Couple's Estate Provides Unique Gift
Union College enjoyed a long friendship with Ira '44 and Margie Pound, both now deceased. Ira and Margie loved Union so much they gave to the college nearly their entire estate, valued at more than $800,000, without restriction on how the funds are to be used.
The Pounds did not have children of their own so partnering with Union made perfect sense to them. "They wanted their estate to go to something they felt strongly about," said Les Speer, executor of their estate. Ira and Margie believed that supporting Union College through their estate would help change the lives of young people through a Christian education.
Ira enjoyed his time at Union College and wanted Union's current and future students to enjoy the same Christian experience. Although Margie did not attend Union, she was a nurse throughout her career and wanted to help future nurses obtain an excellent education. During their lifetime the Pounds contributed annually to two separate scholarships at Union: one scholarship assisting students studying nursing and the other scholarship helping members of the Union College Concert Winds.
The bulk of the Pounds' estate consisted of their life savings, which came to the college in cash, but they also had some intriguing collectibles. Ira and Margie enjoyed beautiful things, and Margie enjoyed nothing more than collecting sea shells. She had more than a thousand shells in her collection from all over the world, in a variety of shapes, and ranging in size from as small as an acorn to as large as a lunch box. Margie was quite meticulous about her shell collection, labeling each one with its family, genus and species along with where and when the shell was found.
"Ira told me many times how happy he was that Union would get Margie's shells and use them in the science department," Les explained, "and I know giving this collection was very personal for Margie, it was like she was giving a part of herself to Union."
Dr. Amy Utt, assistant professor of biology at Union College, was amazed when she first saw the collection and enthusiastically accepted them in the biology department. "My colleagues and I are excited to receive the collection and we will make sure they are put to good use," Dr. Utt explained. "The shells will be used in future classes, perhaps in general biology, and I would like to put them on display in the Krueger Center as well."
Because the Pounds' estate gift was undesignated, Union College's Board of Trustees will decide how this generous act of philanthropy will be allocated. The college received several undesignated estate gifts in 2014-over $4.2 million including the Pounds' estate gift-and the trustees are carefully studying how best to use these gifts to strategically make a lasting impact on the college.
If you would like to support Union's mission like Ira and Margie have by leaving a portion of your estate to Union College please contact Ken Farrow at 402-486-2600, Ext. 2200 or firstname.lastname@example.org. Ken Farrow is pleased to help you create a plan that will make a meaningful impact on the lives of students for generations to come by leaving your legacy at Union College.
Information contained herein was accurate at the time of posting. 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 any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual 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.