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KSU Foundation

Former K-State faculty member makes a 'win-win' gift to benefit future students

Carolyn and Ray Waller found a way to benefit future K-State students while helping themselves through retirement with a charitable gift annuity.

Carolyn and Ray Waller found a way to benefit future K-State students while helping themselves through retirement with a charitable gift annuity.

K-State alumni Ray and Carolyn Waller, Wichita, Kansas, have found a way to benefit future K-State students while helping themselves through retirement. The Wallers have used a charitable gift annuity to set up a future scholarship for undergraduates or graduate students in statistics.

The charitable gift annuity is a mutually beneficial gift, providing the Wallers with an income tax deduction and a guaranteed lifetime income stream while ensuring an eventual donation to benefit their scholarship.

The Wallers arrived at K-State in 1961. Ray had been awarded an assistantship in the statistics department as part of his master's degree, which he completed in 1963. Carolyn completed her bachelor's degree in elementary education, also in 1963.

After receiving his doctorate in mathematical statistics from Johns Hopkins University in 1967, Ray returned with Carolyn to Manhattan, where Ray taught statistics at K-State for seven years. The Wallers eventually left Manhattan and spent much of their adult lives living outside of Kansas. However, K-State has always held a special place in their hearts.

Ready to make a difference they could see now, the Wallers have also given cash so their scholarship could begin immediately.

"We feel that education has afforded us career opportunities that we would not have otherwise received," Ray said. "It is our hope that by continuing their education, students can consider new career options and realize their full potential in the career they choose."

Use financial and estate planning to invest in your favorite area of K-State and make your mark on the university's Innovation and Inspiration Campaign. Contact the Gift Planning Department at giftoptions@found.ksu.edu or 785-532-6266.

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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, [name], of [city, state, ZIP], give, devise and bequeath to the KSU Foundation [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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