Minnesota Roots Run Deep

Kathryn Lange and Dennis SoniferDespite living in the Boston area for almost 20 years, Minnesota natives Kathryn Lange and Dennis Sonifer have deep roots in their home state. Kathryn’s career took the couple to Massachusetts, where she spent 17 years at Tufts University before retiring in 2017 as the Associate Dean in the Graduate School of Biomedical Sciences.

Kathryn, who graduated in 1972 with a degree in social work, enjoyed her Augsburg experience in every possible way and says it inspired her career in higher education administration, which included six years in admissions at Augsburg.

“I liked college so much at Augsburg that I never left,” she says.

Dennis, a Valparaiso University graduate who also retired in 2017, spent his career in technology and was able to keep his job with a company in Minnesota after moving to the East Coast.

Surprisingly, it was the move to the Boston area that strengthened the couple’s ties to Augsburg. At an alumni event they met Robert Hanson ’68 and Annette  Hoversten Hanson ’68, and developed a strong friendship with the Augsburg graduates.

“Augsburg is a very special place. Education for services is its motto...Augsburg does such a good job of inoculating that value into students,” Kathryn says.

As a reflection of their ties to Augsburg, Kathryn and Dennis have endowed a scholarship to help students.

“I spent my entire career in student services, so that is important to me and to Dennis, too,” Kathryn says.

If you’d like to explore ways to support Augsburg students like Kathryn Lange and Dennis Sonifer did, please contact Amy Alkire at alkirea@augsburg.edu or 612-330-1188 to discuss the many ways to give.

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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