Doug and Grace Schroder Scott Give to Live and Live to Give

Doug and Grace Scott If lives well-lived can be described as a confluence of passion, calling, mission and philosophy, then Doug Scott and his wife, Grace, are indeed living well. Not only do they spend their days advancing the causes of their respective colleges through philanthropy, but they also live their mission. The Douglas H. Scott and Grace Schroeder Scott Endowed Scholarship for sociology majors at Augsburg is just one example of their generosity.

"Grace and I have made a commitment to giving. We enjoy giving to live and living to give. What that means to us throughout our lives is that we give so that the community, and the people and organizations within the community, can reach full potential and live better and fuller lives," says Doug, who has been director of leadership gifts at Augsburg for more than eight years. Grace has a similar role as senior development officer, planned giving, at St. Olaf College, where she has served in advancement for 32 years.

A sociology major from Buffalo, New York, with degrees from Eastern University and Palmer Theological Seminary in Wayne, Pennsylvania, Doug was always fascinated by humankind and enjoyed studying the ways in which people behave and interact. Early in his career, Doug served as a parish pastor for six years. During that time, he was particularly interested in the motivations that encourage giving.

Over the next 35 years, Doug realized his vocational call by serving in non-profit advancement offices. Philanthropy and generosity became his mission, one he shared with Grace, whom he met during a professional institute in Memphis. Both are deeply committed to their professional roles as well as to personal giving.

"It’s my way of answering that vocational call," Doug says about his current position, which fits very well. “For some people, one job is the stepping stone to the next. But here at Augsburg, we have remarkable longevity of staff in the advancement office. It is such a privilege to work with people who are committed to staying in one place and who understand the passion for a cause.”

Doug and Grace believe that true philanthropy is defined not by the amount of a gift but by whether it comes from the heart, especially in today’s world, where the proliferation of nonprofits has created an extremely competitive environment.

“Higher education is our passion,” Doug says, “and we are very blessed to be able to align our passions with our philanthropic vision. Endowing a scholarship is an expression of gratitude, faith, and paying it forward, as someone did for us.”

Augsburg is a very special place, he adds, because it is authentic, relevant and grounded in its mission.

“Every day I see students whose lives are being impacted. Giving is transformational because it affects such a broad array of students. When you think of diversity at Augsburg, you think of academic, economic and spiritual diversity, as well as race and color. This campus embraces the fullness of diversity, and that resonates with both of us.”

It is important for givers to find their own niches, just as Doug and Grace have found theirs.

“When it comes time to start thinking about the blessings that have been bestowed upon you, how do you decide what to do with what you have accumulated? How do you effectively distribute it to continue to make a difference in the world? What legacy will you create that will continue to make a difference?” These are questions Doug suggests potential donors ask. “For us, education makes a difference. We give because we believe lives will be enhanced. Our hope is to encourage others to live to give.”

Provide Support for Future Generations

To learn about the many ways you can make a future gift to benefit Augsburg students, contact Doug Scott at 612-330-1575 or 1-800-273-0617 and scottd@augsburg.edu.

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

"I give to Augsburg University, a nonprofit corporation currently located at 2211 Riverside Ave., CB 142, Minneapolis, MN 55454, or its successor thereto, ______________* [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 Augsburg University 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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 Augsburg University as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 Augsburg University 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 Augsburg University where you agree to make a gift to Augsburg University 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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