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Planned Giving

Water Fights, Mr. Cat and Scholarships

Bill ReedBill Reed '76 has memories from college that could bring any listener to tears from laughter. From waking up his first morning in Cannon dorm and finding two inches of water on the floor caused by the flooding of a building during a water fight (and parents getting invoiced to cover the costs!), to hopefully choosing the right edible plants during a biology camping trip, he loved every moment of his time as a Davidson student.

To honor his meaningful experience, Bill and his wife, Molly, have supported scholarships and other endeavors at Davidson for many years and now have created a fund to honor Director of Athletics Jim Murphy '78, a longtime friend and Phi Delta Theta fraternity brother.

The Jim Murphy '78 Endowed Athletic Scholarship, to be created from a gift annuity, will support scholar athletes across the college's 21 Division I programs and, at the same time, recognize Murphy's many contributions to the college.

"In my generation, the scholar athlete connection wasn't as strong as it is today," said Bill. "Jim represented a new approach, and he has contributed to the NCAA and to building relationships with faculty in a way others hadn't done before. I think his quiet nature has allowed him to be as successful as he's been in this role."

"I'm truly honored and humbled by the generosity of Bill and Molly Reed as they create this scholarship," said Murphy. "It's very rewarding to know that this scholarship attached to my name will provide access to a Davidson education from now on for future athletes. I can't say thank you enough."

After raising their two daughters in Brooklyn and thinking about a move in retirement, the Reeds considered the tax advantages and giving characteristics of an annuity and the way it would enable them to make a significant gift to the college.

"We're happy, and the college is happy," said Bill. "The whole thing was seamless."

As they thought about where to retire, Davidson became another obvious choice.

"I've been so impressed by the alumni loyalty," said Molly. "This community has been very welcoming, and we have many connections across the college community."

Five classmates from Bill's freshman hall and their spouses get together every year. It's a bond that has continued since Bill's student days under the mask as Mr. Cat, serving on the Honor Council, working as a hall counselor and co-heading the freshman adviser role of identifying and training the incoming group of hall counselors. As an alumnus, he has continued his involvement as a member of the Board of Trustees and as a contributor to the Will Terry Scholarship. He also has worked with the Center for Career Development to help students prepare for initial job interviews.

"As a student, anything I wanted to try, I could try," he said. "Davidson was my reach school, and it turned out to be the perfect place for me."

Thanks to the generosity of the Reeds, scholar athletes in the future will be able to find their perfect place at Davidson, too.

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

Bequest Language

I, [name], of [city, state ZIP], give, devise and bequeath to Davidson College [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 Davidson 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 Davidson 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 Davidson 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 Davidson where you agree to make a gift to Davidson 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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