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Grateful Alum Leaves a Legacy

betty-ponder-debban.jpgMrs. Betty Ponder Debban, is a 1948 music education graduate with a major in piano, a minor in voice and organ, and two teaching minors in English and history. Both of Betty's parents had an eighth-grade education and were thrilled that Betty was graduating from high school. It was one of Betty's high school teachers, Delinda Rogensock, who encouraged Betty to go to college. While Betty was the salutatorian of her high school class, it was two music scholarships that allowed her to attend Drake University. One scholarship was awarded for her to play timpani in the orchestra while the other was for piano.

Betty met her future husband, Charles Debban, at Drake. Charles obtained his Master of Science degree in education. Upon graduation they were married and began their teaching careers in various school districts in Iowa. At that time many school districts would not hire both a husband and wife, and a number would not hire a married woman. In 1953 they moved to Cedar Rapids where these restrictions had been lifted. There, the Debbans continued their teaching careers and remained in the area to raise their two sons.

Betty spent her entire career as an educator, working in a variety of capacities for McKinley School, Coe College, Cedar Rapids School District and Grantwood Area Education Agency to name a few (her impressive curriculum vitae is several pages long). Betty spent tireless hours not only teaching students and teachers, but also developing a program to introduce students to opera. This program encourages teamwork and pulls together faculty and students from several different departments for a common goal.

At 81 years of age Betty continues to be very active with traveling, serving as organist for Christ Episcopal Church, part-time pianist at Von Maur department store, treasurer of the Guild of Organists, vice president of the Beethoven Club and spending time with her family, including two grandchildren and a new great granddaughter.

Betty Ponder Debban has notified the Office of Planned Giving that she had included Drake University in her will establishing a scholarship for a Drake student majoring in music education. She realizes that the cost of an education can be prohibitive and a scholarship can help someone attend Drake who may not have otherwise been able to. Betty is very grateful for the scholarships she received. These scholarships along with two jobs she worked while in school, allowed her to receive her education from Drake University. "I would hope that a lot of people... would put their school into their will, because you don't need to leave everything to your grandchildren or your children. They should make some of their own way. It would be a way of giving back."

You can contact John Amato at 515-271-2849 or to learn how you can create a legacy of support for Drake.

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A charitable bequest is one or two sentences in your will or living trust that leave to Drake 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 Drake University, a nonprofit corporation currently located at 2507 University Ave., Des Moines, IA 50311, 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 Drake 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 Drake 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 Drake 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 Drake where you agree to make a gift to Drake 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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