Pearl and Rev. Paul H. Almquist '59: The Pursuit of Christian Educational Excellence Inspires Gifts of Time and Money

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"That little plot of land means quite a bit to us and our family," says Rev. Paul H. Almquist '59. "I was there for seven years—four for college and three for seminary. Pearl and I spent our first two years of marriage there. And we had our first child while living at Augsburg."

Paul proudly carried on his family's Augsburg legacy as the fifth member of his immediate family to attend the college and recalls his time there as "some of the happiest years of my life." After receiving a bachelor's in theology from Augsburg Seminary, Paul entered full-time ministry. He subsequently obtained his Master of Theology from Luther Theological Seminary.

Over the last 50 years, Augsburg has continued to hold a special place in Paul and Pearl's hearts. As a way to say thank you, Paul serves on his 50-year reunion committee, and the couple make an annual gift to the Augsburg Fund.

The Almquists have a strong belief in the vision of the Augsburg Center for Faith and Learning, to "be internationally recognized for its distinctive educational excellence as a college with a calling." Paul continues, "to hold those two themes together: on the one hand, a strong academic presence and on the other hand, a strong opportunity for a development of faith is something that doesn't always happen at some colleges. And I want to do what we can to make sure this is a continuing theme at Augsburg."

In support of their convictions, Paul and Pearl have included a gift directed to the Bernhard Christensen Endowment in their will. This endowment will fund the chair of the Center for Faith and Learning, "which will provide intellectual and spiritual leadership to the Center's work." Also, Paul has participated on the Bernhard Christensen Endowment committee and the Center for Faith and Learning advisory committee, which helped identify other individuals interested in maintaining and strengthening the college's Christian foundation.

In addition to donating financial resources, Paul helps Augsburg live out its vocation of serving its neighbors by visiting pastors in the community and finding out how Augsburg might help them. "So often people think of support as a one-way street," Paul says. "This is an opportunity to emphasize that the college is in support of the community as well."

You can confidentially prepare a customized gift plan like Paul and Pearl's bequest by contacting Augsburg. Some plans provide annual income during your lifetime and others offer tax advantages. All of them offer a great sense of satisfaction that you have supported and encouraged Augsburg in educating students to live at the intersections of faith, learning and service. Contact Amy Alkire at 612-330-1188 or alkirea@augsburg.edu to find out about opportunities such as endowed scholarship funds, unrestricted endowments and many 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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