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Estate Gift Creates Special Opportunities for Deserving FSU Students

Davenport estate gift

On Oct. 6, 2005, the Davenport estate gift was presented to the University. From left: Gene Davenport, FSU President T.K. Wetherell; Sally Ann Hugli; and Cliff Davenport Jr.

On Oct. 6, 2005, the Ocala-based family of the late Clifford "Cliff" and Jeanette Davenport presented a $1 million check to Florida State University. The intimate ceremony honoring the Davenports' gift included President T.K. Wetherell; former Ocala Mayor Jim Kirk; Alumni Association President Barry Adams; children Cliff Davenport Jr., Gene Davenport and Sally Anne Hugli; and grandson the Reverend Rick Hugli. This gift represents a distribution that was made possible through a trust created more than 20 years ago by the late Mr. and Mrs. Davenport.

The Cliff and Jeanette Davenport Scholarship and Loan Fund will be used to give financial assistance to high school graduates from Citrus, Hernando, Lake, Levy, Marion, Putnam and Sumter counties. Rewards will be given to students interested in attending FSU who have demonstrated an ability to achieve at a high scholastic level but do not have the resources to secure a degree. The funds will allow financial assistance through the four years needed to obtain a degree in management, finance, marketing or public relations.

Though not a graduate of Florida State, Mr. Davenport was one of the prime initiators of the movement to bring coeducation to the Florida State College for Women and to later change its name to Florida State University. His daughter Sally Ann Hugli, a 1957 graduate of FSU, knows that this money will benefit deserving students. "I had a great time at Florida State and didn't want to leave. I think Daddy wanted others to get that experience."

As FSU President T.K. Wetherell notes, "This gift was made possible by donors who planned ahead. We are extremely grateful to all of the individuals who leave a legacy at Florida State, and the Davenports set a great example for others to follow."

During October and November, the FSU Foundation received notification of several other bequest commitments from loyal members of the FSU family who designated their bequest gifts to undergraduate student scholarships. Some of their stories are highlighted inside, and we hope you enjoy reading about them. We intend to continue to share these wonderful stories in future issues of our newsletter.


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

"I give to Florida State University, a nonprofit corporation currently located at Tallahassee, Florida, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted 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.

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 FSU Foundation 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 FSU Foundation 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 FSU Foundation 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 FSU Foundation where you agree to make a gift to the FSU Foundation 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.

Personal Estate Planning Kit Request Form

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