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Why I Give: Q&A With Elizabeth "Betsy" Krome '71

Betsy Krome

A full-time potter, Elizabeth "Betsy" Krome '71 is making a lasting impact on Randolph students through a gift in her will.

Q. What's your life like now?
A. I am a full-time potter. After nearly three decades in a potters' coop, I now run a one-woman business, Quail Run Pottery, working in a studio behind our rural home. I make pots for everyday use, selling wholesale and at art shows, and teaching clay classes for adults. Many '71 classmates have retired, but I am enjoying clay more than ever and I can't envision giving it up soon.

The other important commitment in my life, besides my family, is to a Quaker outdoors camp, where I have worked in the kitchen for 25 summers. This work is a total contrast to my solitary days with clay: I manage a staff of volunteers cooking for 100 lively campers and staff.

Q. What are your favorite memories from your college days?
A. Much of my college experience revolved around the Sundial, which I edited. Two aspects of that responsibility have shaped my life.

First, being entrusted with the leadership of the newspaper, with weekly deadlines, a variety of daily tasks and a staff of volunteers encouraged me to think that running my own business was not an outlandish idea.

Second, the experience of motivating those volunteers to produce a weekly newspaper has been helpful to me, both in my continuing summer work as a kitchen manager and in the 1990s when I co-founded a Montessori school and headed the parent board for five years. I often say that my R-MWC education prepared me to tackle any number of things I wasn't qualified for, and the Sundial was a big part of that education.

Q. Why have you chosen to support the College through a bequest?
A. For the same reason I've always supported the Annual Fund. Both my daughter (Margaret Krome-Lukens '07) and I received scholarships that made our R-MWC attendance possible, and it feels like the simplest-ever Pay It Forward. I am grateful to the generous alumnae whose resources are changing the lives of young people, and I want to be one of them.

When my husband and I updated our wills a few years ago, it was a chance to consider questions wider than how to provide for our children. I strongly believe in the virtues of a liberal arts education, and giving to Randolph feels like a great way to make good on that belief.

Q. If you could go back to your college-age self, what advice would you give her?
A. I'd say, 'Quit focusing on your journalism career (you're going to give it up at age 22) and take Music Appreciation and Art History.' My advisor, Dr. Cornelius, offered me this advice repeatedly, but I was not smart enough to take it.

Pay It Forward at Randolph College

There are many ways you, like Betsy, can make an impact on Randolph students in the future. Contact The Planned Giving Office at plannedgiving@randolphcollege.edu or 434-485-8050 to learn more.

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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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