“I hope that others will become hopeful that they can master the course work and hang on until they get a degree.”
Gift: Charitable Gift Annuity to Purdue North Central
In 1968, on the advice of her professor, Joan Alida Pass jumped into her studies with both feet so she wouldn’t get discouraged and quit. Seven years later, she was awarded her BA in education from Purdue University North Central (PNC).
During those seven years, Joan worked the family farm alongside her husband seven days a week, with no pay and no retirement plan. Six years after graduating, Joan’s husband passed away and she learned that they were in serious debt. With her biweekly paycheck from her job in the education field, she managed to hold onto everything, and was debt-free five years later.
Joan had heard of the aunt of one of her sisters-in-law who had given a charitable gift annuity to a college in Illinois. “There was no way I could match the amount the aunt gave,” said Joan, “but when I read that I could give $5,000, I decided to make the move.” She graciously gave a gift annuity to PNC. This move allowed Joan to save over $1,000 on her federal income tax, and the gift lowered her adjusted gross income so she did not have to pay on her Social Security. “My bank is paying 1% on savings account money, zilch on checking account balances, and 3% or so on CD’s. Am I better off? You betcha! Another plus: no one can scam me out of my money if it is in an irrevocable trust with Purdue University.”When asked what impact she hoped her gift would have, Joan responded, “I hope that several others will become hopeful that they can master the course work and hang on until they get degrees. Just the fact that one is a college graduate is fulfilling.”