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Planned Giving

A Privilege to Give

Ashcraft It's a good thing Pete Ashcraft '57 wasn't applying himself fully as a teenager, for otherwise, he may never have found Davidson.

Before his junior year in high school, Ashcraft's mother put him on a train from Massachusetts to Tennessee, where he was to attend Tennessee Military Institute (TMI). As a new student, there were some growing pains, mostly in the form of adjusting to the South and putting up with upperclassman pranks.

One prank came in the form of an Easter joke. Ashcraft and his first-year classmates were told they should run to a field where there were many Easter eggs lying around. If any student found a golden egg, they would earn a letter grade higher in a course.

Not only were there no golden eggs in that field far away; there were no eggs at all.

But here's where Ashcraft's Davidson story began without anyone realizing it. When he ran toward the egg-less field, he ran fast.

Ashcraft became a member of the TMI track team.

"During the winter of my senior year, our track team attended an invitational where high schools and colleges were represented," said Ashcraft. "Davidson's coach, Pete Whittle, introduced himself to me, and I remember he was gregarious and genuine. I hadn't heard of Davidson, but I would never forget Coach Whittle."

When it came time to choose a college, Ashcraft applied and was accepted, and his mother put him on a train once again—this time to North Carolina to run on Davidson's track team. When he arrived, it was the first time he had ever laid eyes on the campus, but he knew "it was to be," and he promptly ran in, and won, the Freshman Cake Race.

Davidson and Davidson people have been instrumental in Ashcraft's life, from the moment he arrived as a freshman to this very day, and for that reason, he chose to include the college in his estate plans. His gift will support men's track scholarships—the third endowed scholarship fund for the Davidson track program—as scholarships were "a godsend" for his college experience.

After graduation, Ashcraft married his girlfriend since junior high school, and they worked to make her dream of owning a clothing boutique come true. With the help of a Davidson grad, their first store had the best location in the newly built Charlottetown mall, and eight stores later, that dream served the Ashcraft family well.

It was a lesson he learned at Davidson that stayed with Ashcraft through all of life's ups and downs.

"There was a time during my sophomore year when I was just down," he recalled. "I was having a tough time in the classroom, I got hurt running, and perhaps I wasn't getting as many letters from my girlfriend as I would have liked. I went to my adviser, economics professor Dr. Griffin, and I told him I wanted to quit. I wanted to leave Davidson for a year. He said to me, ‘What are you going to do? You're just going to quit?' That conversation, though brief, never left me. From that point on, I never quit because I never had a good reason to quit."

Ashcraft finds it difficult to explain how important Davidson has been in his life, but he feels it is his "responsibility to give back."

"Davidson made and saved my life," he said. "It is the thing that has allowed me to make this gift. And what a privilege it is to be able to do it."

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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 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 Davidson 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 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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