There are a variety of ways you may leave a legacy to GC.
In fact, the first gift ever made to Greensboro Female College was a planned gift made by Mrs. Susanna Mendenhall. In her Will, written in 1837 (the year before we were chartered in 1838), she left a bequest of $4000 on the condition that the college should be built. Her Will was probated in the early 1840s before the foundation of the first Main Building was laid. Sometimes there is a misunderstanding when people hear about estate gifts. Headlines that declare “biggest ever” might come to mind. What people don’t realize is that those headline-making estate gifts are anomalies. Most estate gifts are modest in size and often consist of resources many of us have. Gifts are designated or restricted according to the donor’s wishes. Most often, donors direct planned estate gifts to the college’s permanent endowment, either to general scholarship or operating funds, or to create a named endowment to honor someone special for a specific purpose in perpetuity.
Simple Bequest in Your Will
In as little as one sentence, you can complete your gift. This type of donation to Greensboro College in your will or living trust helps ensure that we continue our mission for years to come.
“I, [name], of [city, state, ZIP], give, devise and bequeath to Greensboro College [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.”
An Example of a Bequest
One person who did this was Jean Taylor ’59, a nationally recognized math teacher. She passed away on July 5, 2016, and remembered Greensboro College with a bequest in her will. Her gift was unrestricted to the Greensboro College Fund, which means she enhanced the experience of every student, faculty member and staff member.
Name Greensboro College as the Beneficiary of an Asset
Another option is to designate us as a beneficiary of one of your assets, such as a retirement plan account, life insurance policy or bank account. These gifts cost nothing now; you retain complete control over the assets during your lifetime and can spend the money as you wish. By naming us as the beneficiary, you simply allow for any leftover funds, or a portion of those funds, to transfer to us after your lifetime.
It only takes three simple steps to make this type of gift. Here’s how to name Greensboro College as a beneficiary:
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
- Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
An Example of How Life Insurance Works: Allen Kivett ’61
Korean War veteran Allen Kivett became the first man to attend Greensboro College full-time and graduate. Upon his graduation, he was offered a job with the college and eventually rose to be director of admissions before leaving in 1974.
Allen purchased a life insurance policy many years ago, naming Greensboro College as beneficiary. Each year, he made a gift to GC to underwrite the premium on the insurance policy. When he died in September 2016, the college was able to use his gift to remove old carpet and refinish the historic wood flooring in Main Building, as well as remodel the catering kitchen used for functions in Lea Center. A plaque recognizing Allen Kivett’s legacy hangs outside his former office in the east wing of Main Building.
An Example of How an IRA Works: Bill and Judith Eason ’65
In 2016, Bill Eason made provisions to honor his wife Judy, Class of 1965, by designating a future gift of $250,000 from his Individual Retirement Account for the benefit of Greensboro College. Tragically, Bill died of a sudden illness the following year. The gift established the Judith Harris Eason ’65 Scholarship Fund to honor his wife’s lifelong passion for education, and to help North Carolina students attend GC.
An Example of How a Trust Works: Dennie and Walter Newton
George Newton established a trust fund – the George W. and Mary Hall Newton Endowment Fund – managed by his local community foundation. It provides $25,000 annually to GC for the Mary Hall Newton (Class of 1943) Faculty Connexion, the college’s faculty development program.
Their son and daughter-in-law, Walter and Dennie Newton, have an estate plan that will create trusts providing $6 million to Greensboro College’s endowment funds. Those funds are managed according to policies and benchmarks established by the Board of Trustees’ Investment Committee. The younger Newtons’ trust gift to the endowment will create several named funds for specific purposes, including additional funding for the Newton Connexion, a Board of Trustees governance fund, and faculty chairs and student scholarships focused on their areas of greatest interest: music, art, and Christian and community service.
Other Ways to Make Planned Gifts
There are a variety of other planned giving vehicles including Charitable Remainder Trusts, Charitable Lead Trusts, Donor Advised Funds, and other plans that typically require a financial planner or estate attorney to establish. A Greensboro College advancement officer will be pleased to work with you and your financial or estate planner to help you find the right plan that will accomplish your legacy for GC.
Bring in the Professionals
If you have a will and previously worked with an estate planning attorney, it’s a good idea to include that person in your planning process when designating or updating your beneficiaries. Your attorney can make sure that as you add or adjust pieces to your estate plan, it remains cohesive and logical for your current circumstances.
Recognition in the Peter Doub Society
Donors who have included GC in their estate plan are recognized and appreciated by a listing in the Peter Doub Society. Peter Doub was the founding president of Greensboro College.
- 1. Contact Anne Jones Hurd ’81 at 336-217-7266 or email@example.com for additional information.
- 2. Seek the advice of your financial or legal advisor.
- 3. If you include GC in your plans, please use our legal name and federal tax ID.
Legal Name: Greensboro College
Address: 815 W. Market St., Greensboro, NC 27401
Federal Tax ID Number: 56-0532144
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.