Ann Garvey: Values Matter When it Comes to Giving
Ann Garvey, Augsburg's vice president for student affairs, has invested much of her life in the College she has been a part of since 1998. As a member of the President's Cabinet, Ann holds responsibility for what she jokingly calls the ‘care and feeding' of all undergraduate and graduate students.
As an extension of her deep commitment to the College, she designed her estate plans to include a specific percent of her Roth IRA (rather than a dollar amount) for scholarships for Augsburg students.
"I wouldn't characterize myself as adventurous when it comes to investments," Ann laughs. "Augsburg is very important to me, but I don't know what my future needs will be." She also hopes to make a lump-sum gift if her circumstances allow.
Investing in Hope
"[Making this commitment for scholarships] propels forward something that is important to me," Ann says. She sees firsthand the stress of paying for college causes students and families.
"When I was in college, the average cost was 10 percent of a family's average income. Today, it's 40 percent," Ann says. That reality is hard for someone who sees education as a hope industry. "Education helps people live better lives in all sorts of ways," Ann says.
Over the past 30 years, Ann has held a variety of positions in student affairs. She's pleased to see the College fully embracing and celebrating its urban location and its commitment to intentional diversity. "The curriculum engages the city in a variety of different ways," Ann explains, noting the College actively pursues partnership with people and resources. "Augsburg is always evolving."
The daughter of an attorney and a social worker, Ann places a high value on philanthropy, volunteerism and, of course, education; values she saw in action while growing up in Eau Claire, Wisconsin. "I saw my parents involved in the community, their church, the Boy Scouts...they made financial gifts, but they also volunteered as much as they were able," Ann says.
When Ann's father died a few years ago, she learned he had made estate gifts to several charities that were important to him. She learned her mother, who is still living, has made similar arrangements. That knowledge got her thinking, and she wondered what her own philanthropic contribution could be. "I'm at that age when people start getting lots of calls about planned giving," Ann laughs. "This is when people start thinking about retirement and their legacy-what mark they want to make."
"I hope to live long enough and do well enough to endow a scholarship while I'm still alive," Ann, who also supports the Augsburg Fund and other College initiatives, says. Ann is already doing better financially than she expected. "I never thought I'd live long enough to see same-sex marriage," Ann says.
She did all of her retirement planning based on being legally single her entire life. When Ann married her partner in 2013, the change in legal status impacted her financial future, but the importance of estate planning remains the same. "I'm just dipping my toes into philanthropy, and plan to look at other options for giving," Ann says.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.