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Win-Win Opportunity for Avid Knights Fan

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C. Wallace Lynes with Wartburg athletes

An avid sports fan and a staunch supporter of the Knights, C. Wallace (Wally) Lynes has witnessed hundreds of Wartburg victories over the years. But until recently, he didn't know about the "win-win" opportunity a charitable gift annuity could offer both him and the college.
Lynes' goal was to establish an endowment fund to provide permanent support for the women's volleyball, basketball, and softball programs. With a gift annuity, he receives a lifetime income in return for his irrevocable gift. More importantly, he ensures his legacy will benefit Wartburg athletics.

"I wanted to be supportive but didn't think I couldn't make an outright gift," Lynes said. "When I learned about gift annuities, I said, ‘Yes, I can make that gift; I'll let the college use the money after I'm gone, but I need the income while I'm alive.'"

Like many donors, Lynes will actually increase his annual income, since the return on the annuity (7.4 percent) is greater than the interest rate the funds were previously earning in CDs and other investments. In addition, donors who establish gift annuities are entitled to an immediate income tax charitable deduction, and in many cases, a portion of their income is tax-free as well.

"I didn't know such an opportunity existed," Lynes said. "This gift works well for me, and it works for the college."

His generosity will also work well for future generations of Wartburg student-athletes. It was watching and meeting these types of young people that inspired Lynes to invest in the college.

"When I first started attending Wartburg events, it seemed men's athletics were getting all the attention; there was no recognition for the women's programs," Lynes said. "I've always been impressed with the quality of the women's programs and the coaches, and I've enjoyed getting to know a lot of the athletes over the years."

It would be difficult to find a more dedicated Wartburg fan than Lynes. Before the death of his brother, James (Bill) Sr., in 1999, Wally and Bill were regulars at almost every home and away contest within a two-hour drive of campus. Wally is also a familiar face at area high school sporting events, and he's always keeping an eye out for potential recruits.

"Wartburg is a great place to get an education and to participate in sports," Lynes said. "I've always tried to make young kids that I meet aware of everything Wartburg has to offer."

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

The bequest language for Wartburg College is "I [name], of [city, state ZIP], give, devise and bequeath to Wartburg College, Waverly, Iowa, [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 Wartburg College 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 Wartburg College 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 Wartburg College 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 Wartburg College where you agree to make a gift to Wartburg College 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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