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Donation
Continued from Page 1
made in the form of a trust fund.
The Ostdiek gift is an endowed
fund designed to create scholarships.
Klein said the foundation has invested
the money, and the Ostdieks want to
wait until the fund grows to $300,000
before it is used.
“The Ostdiek family can make ad
ditional donations at any time, so it
could be fully endowed soon,” Klein
said.
Even if the family doesn’t donate
more money, the fund will grow quick
ly.
“The interest is reinvested in the
principle at the end of the year until it
is fully endowed,” Klein said.
After it reaches $300,000, 5 per
cent of the interest income will be
available for scholarships. The Foun
dati i’s spending policy requires that
any itercsl over 5 percent be reinvest
ed as he end of the year.
Klein said 5 percent may seem
conservative at a time when invest
ment income has been around 12 per
cent. However, the policy assures the
perpetuity of the endowment. Many
universities have very different in
vestment policies, depending on the
condition of their endowment funds,
she said. Columbia University has a
3.7-percent spending policy, and
Harvard’s and Stanford’s policies are
around 4.4 percent.
“Our 5-pcrcent spending policy
makes sure inflation doesn’t devalue
the gift,” Klein said.
The policy was established by the
Foundation trustees, who are all vol
unteers-.
“We are very fortunate to have
some of the most astute financial ex
perts in the state,” Klein said.
Those experts dec ide how the funds
will be managed, including the $4
million dollar Stout donation.
Stout’s donation is different from
the Ostdieks’ because it was estab
lished as a charitable annuity trust.
In a charitable annuity trust, the value
of donated assets is invested by the
trust and the donor receives the in
come from those investments. Capital
gains taxes can be avoided by placing
assets into this type of trust, and the
donor also receives a tax deduction.
The amount of the tax deduction is
based on an actuarial calculation,
which estimates the lifetime benefits
to the donor. The tax deduction is
approximately the amount of the do
nation less the amount of those bene
fits.
“We no longer say that all gifts arc
tax deductible. As IRS regulations
change, each individual’s tax deduc
tion changes,” Kiei n said. “We strong
ly recommend that people work with
their accountant.”
Despite the paper trail, Klein said
the donations benefited all parties in
volved.
“The college can count on it. The
students can count on it,” she said.
“It’s a way to leave a permanent mark
on the university.”
Net?ra&kan
Ediior
Features Editor
Copy Desk Editor
„ Photo Chief
Cartoonist
Graphics Artist
General Manager
Deborah D. McAdams Production Manager
472-1766 Advertising Manager
Matt Woody Asst. Advertising Managers
Martha Dunn Publications Board Chairman
Jason Levkulich
James Mehsling Professional Adviser
Amy Schmidt
Dan Shattil
Katherine Policky
Amy Strut hers
Diane Dorn
Jeff Thieman
Doug Fiedler
472- 2588
Don Walton
473- 7301
FAX NUMBER 472-1761
T he Daily NebraskanfUSPS 144-080) is published by the UNL Publications Board, Nebraska Union 34,1400 R St., Lincoln, NE, Monday through
Friday during the academic year; weekly during summer sessions.
Readers are encouraged to submit slory ideas and comments to the Daily Nebraskan by phoning 472-1763 between 9 a.m. and 5 p.m. Monday
through Friday. The public also has access to the Publications Board. For information, contact Doug Fiedler, 472-2588.
Postmaster: Send address changes to the Daily Nebraskan, Nebraska Union 34,1400 R St.,Lincoln, NE 68588-0448 Second-class postage paid
at Lincoln, NE.
ALL MATERIAL COPYRIGHT
1994 DAILY NEBRASKAN
NON-HOP COPIES
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Bag the Coin-Op Blues.
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and copy both sides. We do full color copies
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