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Giving

On Frozen Pond

Doug '77 and Sabrina Baker Gross '79 donate campus ice skating rink

Not all Alma students, faculty and staff stay indoors when the winter winds blow and the temperature drops to single digits. Thanks to the generosity of Doug '77 and Sabrina Baker Gross '79, an outdoor skating rink provides hours of enjoyment for skating enthusiasts.

The 90-foot-by-50-foot ice rink, located north of the Stone Recreation Center, is situated on a plastic liner surrounded by a two-foot-high wooden fence. Students can check out skates and hockey equipment purchased with the Gross' donation at the front desk of the Recreation Center. The rink is open around the clock as long as the temperature remains below freezing.

The donation of a rink and skating equipment was an outgrowth of the Gross family's newly developed passion for ice skating.

"In 2000 we moved to a new house on a pond," says Doug Gross. "I had only skated five times in my life, but we started skating and playing hockey with our daughters in the winter. It was very casual at first, but it turned into a huge neighborhood thing, with as many as 15 or 16 people skating at one time. It was really nice.

"The pond and skating made my feelings about winter change; before, I always thought winter dragged on forever. Now, we study the weather map for three days of 10-degree weather so we can skate. I thought it would be great for Alma College to have an ice rink for students to help them enjoy the winter in Alma," he says.

Doug, who majored in business with an emphasis in accounting, is a financial advisor who operates his own business through Raymond James in Saline. Sabrina works part time for the University of Michigan. They met on Alma's campus as student workers for Saga. They live in Ann Arbor.

The Gross' also have supported the College library, the Alma Fund, and the general scholarship fund, and they have provided for the College in their estate plan.

"Both Sabrina and I have been very fortunate," says Doug. "Our education at Alma was a key factor to our success. We wanted to show our appreciation for an education that helped to prepare us for life after Alma."

- Mike Silverthorn

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A charitable bequest is one or two sentences in your will or living trust that leave to Alma College 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

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I, [name], of [city, state ZIP] give, devise and bequeath to Alma College [written amount or percentage of the estate or description of property] for its unrestrictred 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.

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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

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

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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 gift 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 receive an immediate federal income tax charitable deduction. 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 Alma as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 Alma 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 Alma where you agree to make a gift to Alma 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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