Creating Charitable Gift Annuities: One Way Leroy Nyhus '52 Demonstrates his Appreciation for Augsburg

Donor Photo

If you attend football, basketball, hockey, or baseball games at Augsburg, you likely will see Leroy Nyhus '52 in the stands, supporting the team. Living in suburban Minneapolis gives him easy access to home games and some away games.

Supporting the team is one way he demonstrates his appreciation for Augsburg. Another important way is supporting the educational mission financially. He gives annually and also has established charitable gift annuities (CGAs), providing him with fixed income for life.

Leroy set up a charitable annuity some years ago at Augsburg. Recently he decided to create another, supporting the Center for Science, Business, and Religion (CSBR), a facility that will enhance cross-disciplinary work.

1949 is 64 Years Ago!

"A new facility for science would be a real plus," Leroy says. "I started Augsburg in January 1949. The current science building opened the next fall and now it is 64 years old. It is outdated. I toured the building recently and learned of the science instructional opportunities offered and the scientific research being done by students and faculty. Augsburg is well known for its quality science department. A new science facility will enhance instruction and research, and attract new students."

He chose a gift annuity as his way to support the CSBR. "Getting tax benefits and a lifetime fixed-income stream at above-market rates doesn't hurt. The rate of income I receive is much higher than I could get now through a CD at a bank. But the reason I give is my appreciation for Augsburg," he explains. "Augsburg gave me my teaching career, my beloved wife, and a circle of friends for life. I want to give something back for all that Augsburg has done for me."

Badminton Was the Start of a Beautiful Relationship

Leroy met Betty Lee Munson, now deceased, one day when she was playing badminton her sophomore year at Augsburg. He later asked her to join him at an Augsburg football game. It was the start of a beautiful relationship. They married in 1953 and had three daughters, one of whom, Ruth, also graduated from Augsburg in 1981. Betty Lee attended Augsburg for two years, later finishing her B.A. at the University of Minnesota after raising their daughters.

Leroy majored in mathematics and minored in chemistry. After graduating, he taught 9th and 10th grade math plus a science class in Perham, Minn. for one year. Then he attained a master's degree in education from the University of Minnesota. Afterward, Leroy signed on with the Mounds View School District, teaching and later counseling students for a total of 31 years.

From Homemaker to National Church Leader

Betty Lee, a homemaker for many years, later became Director of Stewardship for American Lutheran Church Women. When the Evangelical Lutheran Church was formed in 1988, Leroy and Betty Lee moved to Chicago. She was named the first Executive Director of Women of the ELCA. Later she was the ELCA Director of Stewardship and Mission Giving.

She also served on the board of directors for Lutheran World Relief (LWR). She traveled to Calcutta in 1987 to meet Mother Teresa, who wanted to thank LWR for a gift of 75,000 quilts. Leroy keeps a photo of Betty Lee's meeting with Mother Teresa on his bookshelves. He thinks often of his love for her and of their shared Christian values, which included finding ways to be stewards of God's many gifts.

Betty Lee relished a quote from Mother Teresa: "Rejoice that once more Christ is walking through the world in you and through you, going about doing good."

Doing More Good!

Leroy ponders this quote each time he considers the good that Augsburg is doing in the world and the many ways he and each one of us can help further that good.

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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