Sandra Olmsted '69

Sandra Olmsted

What does Sandra Olmsted '69 love about Augsburg? "It's personal," she says.

It's personal because Sandra has played many roles at Augsburg over the years-from student to faculty to parent-and all of those roles have influenced her decision to give back to the college. Sandra and her husband, Dick, both graduated from Augsburg with degrees in chemistry. All three of the couple's children are alumni, and the Olmsteds both teach in the Augsburg chemistry department.

As a student at Augsburg, Sandra would not have been able to attend college had she not received scholarship help. "I remind my students today that somebody else gave the money for that scholarship so that we could go to school here."

As a member of the faculty, Sandra gets to know her students personally, which allows her to guide them toward their personal and professional goals. "I think it's important that we lend a hand to our students to help them get where they want to be," she said. Over the years she has written letters of recommendation, helped students write graduate school applications, commented on resumes, and assisted students with job searches. All of that personal attention is possible, she says, because she knows her students so well.

As a parent of three Augsburg students, Sandra has watched the reaching out from faculty to student first hand. "My kids have each had a personal experience here," she said. "I've watched my colleagues helping my children make sure their education was a perfect fit. We knew they were in good hands here."

Sandra is very committed to giving to her alma mater and about encouraging her students to give as well. "At some point we become responsible adults, so we are obligated to give back," she said. This is why some of her gifts to Augsburg have been specifically designated for the endowed Chemistry Alumni Scholarship Fund. "If you want to help students to succeed, you have to be willing to put your money where your mouth is."

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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