Create a “scholarship fair” where students complete multiple scholarship applications on the spot with staff support—a concept Regent Childs is actively pursuing with university staff.
Vice President Michael DeCourcy introduced Mr. Ben Smith, a planned giving consultant and Georgetown resident with extensive experience in financial services and charitable planning (including work with national nonprofits and universities). Mr. Smith, a Kentucky native, noted his long familiarity with Kentucky State and expressed appreciation for the Board’s work on behalf of the university and the city of Frankfort.
The distinction between knowing about charitable planning tools and actually implementing them.
The concept of legacy as leaving “footprints” that endure beyond one’s lifetime.
The idea that many people regret what they did not do more than what they did, especially regarding philanthropy and planning for their families.
He outlined several planned giving strategies that can benefit both donors and Kentucky State, including:
Bequests in wills and trusts – Encouraging individuals to include the university in their estate plans, sometimes in small percentages that can still yield meaningful support.
Gifts of non-cash assets – Such as stocks, real estate, business interests, jewelry, antiques, vehicles, life insurance policies, IRAs, and farms, which may offer tax advantages and avoid capital gains.
Charitable Lead Trusts – Where income goes to the university for a set term, after which the asset passes to heirs.
Charitable Remainder Trusts and Gift Annuities – Where donors receive income for life (or a term of years) and the remainder goes to the university upon their death.
Qualified Charitable Distributions from IRAs – Direct gifts from IRAs to the university that may avoid income tax.
Mr. Smith emphasized that:
There is a significant intergenerational transfer of wealth underway nationally, and Kentucky State should position itself to participate by fostering conversations about