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KSU Foundation

Couple's gift inspires K-State students

Andrew Collins

Andrew Collins, a senior in engineering, is one of several K-State students who have benefited from the ripple effects of philanthropy started by Gordon and Joyce Goering nearly three decades ago.

Like many other planned giving donors, Dallas couple Gordon and Joyce Goering plan to use their will to add funds to the scholarship they established in 1986 and help even more K-State students beyond their lifetimes.

"I was astounded when I looked at the number of students who had received funds through our program," said Gordon, a chemical engineering graduate. "It was amazing to us that it had grown so much and that the contributions had been so extensive. We are mighty proud of it."

The Goerings structured their gift plan in such a way to maximize benefits for themselves and K-State students. They could see the difference they made at K-State by diligently providing annual cash gifts for the scholarship. They sustained the scholarship long into the future by including a bequest in their will. Finally, they dramatically increased the amount of their gifts to K-State by leveraging a matching gift benefit from Gordon Goering's former employer, ConocoPhillips.

Goering scholars have been a fixture in the College of Engineering for so long that some have graduated and paid it forward by creating scholarships that benefit students like Andrew Collins, senior in IMSE. The Valley Center, Kansas, student expressed his appreciation for the legacy of philanthropy that started with the Goerings' gift almost three decades prior.

"It really just helps relieve some of the financial stress of college," Andrew said. "I have a part-time job but maybe I don't have to take extra shifts now."

It's a story the Goerings have heard time and again through many thank-you notes over the years.

"We received letters and notes from many, many students and we really appreciated it. They tell us about their aspirations and why they were interested in engineering," said Gordon. "It inspired us to continue the program."

How can you help?
To discuss gift plans that benefit you and K-State, please contact the Gift Planning team at 785-532-6266 or giftoptions@found.ksu.edu.

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A charitable bequest is one or two sentences in your will or living trust that leave to the KSU Foundation 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 the KSU Foundation, a nonprofit corporation currently located at Manhattan, KS, 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.

cannot be changed or cancelled

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 K-State 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 gift 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 receive an immediate federal income tax charitable deduction. 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 K-State as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 K-State 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 K-State where you agree to make a gift to K-State 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.

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