Sullivent finds ways to thank alma materFreddia Jean Sullivent had been out<strong>of</strong> high school for almost 20 years whenshe decided to start attending night classes<strong>of</strong>fered by <strong>University</strong> <strong>of</strong> <strong>the</strong> <strong>Ozarks</strong> at asatellite campus in Fort Smith.In just a few years, Sullivent hadfulfilled a lifelong dream by obtaining hercollege degree. Now she is helping o<strong>the</strong>rsachieve that dream as a regular donor to<strong>the</strong> <strong>University</strong>’s Annual Scholarship Fund.“If it had not been for <strong>the</strong> programand for <strong>University</strong> <strong>of</strong> <strong>the</strong> <strong>Ozarks</strong>, I wouldnot have been able to obtain my degree,”said Sullivent. “Because <strong>of</strong> <strong>Ozarks</strong> I wasable to achieve something that I wantedfor a long time but that seemed to be out<strong>of</strong> reach.”Sullivent is a senior accountant inMedicaid Reimbursement for GoldenVentures, a provider <strong>of</strong> healthcareservices to <strong>the</strong> elderly that operates morethan 400 nursing facilities throughout <strong>the</strong>country.Though <strong>Ozarks</strong> no longer has asatellite campus in Fort Smith, Sulliventhas been one <strong>of</strong> <strong>the</strong> <strong>University</strong>’s mostloyal and consistent champions, from herregular monthly contributions to <strong>the</strong>Annual Scholarship Fund to her long-timeservice with <strong>the</strong> Alumni Board <strong>of</strong>Directors. She served as president <strong>of</strong> <strong>the</strong>Alumni Board from 2003-2005.“It is important for me to support <strong>the</strong><strong>University</strong> because <strong>the</strong> school gave me<strong>the</strong> opportunity to achieve something thatI had wanted and dreamed <strong>of</strong> having fora long time,” she said. “I hope that through<strong>the</strong> support that I can give to <strong>the</strong><strong>University</strong> that o<strong>the</strong>rs can have <strong>the</strong>opportunity to have <strong>the</strong>ir dreams cometrue also. I feel that you should give backto those that give to you, both throughvolunteering when you’re able, andfinancially, if you are able.”Sullivent is also active in volunteeringfor her church, Butterfield Assembly <strong>of</strong>God in Van Buren, and with <strong>the</strong> UnitedWay <strong>of</strong> Fort Smith’s Women’s LeadershipCouncil that supports children’s literacyprojects.“I have been blessed with havingbeen touched by people who care,” shesaid. “It’s my responsibility and privilegeto be able to serve o<strong>the</strong>rs. I hope from<strong>the</strong> example that I set that o<strong>the</strong>rs willfollow in service.”Sullivent said she got into <strong>the</strong>philanthropic habit after purchasing anamed brick in <strong>the</strong> <strong>University</strong>’s AlumniPlaza.“Once <strong>the</strong> brick was paid for Icontinued my contribution to <strong>the</strong><strong>University</strong> because it had become ahabit,” she said. “Over <strong>the</strong> years I wasable to increase my monthly donation. Byhaving it taken directly out <strong>of</strong> my checkingaccount, it is easy and convenient and Ireally don’t miss <strong>the</strong> money.Freddia and Tommy Sullivent“No matter what you are able to giveto <strong>Ozarks</strong>, whe<strong>the</strong>r it be small or large, itis important and appreciated by thosestudents who receive benefit from yoursupport. You may not realize howimportant it is to give to o<strong>the</strong>rs until youdo it and see what <strong>Ozarks</strong> and its studentsare able to accomplish with your gift.”Sullivent and her husband <strong>of</strong> 20 years,Tommy, live in Alma, Ark.Students Support Promise <strong>of</strong> ExcellenceStudent Government Association (SGA) senators, along with matching gifts from SGAPresident David Ray and Dean <strong>of</strong> Residential and Campus Life Sherrie Arey, raised atotal <strong>of</strong> $150 for <strong>the</strong> Annual Scholarship Fund to show <strong>the</strong>ir support for <strong>the</strong> currentPromise <strong>of</strong> Excellence Campaign during an October meeting. Presenting <strong>the</strong> check to<strong>the</strong> <strong>University</strong> were (from left) SGA Treasurer Jose Schonenberg, SGA SecretaryLisa Mercer, <strong>Ozarks</strong> President Dr. Rick Niece, David Ray, Sherrie Arey, SGAParliamentarian Jorge Avila, and SGA Vice President Tim Schmoker.12 <strong>Today</strong>, FALL/WINTER 2007
Charitable gift annuities can benefit you and <strong>Ozarks</strong>Mrs. Polly Kennon is a retired schoolteacher and 1946 graduate <strong>of</strong> <strong>University</strong><strong>of</strong> <strong>the</strong> <strong>Ozarks</strong> who celebrated her 91stbirthday last year. She has been an annualdonor to <strong>the</strong> <strong>University</strong> for most <strong>of</strong> herlife and is a familiar face at <strong>University</strong>events. Polly <strong>of</strong>ten recommends <strong>the</strong><strong>University</strong> to young people as a greatplace to get a college education, and it isher desire to see that funds are availableto assist future teachers.On September 27, Polly met with<strong>University</strong> President Dr. Rick Niece tosign an endowment agreementestablishing <strong>the</strong> Polly Taylor KennonEndowed Scholarship that will benefitfuture education majors at <strong>Ozarks</strong>. T<strong>of</strong>und this endowment, Polly used anannuity that currently provides her with astream <strong>of</strong> income and will continue to doso as long as she lives. On Polly’s death,<strong>the</strong> annuity will fund <strong>the</strong> Polly TaylorKennon Endowed Scholarship. This type<strong>of</strong> annuity is called a charitable giftannuity.A charitable gift annuity is a contractbetween you and a qualified charity inwhich <strong>the</strong> charity promises to pay alifetime income to you, or to a person youdesignate, in exchange for yourirrevocable gift <strong>of</strong> assets, usually cash ormarketable securities. A charitable giftannuity can be established as a:* Single-life gift annuity for yourselfor ano<strong>the</strong>r individual, such as your spouseor your child;* Two-life gift annuity providingincome for two beneficiaries during <strong>the</strong>irjoint lives, <strong>the</strong>n for <strong>the</strong> survivor’s lifetime;* Deferred gift annuity delayingpayment for a term <strong>of</strong> years, butincreasing <strong>the</strong> payment amount.The terms <strong>of</strong> gift annuities arenegotiable, including when and how <strong>the</strong>annuity is paid. The amount <strong>of</strong> annuityincome is determined by multiplying yourcontribution by an annuity rate – a fixedpercentage set by <strong>the</strong> organization –based on <strong>the</strong> annuitant’s age and assumedlife expectancy. Most charities follow <strong>the</strong>rates suggested by <strong>the</strong> American Councilon Gift Annuities. Generally, <strong>the</strong> older youare when your gift annuity begins, <strong>the</strong>higher your rate <strong>of</strong> payment.The rate <strong>of</strong> payment on a gift annuityis set when <strong>the</strong> annuity begins and <strong>the</strong>payments are made as long as <strong>the</strong>recipient <strong>of</strong> <strong>the</strong> payments lives. Paymentsfor a particular annuity are never loweredor raised, regardless <strong>of</strong> changes in interestrates or <strong>the</strong> national economy.An example <strong>of</strong>how charitable giftannuities workA retired widow, Jennifer Smith,receives enough income from heremployer pension, Social Securitybenefits, and o<strong>the</strong>r savings to meet herneeds.Besides wanting to help supplemen<strong>the</strong>r children’s retirement incomes, shewants to make a substantial gift to heralma mater, <strong>University</strong> <strong>of</strong> <strong>the</strong> <strong>Ozarks</strong>.Mrs. Smith establishes a $100,000deferred gift annuity for each <strong>of</strong> hertwo children with payments beginningat age 65.Her daughter’s current age is 59and her son’s current age is 57. Thefinancial benefit to each <strong>of</strong> <strong>the</strong> childrenis approximately $160,000. Mrs. Smithalso receives an income tax deductionin <strong>the</strong> amount <strong>of</strong> $90,000.Mrs. Polly Kennon ’46 signs endowmentagreement with President Dr. Rick Niece.You can designate a loved one toreceive <strong>the</strong> payments ei<strong>the</strong>r with you,instead <strong>of</strong> you, or only following yourdeath. This can result in a double gift –one to <strong>the</strong> charity and ano<strong>the</strong>r to a relativeor friend. Since <strong>the</strong> combined period <strong>of</strong>life expectancies is typically longer thanone person’s life expectancy, <strong>the</strong> rate <strong>of</strong>annuity payment will be somewhat lower.Since a portion <strong>of</strong> <strong>the</strong> amount givenfor a gift annuity will be used for charitablepurposes, you are entitled to a federal (andperhaps state) income tax deduction in <strong>the</strong>year you make your gift.If you give a low-yielding asset to funda gift annuity, you may also be able toincrease your income, since a gift annuitymay pay more and be taxed morefavorable than o<strong>the</strong>r income. There canbe additional tax benefits if <strong>the</strong> securitieshave increased in value because you avoid<strong>the</strong> tax on a portion <strong>of</strong> <strong>the</strong> capital gain in<strong>the</strong> property.For more information on charitablegift annuities, or to discuss additionalgiving options, please contact AndreaDixon at 479-979-1230 oradixon@ozarks.edu. Please consultyour tax and/or legal advisor beforemaking a gift.<strong>Today</strong>, FALL/WINTER 2007 13