Win-Win Opportunity for Avid Knights Fan

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."