Attending an institution in the community where I was raised allows me to live at home, balance a career, and receive an education. I'm grateful! Can you describe your interview for the Class of 1966 Scholarship? I was very nervous waiting for my interview. That changed as soon as I walked into the room. The committee was SO welcoming. Everyone asked me personal questions about who I was, where I came from and what made me different. At one point, when we discussed family matters, I had to stop because I was fighting back tears. The committee didn't care about my involvement nearly as much as they cared about who I am and how I got to Millikin. That meant a lot to me and really gave me a reassuring sense of self-worth. Would you have been able to attend Millikin without the scholarship support you received? This scholarship is the reason I will be able to return to school in the fall. I endured a series of unfortunate financial events last semester and had been mentally preparing myself for the possibility of taking a gap year. I honestly didn't think I was going to be able to cover tuition for the fall. The Class of 1966 Scholarship has ensured that I will return and be able to graduate on time! I'm determined to represent this scholarship well.
What are your plans after graduation? Although my concentration is in accounting and finance, long-term I want to be a professor. It would be a privilege to meet students on their first day of school, when they are terrified and clueless, and to shake their hand when they walk during commencement. Professors are educating the next generation while making a positive, daily impact – I strive to be a part of that. I would prefer to teach at an intimate, smaller college where I can connect with my students and educate them. I want to teach, but I also want to guide. I do believe there is a difference. My first day of college was difficult. Over the last three years, whether my professors complimented my work, bought me a cup of coffee or simply smiled at me in passing, I remember each of these acts of kindness. My professors have introduced me to scholarship opportunities, helped me land my first job and check in on me often. Professors can choose to do their job or choose to do more. This difference often dictates a student’s success. I want to do more. I want to ensure that my students have someone they can count on. I want them to have resources, enjoyable memories and confidence!
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RETIREMENT PLAN ASSETS
Most Americans have some form of retirement plan, whether it is a pension, individual retirement account (IRA), 401(k) or 403(b) plan. In fact, many individuals have more than one of these accounts. If you are looking for a way to
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make a gift to Millikin in a tax-advantageous way, a gift of retirement plan assets can be a great means of doing so. Depending upon your financial situation, you can choose to make these gifts either during your lifetime or upon your death.
Retirement Plan Gifts During Your Lifetime If you have an IRA, you may already be aware that you must begin to take required minimum distributions (RMDs) the year you turn 70 1/2. Such distributions are taxed as part of your ordinary income, with tax rates reaching as high as 37%. Instead, you can use your RMD to make a tax-friendly gift to Millikin, commonly known as an IRA rollover. Simply direct your plan administrator to donate your RMD, up to $100,000 per year, to Millikin. As long as the distribution comes directly from your IRA administrator, you will pay no income tax. Millikin will receive the entire amount, per your designation. (Please note that an IRA rollover gift is not considered taxable income and is therefore ineligible for a charitable tax deduction.) Example: Tom and Cindy are a married couple over the age of 70 1/2 with a pre-tax income of $80,000. The couple has an IRA with an RMD of $10,000 per year. They take the standard federal tax deduction for a married couple over the age of 65 filing jointly ($27,000 in 2019). Tom and Cindy wish to make a $10,000 gift to Millikin to support the Center for Theatre & Dance. The chart below illustrates the tax benefits in making this gift via IRA rollover versus writing a check:
E XAM P LE Income
DONATE RMD
WRITE CHECK
$80,000
$80,000
$0
$10,000
Total Income
$80,000
$90,000
Standard Tax Deduction (2019)
($27,000)
($27,000)
Taxable Income
$53,000
$63,000
$5,972
$7,172
RMD
Total Tax Bill
Retirement Plan Gifts After Your Lifetime If you are interested in using your retirement plan assets to fund a gift to Millikin but would prefer not to make the gift during your lifetime, you can designate Millikin as the beneficiary of the account upon your death. Typically, assets in a retirement plan (excluding a Roth IRA) are not taxed until distributions are made. Depending upon your income tax bracket, the tax rate could be as high as 37%. If your retirement plan assets pass to your heirs, the income tax burden of those assets passes to them as well. Instead, you can designate almost any type of retirement plan, including an IRA, 401(k) or 403(b) plan, to Millikin after your lifetime.* Although retirement plan assets are considered part of your taxable estate, your estate will receive a charitable income tax deduction for the amount of the assets. As a qualified charitable organization, Millikin pays no income tax on the gift. To learn more about how you can make a difference in the lives of students and our community by designating a gift to be made to Millikin after your lifetime – and to obtain a change of beneficiary form to make the gift – we encourage you to contact your plan administrator. *Certain types of retirement plans limit who is a permissible beneficiary or may require spousal consent to name anyone other than a spouse as a beneficiary.
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LEGACY
IMPACT
Millikin University humbly recognizes the gifts that our donors have provided through their estates. We are grateful for the investments they have made in the futures of our students, campus and community, and of the legacies that they leave behind through their commitment to the University and its progress. We wish to honor their lives and memories and express our heartfelt appreciation for their generosity.
For more information regarding the Investors Society or any of Millikin's planned giving opportunities, contact: ALUMNI & DEVELOPMENT
217.424.6383 • alumnews@millikin.edu
CAROLINE COLBY BRUDER ’08
217.424.3960 • cbruder@millikin.edu
The information contained in this publication is not intended as legal or tax advice and cannot be relied upon to avoid statutory penalties. The figures cited in examples are intended to be hypothetical illustrations only and are subject to change. References to estate and income taxes reference federal taxes only. State income and estate taxes may impact your results. Always consult with your financial planner or attorney before implementing any gift.
Carl Lawrence ’51 & Lois Adams Lawrence ’42 Carl Lawrence ’51 and Lois Adams Lawrence
’42
were dedicated
supporters of their alma mater, especially the School of Music, and provided an estate gift to Millikin University through their living trust. Carl earned a bachelor’s degree in engineering administration from the University, then served as an assistant to the postmaster general and a postal advisor to Germany and Saudi Arabia. He later served as a management specialist for the U.S. Agency of International Development in Belize. Lois earned a bachelor’s degree in music education and shared her passion for music as an instructor of piano and voice. While living in Belize, she taught guitar, voice and recorder, and also served as director of a community choral society and produced benefit concerts in the country. The couple settled in Anderson, S.C., upon their retirement. Carl and Lois were longtime supporters of Millikin and contributed generously to the Campaign for Music in the late 1990s. Their estate gift was largely designated toward the Carl and Lois Lawrence Music Scholarship, an endowed fund which will ensure that their legacy of support of music education continues to provide much-needed assistance to students in perpetuity. As fine arts patrons, the Lawrences also designated a portion of their trust to help fund construction of the Center for Theatre & Dance.
William “Bill” Braun ’51 William “Bill” Braun, a friend of the University, provided a gift of life insurance to Millikin. Bill was a Decatur resident and worked as a financial consultant with MassMutual Financial Group. Bill’s gift was unrestricted, allowing his thoughtful generosity to benefit the University’s areas of greatest need.
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ALUMNI & DEVELOPMENT 1184 West Main Street Decatur, Illinois 62522
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millikin.edu/planned-giving
Questions? Contact Caroline Colby Bruder ’08, special counsel with Alumni & Development 217.424.3960
cbruder@millikin.edu
1184 West Main Street, Decatur, Illinois 62522
