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Returning the Favor: Scholarship Gift Gives Back to Georgia State

Bill WHite

Bill White’s bequest gift will help future generations of students.

It was the spring of 1964, and Bill White was staring at a dead end. Four years earlier, Bill had started what looked like a promising career at an Atlanta business magazine publishing company. He thought his engineering degree from Georgia Tech and experience as editor of the Tech weekly newspaper would help him advance. However, the company lacked the opportunities and vitality Bill wanted, and he sensed it was going nowhere.

Purely by chance, he attended a large social meeting at the Heart of Atlanta Motel, where a young, dynamic guest speaker was introduced.

"The meeting moderator told us where the speaker got his bachelor's, his master's and his Ph.D.-three degrees, and he was my age," Bill remembers. And suddenly a spark generated in my mind, and I said, 'By gosh, I'm going back to school.' The next morning, with the door to my office closed, I started calling local colleges."

That fall, Bill enrolled in business school at what was then called Georgia State College. He earned his marketing MBA in June of 1966, and just a few months later he landed a job at IBM.

"I'm very thankful for the fact that Georgia State enabled me to get into IBM," he says. "It was the right combination of ingredients coming together. If that combination had never occurred, I don't know if I would ever have had another opportunity like that."

IBM also gave Bill the chance to participate in its generous employee stock-purchase plan-to which he allotted 10 percent of his salary over 26 years. Now he's showing his gratitude to Georgia State by donating half of that stock as a legacy gift, which will support university-wide scholarships granting future students wider opportunities of their own.

The Opportunity of a Lifetime
Bill spent more than a quartercentury at IBM. The job afforded him opportunities to travel, yet it also allowed him to keep roots in Atlanta, where he's been for more than 50 years.

"I love Atlanta. It's great," he says. "I love telling people about Atlanta and showing them the city."

And, as evidenced by his generous legacy gift, he's also a devoted supporter of Georgia State.

"I'm impressed by everything I see going on around the campus these days," he says. "And I hope that what I leave for scholarships can help other students the way Georgia State helped me. The diversity and talent of the student body give me hope for the future.

"Georgia State enabled me to be hired by IBM-absolutely, I'll state that to anybody. And being part of the great IBM enabled me to work here and make Atlanta part of my life. I'll always be thankful that I was with IBM, and that I was able to get accepted at Georgia State. I appreciate IBM and Georgia State every day."

Say Thanks to Georgia State
If you are interested in making a legacy gift to Georgia State, please contact Wendell Clark at 404-413-3425 or giftplanning@gsu.edu to get started.

 

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A charitable bequest is one or two sentences in your will or living trust that leave to Georgia State University 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, [name], of [city, state, ZIP], give, devise and bequeath to Georgia State University [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 the Foundation 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 the Foundation 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 the Foundation 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 the Foundation where you agree to make a gift to the Foundation 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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