Tax advantages
still available
Chowan College supporters are encouraged to
“take advantages of tax benefits while they are
available.”
Director of Development Bobby Cross noted, “As
you know, Congress has enacted a tax reform law
that will affect all of us who love and support
Chowan College. Most advisors are suggesting that
people increase their deductions (including
charitable gifts) this year.
“They are also advising us to take a careful look
at our total financial plans with our financial ad
visors before the end of this year. This is especially
true if you are considering establishing a Charitable
Remainder Trust or a gift of land, appreciated stock
or other appreciated assets to the college.”
Cross said the college’s consulting firm. Marts
and Lundy, Inc., is recommending the following:
Consider giving as much as possible to your
favorite institutions this fall while the 50 per cent
tax bracket is stiU in effect. Just as in 1981 when the
top rate dropped from 70 to 50 per cent, you have
the special opportunity to save more money on your
giving by making a cash or property gift in late
1986. Here are four year-end strategies which may
be of interest:
1. MAKE GIFTS OF APPRECIATED PROPER
TY now at the top 50 per cent rate and before
special planning may be required to deal with tax
preferences of appreciated property.
2. SET UP A GRANT LEAD TRUST with income
going to Chowan College, receive a large “up-front”
deduction, and receive back the amount given at the
end of the term of the trust. The key to the ad
vantage in making such an arrangement is the “up
front” tax deductibility wliile the maximum tax rate
remains at 50 per cent.
3. ESTABLISH A HIGH YIELDING LIFE IN
COME TRUST and receive an immediate deduction
against your 50 per cent rate. In subsequent years
the high income from the trust will be more
favorably taxed at 28 per cent.
4. CREATE A CHARITABLE REMAINDER TUI
TION TRUST for a term of years paying income to
a child or grandchild. You, the donor, would receive
the deduction against the 50 per cent rate and the
child would be taxed on the income of their low 15
per cent rate. This technique will be especially at
tractive since many income shifting devices will be
eliminated.
5. IF YOU HAVE A PLEDGE OUTSTANDING,
this would be a good time to pay it off entirely, or to
some major degree.
6. Since Chowan is in the major gift stages of its
campaign, you might wish to make an advance pay
ment to the campaign.
7. IF YOU DO NOT ITEMIZE YOUR DEDUC
TIONS, 1986 is the one and only year you may
deduct the total amount of your charitable gifts over
and above the standard deduction. This would be an
excellent year to make a super-generous gift to the
annual fund, whether you itei^e or not.
Cross recommends that friends of the college
“consult your attorney or tax advisor before year-
end.”
Memorial scholarship named
for former professor, advisor
The Frances White Coleman
and H. Gordon Coleman
memorial scholarship has been
funded through a $10,000 gift from
the will of the late Frances White
Coleman, who taught at Chowan
from 1953-1968.
The scholarship will provide an,
annual $500 award. Recipients
are worthy young people
designated by the scholarship
Committee, with preference given
from Virginia and North Carolina.
Mrs. Coleman, professor
emeritus of English and Religion
died on June 2, 1985, at Boykins,
Va.
Additional Bequest
She also provided an additional
bequest of $10,368.06 for the
General Endowment Fund.
Noted President Bruce E.
Whitaker, “Frances White Col
eman loved Chowan deeply. She
served it faithfully and she sup
ported it with all of her heart.
Through these bequests, she con
tinues to be a vital part of every
good work that is done in the
name of Chowan College.”
Served on Committee
Added attorney Gilbert W.
Francis of Boykins, Va., chair
man of the Endowment Commit
tee, “Mrs. Coleman had only love
for her fellow man. She served as
a member of the Endowment
Committee and worked faithfully
to encourage the building of a
strong endowment for the future
of the college.”
Stated chaplain Dr. R. Hargus
Bible Study
Dr. Charles H. Talbert, of
Wake Forest University, led
the January Bible Study In
stitute on Oct. 31 attended by
area pastors in Marks Hall
auditorium. Chowan's
chaplain, Dr. Hargus Taylor,
was the campus coordinator.
Talyor: “A native of Virginia,
Mrs. Coleman crowned a long and
distinguished career as teacher
with 15 years of classroom in
struction teaching in both the
fields of Religion and English.
She was one of those persons who
was truly ‘at home’ in the
classroom.
Advisor to BSU
“I suspect that if she had been
asked, however, she would pro
bably have pointed to her role as
advisor to the Baptist Student
Union on campus as one of the
most rewarding experiences of her
career among us. She con
tinued to delight in ‘her boys’ -and
girls — whose leadership in BSU
proved to be a prelude to con
tinued active leadership in the
church life of those communities
to which they have moved since
Chowan days.”
Lived in Boykins
Mrs. Coleman and her late hus
band maintained a home in
Boykins following her retirement
in 1968. For the last few years,
she was a resident of Nansemond
Convalescent Center, Suffolk, Va.
Mrs. Coleman was the founder
of the Boykins Baptist Church
Library.
Happenings
of Alumni
Class of 1965
Mrs. Harriet Gibbs Jenkins of Tarboro has been
promoted to vice-president of Associated Insurers
Incorporation of Raleigh.
Class of 1973
Jane Whitley and Robert Elwood Pridgen, Jr.,
both of Rocky Mount, were united in marriage April
27,1986
Class of 1974
Bobby Joe Edwards and Elizabeth Alicyn Pruden
were united in marriage July 26,1986.
Class of 1976
Ruffin Bundy Powers,II, and Linda Lee Dixon,
both of Wallace, were married June 29,1986.
Class of 1979
Charles Gregory Fleming and Janet Lynn Tucker,
both of Littleton, were united in marriage April 30,
1986
Rebecca Jeanette King and Lee Brant Gordon
were united in marriage October 5,1986.
Class of 1980
Pamela Gayle Cross and James Michael Deanes
were married Jime 1,1986.
Mrs. Hope V. Clark, a native of Ahoskie, has been
named Advertising Coordinator for the Belk Tyler
group of stores in eastern North Carolina.
Class of 1981
Eugene Cooke Jenkins and Kerri Elizabeth
Beasley (1985) were united in marriage June 21,
1986.
Ronald Fritts Royals and Donna Kaye Rogers of
Trinity were married May 25,1986.
Stuart Alan Komegay and Lynda Loretta Norris,
both of Goldsboro, were united in marriage August
24,1986.
Mr. Eric McDaniels, an Elizabeth City native, is
the new football coach and athletic director at Mur
freesboro High School.
The Chowonian, December, 1986—PAGE 13