Herrick Society Stories
Charitable Gift Annuity Provides Scholarships for Future Generations
Student recipients of the Founders Scholarship Program
Paul and Elizabeth Foster share a love of books. In fact, they met in the university library (then in Rockwell Hall) as Kent State students in the early 1960s. Both were taking a course in library science. "After a while, he just started sitting by me," Elizabeth recalls. With the help of their professor, who "accidentally" left Elizabeth's exam in Paul's mailbox, they struck up a friendship by the end of the semester.
The Fosters married, had a son, and settled in Cuyahoga Falls, Ohio. Some time ago, Paul gave Elizabeth $5,000 to invest in the stock market. She bought stock in a telephone company and eventually began receiving a quarterly dividend. But then the stock split and the new assets did not pay dividends. After receiving an issue of Cornerstone, she met with Kent State Gift Planning Director Joe Macedo. He showed Elizabeth how she could use her assets, which had grown to nearly $114,000, to generate a guaranteed income for life and establish a scholarship fund.
Elizabeth created a charitable gift annuity that, upon maturity, will provide scholarships for future generations of Kent State students. "I was thinking that I needed some income, and this (annuity) fit the bill. It also allowed me to create a legacy for the university that I had attended with the help of a scholarship," she said.
The Elizabeth R. Foster Medallion Scholarship will be awarded annually to a Kent State student of high academic achievement. The Medallion Scholarship is the most prestigious award given in the Founders Scholars Program, which the university started 10 years ago to attract outstanding freshmen. The Fosters have magnified their generosity by setting up a Founders Scholarship that is unrestricted, which will give the university the flexibility to choose the most deserving recipients.
Herrick Society StoriesCharitable Gift Annuity Provides Scholarships for Future Generations
Paul and Elizabeth Foster share a love of books. In fact, they met in the university library (then in Rockwell Hall) as Kent State students in the early 1960s. Both were taking a course in library science. "After a while, he just started sitting by me," Elizabeth recalls. With the help of their professor, who "accidentally" left Elizabeth's exam in Paul's mailbox, they struck up a friendship by the end of the semester. The Fosters married, had a son, and settled in Cuyahoga Falls, Ohio. Some time ago, Paul gave Elizabeth $5,000 to invest in the stock market. She bought stock in a telephone company and eventually began receiving a quarterly dividend. But then the stock split and the new assets did not pay dividends. After receiving an issue of Cornerstone, she met with Kent State Gift Planning Director Joe Macedo. He showed Elizabeth how she could use her assets, which had grown to nearly $114,000, to generate a guaranteed income for life and establish a scholarship fund. Elizabeth created a charitable gift annuity that, upon maturity, will provide scholarships for future generations of Kent State students. "I was thinking that I needed some income, and this (annuity) fit the bill. It also allowed me to create a legacy for the university that I had attended with the help of a scholarship," she said. The Elizabeth R. Foster Medallion Scholarship will be awarded annually to a Kent State student of high academic achievement. The Medallion Scholarship is the most prestigious award given in the Founders Scholars Program, which the university started 10 years ago to attract outstanding freshmen. The Fosters have magnified their generosity by setting up a Founders Scholarship that is unrestricted, which will give the university the flexibility to choose the most deserving recipients. |