Joan Pass (PNC-Humanities & Social Sciences '75)

Charitable Gift Annuities, Unristricted Support,
Purdue North Central Campus

In 1968, a young woman began her journey through Purdue University, North Central Campus.

Dr. L. Ross Blyth, Professor at North Central advised this young woman to “jump in with both feet or you’ll get discouraged and quit.”  And jump she did; seven years later, Joan Alida Pass was awarded her BA in Education. 

During these seven years Joan was married to a farmer; worked the farm alongside her husband seven days a week, long grueling hours, with no pay, and no retirement plan.  Six years after graduating, Joan lost her husband and found out that they were in debt.  Joan now had to contend with the farm; numerous notes held by the bank with interest rates as high as 21%, but there were also 3 additional mortgages. However, Joan was now employed in the Education field and was receiving a pay check every two weeks which allowed her to hold on to everything until she was ready to sell.  Five years later Joan was debt free.

Joan has graciously given a Gift Annuity to Purdue University and 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.  Some years ago, I had heard of the aunt of one of my sisters-in-law who had given a gift in the form of a Charitable Gift Annuity to a college in Illinois.  There was no way I could match the amount the aunt gave, but when I read in the Purdue Alumnus that one could give $5,000, I decided to make the move.  I figure money differently from the way that most people figure, for example; in 2003 I saved over $1,000 on my federal income tax, the gift also lowered my adjusted gross income so that I did not have to pay on my Social Security, that saved me more money.  My bank is paying 1% on savings account money; zilch on checking account balances, 3% or so on CD’s and locking one in for three to five years.  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.”

Links

North Central Campus
Gift Annuities
Humanities & Social Sciences