Planning a Legacy
If you ever wonder about the impact a community college can have on a student, take a look at William 'Bill' Georgou. A Mason City native, Bill grew up watching his parents demonstrate strong work ethics as a chef and a waitress. He knew that an education was the key to something more for his future. After graduating from Mason City High School, Bill chose NIACC to continue his education. At the time, the decision was made primarily because of cost and proximity to home. Bill worked his way through college with a part-time job at a local cement plant, and he received a scholarship to attend NIACC. Graduating from NIACC in 1969, he then continued his education at the University of Northern Iowa.
Carrying a 4.0 grade point average through high school and college, Bill went on to be an educator, teaching at schools in Iowa and Minnesota. Something changed for him in 1975 when he decided to return to being the student instead of the teacher. Again, Bill turned to a community college to support his endeavors. In one year, he took as many accounting classes as he could and soon added another degree to his credentials-an associate's degree in accounting from Inver Hills Community College.
From there, Bill started a career as an internal auditor and earned the certified internal auditor designation working for a large national bank. He was well respected in his field and spent many years as a consultant in the banking industry.
In 2006, Bill knew it was time to plan for the future. As he reflected on his life, he realized NIACC had been a positive influence and that it was time to give back. Bill created a living trust and named NIACC as beneficiary on two IRA accounts. Bill passed away in January 2013, but his forward thinking will now fund an endowed scholarship in his memory. His legacy will continue by providing scholarships to students who plan to become teachers.
Why Gift Planning?
Gift planning is essential to individuals as they look to the future for their own retirement and as they consider the legacy they wish to leave. The NIACC Foundation has a variety of tools and options to assist individuals in selecting a method to enrich the programs of the College while taking advantage of the tax strategies available. Donors may consider gifts of cash, appreciated securities or stock, real estate, personal property, life insurance or a retirement plan.
"Bill set an incredible example of how gift planning can work," says Jamie Zanios, vice president for institutional advancement. "He carefully planned his legacy and put a plan into action. Because of his planning, a great number of students will be afforded access to the same quality education that provided Bill his start."
For more information about planned giving options, contact Molly Knoll at 641-422-4404 or firstname.lastname@example.org.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.