Carol Ott: One of Augsburg's Guardian Angels

Carol Ott

Carol Ott

"You never know when your time is up," Ott decided after a 2014 pedestrian accident shook her world. She had just left her yoga class when a truck struck her, trapping her left foot under the tire. Apart from whiplash and some chiropractic needs, she emerged relatively unscathed. But the event gave her pause, and reviewing other meaningful times in her life prompted her to remember Augsburg in her will.

"The relationships built during my four years there were the most impactful of my life," says Ott, who followed her brother to Augsburg. The two hailed from the small Minnesota town of Lakeville, where their family lived on 10 acres in what was then a farming community.

As a freshman, Ott immediately connected with her orientation leader, Jacquie Berglund '87, and the two have remained friends ever since. Ott was a chemistry and marketing double major who planned to make and market perfume, but a dismal business climate at graduation steered her toward marketing instead. Berglund, too, ended up in business, as CEO and co-founder of Finnegans, a beer company that is the state's 10th largest and the world's first to donate its profits to those in need.

"What I loved most was the ethics, learning right from wrong, and figuring out how to combine my religious beliefs with my daily life. I was very much influenced by Pastor Wold's views on marketing ethics and religion," Ott says. (Pastor Dave Wold, Augsburg's pastor since 1983, was named Campus Pastor Emeritus when he retired in 2013.)

After earning her MBA from St. Thomas in 1996, Ott had ample opportunity to put her beliefs into practice in a career that has ranged widely both geographically and corporately. Her expertise in first direct, then digital marketing and e-commerce has benefitted such companies as Fingerhut, Carlson Wagonlit, Select Comfort, Petco, and ShopNBC, as she moved from West Coast to East Coast and back again to Minnesota.

Now director of marketing analytics at Best Buy, Ott returns to Augsburg annually to share her experience with marketing classes. She is also a fan of class reunions and looks forward to participating in the big one, Augsburg's sesquicentennial. "When we had our 25th reunion, we just picked up where we left off. It's a small school, and you know everyone in your grade."

She has not yet designated where her planned gift will go, though she is considering both science and business. She also welcomes to campus the new Norman and Evangeline Hagfors Center for Science, Business, and Religion, the capital campaign which surpassed its $50 million fundraising goal. Construction is already underway, and the building will welcome students in 2018.

"Science, business, religion—tying those pillars together is what drives me," Ott says.

Support Augsburg Future
Learn how you can follow in Carol Ott's footsteps and support Augsburg's future with a planned gift. Contact Amy Alkire at alkirea@augsburg.edu or 612-330-1188 to learn more.

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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