NC State Engineering
Spring 2009 Online Magazine

Features

Giving back in trying times

Support from alumni and other private donors can keep the College growing during the economic downturn.

With businesses closing, unemployment rising and corporate earnings suffering, it’s no surprise that people might think twice before giving away their hard-earned money.

But it’s during times like these when the College needs support from private donors more than ever. The College generally receives only about 35 percent of its budget from the state of North Carolina, and with questions about that allotment lingering as the recession continues, private donors are being counted on to keep the College growing.

“Supporting the College is always important, but it's especially vital during difficult economic times,” said Ed White, a 1978 graduate in engineering operations who chairs the NC State Engineering Foundation Board of Directors. “Dollars go much further during times like these, and supporters have the chance to make a huge impact on the talented students and faculty who help make NC State one of the nation's best engineering schools.”

Many contributors choose to make donations through deferred gifts, generally defined as contributions that cannot be used by the College until a later date. Deferred gifts can be structured in many ways and can help donors build charitable contributions into financial plans.

“The College understands that many donors want to integrate charitable contributions into their overall financial planning objectives,” White said. “By making a deferred gift, donors can maximize the benefits to themselves and to the College.”

Some examples of deferred giving methods:

• Bequests are gifts made through a will. They come in several forms, but all involve donating assets to the College following a donor’s death.
• When a donor places a gift into a charitable remainder annuity trust, the trust pay a fixed amount of income to the donor or a beneficiary. After the donor dies, the remainder is sent to the College.
• Charitable remainder unitrusts work much the same way, except the trust provides variable income based on the market value of the trust’s assets.
• Charitable gift annuities provide the donor with a partial tax deduction on the gift as well as a lifetime stream of annual income for the donor or a beneficiary. The College keeps the gift after the donor’s death.

Of course, many donors continue to give now, even as the economy continues to struggle. S. Frank Culberson, a 1960 graduate in chemical engineering, said he would be contributing additional funds to support endowed scholarships that have lost value during the downturn. Culberson’s many gifts to the College include funds for the S. Frank and Doris Culberson Academic Enhancement Fund.

“My goal is to help students get an education,” said Culberson, who is director and chairman of Rimkus Consulting Group. “Throughout my career, I’ve seen the many benefits of getting an education that better qualifies an individual for professional advancement.”

Young alumni can give back, too, even though they may not have the financial resources of longtime supporters. Tyler Schweitzer, a recent nuclear engineering graduate who now works for GE Hitachi Nuclear Energy, noted that giving just a small amount annually can help a top student get a degree.

“If a large group of alumni can contribute at least $10–$20 once a year or twice a year, it will go a long way with the College,” Schweitzer said.

Supporters can also give back by volunteering their time. Seth Hudson, a 1999 mechanical engineering and chemistry graduate who now works as an attorney in Charlotte, organizes a quarterly lunch for NC State alumni in the area. He also gives back financially.

“It definitely makes me feel like I contributed to something,” Hudson said. “I received more from NC State than I could ever hope to give back.”

To learn more about ways to give, please contact Martin Baucom at the NC State Engineering Foundation at (919) 513-3950 or martin_baucom@ncsu.edu.