Alumni & Friends

Helping the School That Helped Him Launch His Dreams

When entrepreneurs prepare to launch a new product or service, they often need a little help getting those great ideas off the ground. North Iowa entrepreneur John Collins knows firsthand how difficult it can be to get a new business started and keep it moving forward.

Early in his career, John developed new products while working for established companies, and started two of his own companies including his most recent firm, American Crane Inc. (ACI), in Garner, Iowa. Now John is giving back to the school that helped him launch his own dreams, with a $12,000 gift to the NIACC Foundation so that others may have the good fortune to follow in his entrepreneurial footsteps.

John attended the NIACC John Pappajohn Entrepreneurial Center (JPEC) classes in 1991, to help him develop a business plan for ACI. That plan led him to receive a successful entrepreneurial grant of $10,000.

"It was a gift to help me get started," he says.

John's business, ACI, is a custom manufacturer of service trucks for the construction, mining and tire service markets. He has developed a process of remanufacturing equipment to give it a new product warranty and has recently released a new hydraulic supercharger with splitter lines that features high-pressure shutoff valves for operating two systems at the same time.

John's donation to the NIACC Foundation will be used to help the JPEC initiate a series of high school entrepreneurial courses in the fall of 2012.

The goal of the first class in the program John is underwriting is to teach high school students about the principles of entrepreneurship and to help them apply these principles to a product or service that they can sell by the end of the course. The curriculum was developed by the Jacobson Institute of Youth Entrepreneurship at the University of Iowa. University of Iowa instructors trained the teachers from North Iowa in June.

Now a successful business owner with deep roots in the North Iowa region, John knows his gift to the NIACC Foundation will have an impact on a new generation of young Iowa business leaders.

"I want to help develop young people who care about their work to find a sense of accomplishment in what they do," John says. "I want to give something back. I hope it will set an example for others to do the same."

A charitable bequest is one or two sentences in your will or living trust that leave to the NIACC Foundation 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 bequeath to North Iowa Area Community College Foundation, EIN 23-7023677, presently located at 500 College Drive, Mason City, Iowa 50401, [written amount or percentage or fraction of estate or description of property] for its unrestricted use."

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 the NIACC Foundation 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 the NIACC Foundation 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 the NIACC Foundation 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 the NIACC Foundation where you agree to make a gift to the NIACC Foundation 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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