Her Spirit Lives

Dr. James and Mary Ann Schnur smilingBy James Schnur

Life is about giving and receiving gifts. Gifts that provide significant springboards during our lives are especially noteworthy. Such gifts last beyond the givers' and receivers' lives. Such is the case with the Winifred Budd Elementary Education Scholarship — a living remembrance of a special woman and alumna of Fredonia.

Winifred Budd was born in rural northern Chautauqua County and lived here her entire 98 years. She received her degree from the State College at Fredonia. Early on, she taught in one- and two-room schools, teaching virtually all grades for 28 years. She later taught in the Forestville Central Elementary School until retiring in 1973, teaching a total of 50 years. She understood and loved elementary school children and could teach them. She received me, as a student teacher, into her fifth grade classroom in Fall 1958, where she taught and inspired me.

I graduated from Fredonia the following January. I had my degree, teaching certificate, a wife, a daughter, a son on the way and no job. Jobs were scarce in the middle of the academic year, but there happened to be a third grade position open in Forestville, which I decided to take. Winnie said she would take that third grade position and let me teach her fifth grade class — a class I knew well because of student teaching. I didn't ask for this; she simply offered. She continued to help, teach and shape me for more decades to follow.

How to acknowledge such generosity? My wife, Mary Ann, and I decided on a scholarship in Winnie Budd's name. Completing my career as a university professor and administrator, I was aware of the significance of scholarship support for students. This gift could provide a living springboard for aspiring elementary education majors for years to come.

We established this scholarship after Winnie's death in 2002. She never knew of it, but her spirit lives on in this gift and our thanks for her generosity live on as well.

A charitable bequest is one or two sentences in your will or living trust that leave to 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 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 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 Fredonia 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 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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