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Why I Give: Q&A With Betsy Crighton '67

Betsy Crighton

Betsy Crighton '67

Tell us a little about your life today.
I retired three years ago after many years on the faculty at Pomona College. I still live in Claremont, but instead of going to campus every day, I travel, sing in the college choir and enjoy lots of musical performances—especially Friday morning concerts of the Los Angeles Philharmonic. What a treat to go to a concert on a work day! Living in a college town offers easy access to campus events (Claremont has eight colleges and universities). I also enjoy Pilates, hiking and keeping up with family and friends. Volunteering—especially serving on Randolph's Board of Trustees—is a new and important part of my life.

What is your fondest memory from the College?
I have many fond memories of Randolph-Macon Woman's College, especially of superb teachers and deep friendships. Facebook and reunions remind me of how much I share with other R-MWC graduates, some of whom are very close friends. One of my strongest memories is the pleasure and privilege of living among paintings from the College's art collection. Art wasn't rarefied high culture but part of our daily life. We passed the famous Bellows painting on our way to class (sometimes dressed in pajamas under a raincoat). Works by Ben Shahn and Georgia O'Keeffe were part of our world. It is good to see that tradition alive and well on campus today.

What was your favorite tradition?
It isn't my favorite (that would be the faculty talent show), but the honor system is the tradition I value most. It gives ethical shape to life at Randolph. That is one of the College's important strengths, now more than ever.

Why do you support the College with a planned gift?
For years after graduation, I wasn't very close to the College, but I did attend my 25th and 50th class reunions. The 50th was a revelation. During that weekend on campus, I realized that Randolph is still the college I love. It has a new student profile and a new name, but it is still a welcoming, academically rigorous, intellectual community. It is also blessed with wise leadership. I give so that new generations will have access to an education as fine as the one I was given.

Why is it important for people to give to Randolph?
Randolph's future depends on a strong alumni base. Every donation, no matter how small, boosts the alumni giving rate that is so crucial to attracting large gifts and foundation grants. No college or university can charge students for the full cost of their education, so Randolph's ability to maintain and improve the campus, pay reasonable faculty salaries and offer scholarship aid to students all depends on the generosity of graduates and friends.

What advice would you give to a new graduate?
Explore, take risks, tackle tough problems with the knowledge that Randolph has equipped you to think your way through new challenges. Remember that your college education is a precious gift, so stay connected to college friends and mentors and give back along the way.

To learn more about ways to give, please contact the Planned Giving Office at 434-485-8050 or plannedgiving@randolphcollege.edu.

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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.

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

 Bequest Language

"I give, devise, and bequeath to the Trustees of Randolph College (founded as Randolph-Macon Woman's College in 1891), a corporation located in Lynchburg, Virginia (the College), the sum of $_____ dollars [or property, securities, etc.], to be used for [describe the purpose in as broad and simple terms as possible], or in the event that such use shall in the judgment of the Board of Trustees of the College become impracticable, said trustees may use the bequest for other purposes as nearly akin to the original purpose as they judge will help advance the aims of the College."

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 College 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 College 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 College 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 College where you agree to make a gift to the College 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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