Helping Students Realize Dreams

Doug and Ann Manly smilingChances are you will find few individuals more supportive of Fredonia and the Fredonia/Dunkirk community than Ann and Doug Manly. A desire to share their good fortune with the community that has been such an important part of their lives has led to them making a very special gift to the Fredonia College Foundation.

As community servants who have always given generously of their time, talents and financial resources, Mr. and Mrs. Manly spent a considerable amount of time exploring ways in which they might significantly impact the future of the university as well as serve their personal financial goals. Establishing a charitable remainder trust created a win-win scenario, whereby the Manlys would receive payments and tax benefits from the trust, and the university will gain the principal in the future. Mr. Manly, in his characteristic understated manner, said that creating the trust at this time in their lives "made good sense for everyone." While their philanthropy is generally as quiet as it is generous, the Manlys agreed to share their story because they hoped to encourage others to discuss this option with their own financial planners.

Mr. and Mrs. Manly's intention in setting up their trust is to support students with high financial need, the potential for achievement and a love for learning. Mrs. Manly cited Fredonia's Keeper of the Dream scholarship as an example of the type of philanthropy she hopes their trust will evolve into- helping students "realize a dream." The couple also has a strong commitment to multiculturalism and international understanding, and feels the trust could support programs in these areas, which don't necessarily fit the mold for state support but help create excellence.

The couple's philanthropy at Fredonia already includes membership in the Dallas K. Beal Legacy Society and scholarships endowed in memory and honor of their late son, David E. Manly, a scholar and successful international business executive.

The Manlys have been valued members of the Fredonia family for many years. A highly respected businessman, Mr. Manly served as a member of the Fredonia College Foundation Board of Directors for nearly a quarter of a century and was chair of the board of directors during the university's very successful first capital campaign. Mrs. Manly, a former teacher and guidance counselor, has been a member of the Fredonia College Council since 1993. Twice she has helped lead council members in a "Thankathon" phone effort, an idea she initiated, to thank supporters of the university in a very personal way.

In accepting this wonderful gift, President Dennis L. Hefner said, "The Manlys have served Fredonia in so many ways, and this wonderful gift is just another example of their devotion to the university. That they would choose a way in which to help future generations of Fredonians is heartwarming and in character with their commitment to this community and to higher education."

A charitable bequest is one or two sentences in your will or living trust that leave to the Fredonia College 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 Fredonia College Foundation, a nonprofit corporation currently located at Fredonia, NY, 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 Fredonia 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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 Fredonia as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 Fredonia 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 Fredonia where you agree to make a gift to Fredonia 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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