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‘The Greatest Gift Is to Give’: Brit LeCompte Supports Students by Funding Scholarship

Brit LeCompte

Brit LeCompte explains why he gives to support scholarships for Randolph students.

The first time Brit LeCompte saw Virginia was during a vacation with his family to the Front Royal area. “My uncle decided to take the skyline drive to Stauton,” Brit said. “I got in this little yellow plane, and we flew over the ridge and saw the Shenandoah. It was so beautiful.”

Decades later, after losing his wife, Gladys, in 1995, Britt moved from Delaware to Arizona and then to British Columbia. However, after the terrorist attacks on Sept. 11, 2001, he came home to America—deciding to move to Lynchburg, a place he had visited many times since that first trip nearby with his uncle.

Today, he lives in a charming home filled with treasured antiques located near Randolph. Now 99 years old, Brit still remembers a promise he made with his wife who studied with Anna Pavlova, the Russian prima ballerina, before building a successful career with DuPont. In 1983, the couple decided that they wanted to leave a legacy of education.

“That lady up there is my wife,” he said, glancing lovingly to a portrait above his mantle. “She made something of her life because she had commitment, because she was positive and because she worked for what she wanted.”

A former marketing executive, investor and self-described “peddler,” Brit feels blessed by the challenges and opportunities in his life. A farm boy from Delaware, he served in World War II on both the American and Pacific Theater fronts. In fact, he survived a massive typhoon in Okinawa that blew over his truck. He and several others survived for three days with just a tent, raincoats for a floor and sparse rations of potted meat, deviled eggs and cheese.

“I didn’t come from the bottom. I wormed my way to the bottom,” Brit laughed. “In America, you can go from the very lowest to the very top. We have some of the greatest people on the planet here in this country, and all we have to do is support them and the great things they can do. Education is the way to do that.”

Randolph is one of four institutions he has chosen to support with scholarships. Brit is content knowing he is fulfilling a commitment he made with his wife—and making a difference in the world, one student at a time.

“The greatest thing is to give,” he said. “I’m rewarded when young people get a better chance for education. It feels good to know that we are making great minds for this country.”

As for his wife, Brit knows exactly what she would say if she heard about his efforts to help students.

“She’d say, ‘I taught him everything he knows,’” he said with a big grin.

This article was written prior to Brit’s death in July 2020.

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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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