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Your Gifts at Work

A Symphony of Success

Dana Ragsdale

Dana Ragsdale made her mark on The University of Southern Mississippi as a professor of music. While the University community celebrates her symphony of success as an educator, Ragsdale has written the score for her legacy to continue by creating an endowed scholarship for music students with the gift of her home to The University of Southern Mississippi Foundation through a retained life estate. This gift vehicle transferred ownership of Ragsdale's home to the USM Foundation when she died, while allowing her to live in the home during her lifetime. (A relatively simple legal process ensures a future contribution to the Foundation while providing significant tax advantages to the donor). Ragsdale passed away August 1, 2012, after a five-year battle with brain cancer.

The Melba Ough Ragsdale Memorial Piano Scholarship was created in honor of Ragsdale's mother, who was an avid supporter of the arts. "When my mother passed away in 2005, I wanted to find a way to honor her for her love and support throughout my life," said Ragsdale.

Ragsdale, a skilled harpsichordist, moved to the deep south from Connecticut in 1973 to pursue a career in music education at Southern Miss. Early on, she taught piano class to music majors who were, as she recalled, extremely eager to learn.

After taking a sabbatical to earn her Doctorate in musical arts, Ragsdale returned to Southern Miss in 1982 to teach Baroque history and performance. She also started a new course in the performance practice of music from the 19th and 20th centuries, the first of its kind at Southern Miss. The following year, Ragsdale revived the Collegium Musicum, an ensemble that performed musicals from the Medieval, Renaissance and Baroque eras.

After more than 35 years as a member of the faculty at Southern Miss, Ragsdale retired in 2009. Through her life estate, Ragsdale has ensured her legacy in perpetuity at Southern Miss. "I am leaving something that houses so many memories of the times I spent here with my mother, and that is truly meaningful to me," Ragsdale said in 2010.

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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. California residents: 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. Oklahoma residents: 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. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to The University of Southern Mississippi Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to The University of Southern Mississippi Foundation, a nonprofit corporation currently located at 118 College Drive #5210, Hattiesburg, MS 39406-0001, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the USM Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the USM Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the USM Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the USM Foundation where you agree to make a gift to the USM Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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