Alumni & Friends

Planning a Legacy

William Georgou

William 'Bill' Georgou received a scholarship to attend NIACC.

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.

Bill's Legacy

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."

Learn More

For more information about planned giving options, contact Molly Knoll at 641-422-4404 or

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.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.

eBrochure Request Form

Please provide the following information to view the brochure.