Herrick Society Stories
Lifetime Giving Plan Benefits Student-Athletes
"I left Kent State as a different human being than I was when I arrived," says John Farrell, who graduated with honors from the College of Business Administration in 1951. "I was not a high achiever until I came to Kent State and found a home." John was captain of the track team under coach Joe Begala and studied marketing with professor Paul Pfeiffer, both of whom had a positive influence on his life.
John also met Joyce, his wife of 53 years, at Kent State. She earned a degree in elementary education in 1953 and was a teacher at the Country Day School and the North Canton City School District for many years. The Farrells now have homes in Canton, Ohio, and Fort Lauderdale, Florida.
In February, John and Joyce Farrell pledged $1.5 million to benefit the university's Department of Intercollegiate Athletics. Their gift culminated a lifetime financial and philanthropic plan to provide support for their two loving daughters and for the university that has come to mean so much to both of them.
"As a result of the Farrells' foresight and generosity, we will have resources to help build the best athletic program possible," says Kent State Athletic Director Laing Kennedy. "Now and for decades to come, we will have the flexibility to offer scholarships to promising student recruits, or to augment the salary of a highly successful coach," he said.
The Farrells combined a current, cash gift with astute gift planning strategies to maximize their impact on Kent State athletics. With assistance from Kent State's Gift Planning Office, the Farrells found a way to provide a steady, lifetime income—free of any estate or gift taxes—for their two daughters, Jane and Jennifer. The Farrells established two charitable remainder unitrusts totaling $500,000 each. "I wanted my daughters to have the security of annual payments and the growth of the trust over the years," he said. Each receive 5 percent of the value of their trust annually. If the trust grows as forecast at a rate of 9 percent annually, the payments also will grow to offset the effects of inflation over the course of decades.
When the beneficiary of each trust passes away, the assets will revert to the Kent State University Foundation. At that time, the trusts will likely total more than $1 million. One endowment will provide significant annual, unrestricted support to be used at the discretion of the athletic director. The second will also provide significant, ongoing support for academic tutoring, advising, or other assistance to student-athletes.
"By using these trusts to care for their loved ones first and for the university afterward, they have effectively created a lifetime plan that allows them to use the same funds twice," says Director of Gift Planning Joe Macedo.
In addition, the Farrells made a current gift of more than $500,000 to provide for immediate needs within the Department of Intercollegiate Athletics.
"The Golden Flashes are a source of enormous pride, and we want to reward them with the finest facilities, scholarships, and academic support services possible," said University President Carol A. Cartwright. "The Farrells' generosity will inspire current and future generations of student-athletes to excel in all they do."
After completing high school in Canton, Ohio, and earning his business degree at Kent State, John went on to a successful career as vice president of sales for the Massillon Container Company. He feels fortunate his job allowed him enough flexibility for an active role as a member of the athletic development committee, a volunteer assignment he continued for 40 years. He also served as a board member of the Kent State University National Alumni Association from 1971 through 1976.
"The people at Kent State made me a part of a family. At some point you have to help improve the house you live in," John says, referring to his legacy of support for the athletic program.
Herrick Society StoriesLifetime Giving Plan Benefits Student-Athletes
"I left Kent State as a different human being than I was when I arrived," says John Farrell, who graduated with honors from the College of Business Administration in 1951. "I was not a high achiever until I came to Kent State and found a home." John was captain of the track team under coach Joe Begala and studied marketing with professor Paul Pfeiffer, both of whom had a positive influence on his life. John also met Joyce, his wife of 53 years, at Kent State. She earned a degree in elementary education in 1953 and was a teacher at the Country Day School and the North Canton City School District for many years. The Farrells now have homes in Canton, Ohio, and Fort Lauderdale, Florida. In February, John and Joyce Farrell pledged $1.5 million to benefit the university's Department of Intercollegiate Athletics. Their gift culminated a lifetime financial and philanthropic plan to provide support for their two loving daughters and for the university that has come to mean so much to both of them. "As a result of the Farrells' foresight and generosity, we will have resources to help build the best athletic program possible," says Kent State Athletic Director Laing Kennedy. "Now and for decades to come, we will have the flexibility to offer scholarships to promising student recruits, or to augment the salary of a highly successful coach," he said. The Farrells combined a current, cash gift with astute gift planning strategies to maximize their impact on Kent State athletics. With assistance from Kent State's Gift Planning Office, the Farrells found a way to provide a steady, lifetime income—free of any estate or gift taxes—for their two daughters, Jane and Jennifer. The Farrells established two charitable remainder unitrusts totaling $500,000 each. "I wanted my daughters to have the security of annual payments and the growth of the trust over the years," he said. Each receive 5 percent of the value of their trust annually. If the trust grows as forecast at a rate of 9 percent annually, the payments also will grow to offset the effects of inflation over the course of decades. When the beneficiary of each trust passes away, the assets will revert to the Kent State University Foundation. At that time, the trusts will likely total more than $1 million. One endowment will provide significant annual, unrestricted support to be used at the discretion of the athletic director. The second will also provide significant, ongoing support for academic tutoring, advising, or other assistance to student-athletes. "By using these trusts to care for their loved ones first and for the university afterward, they have effectively created a lifetime plan that allows them to use the same funds twice," says Director of Gift Planning Joe Macedo. In addition, the Farrells made a current gift of more than $500,000 to provide for immediate needs within the Department of Intercollegiate Athletics. "The Golden Flashes are a source of enormous pride, and we want to reward them with the finest facilities, scholarships, and academic support services possible," said University President Carol A. Cartwright. "The Farrells' generosity will inspire current and future generations of student-athletes to excel in all they do." After completing high school in Canton, Ohio, and earning his business degree at Kent State, John went on to a successful career as vice president of sales for the Massillon Container Company. He feels fortunate his job allowed him enough flexibility for an active role as a member of the athletic development committee, a volunteer assignment he continued for 40 years. He also served as a board member of the Kent State University National Alumni Association from 1971 through 1976. "The people at Kent State made me a part of a family. At some point you have to help improve the house you live in," John says, referring to his legacy of support for the athletic program. |