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Endowments Create Lasting Legacies at NMSU

Honoring a loved one through an endowed fund at New Mexico State University creates a permanent legacy for that individual by supporting a program that had a special place in his or her life. Among the many endowments created during 2010, these three tell special stories.

Dr. Kristine Derer

Dr. Kristine Derer

Dr. Kristine Derer taught at NMSU as an associate professor in the department of special education and communications disorders. Her personal passion was early childhood special education focusing on early intervention and empowering families.

Kristine grew up in Illinois and earned her bachelor's degree at Eastern Illinois University. She continued her education at the University of Hawaii where she earned her master's and received her Ph.D. from Vanderbilt University in Nashville.

Throughout her life she had a passion for the martial arts, particularly Tai Chi. For more than 18 years, she taught a weekly class in Las Cruces.

Recognized regionally and nationally for her dedication to her profession, her sisters, Terri Eisele and Mardi Scheske, both of Illinois, established a scholarship endowment in her honor within the department after she passed away in early 2010. This scholarship will benefit a junior, senior or graduate-level student interested in following a career path similar to Kristine's.

Randhawa-Dhillon

In appreciation of New Mexico State University's impact on their family, Drs. Gurinder K. Randhawa and Jatinder S. Dhillon created an endowment honoring her parents to fund a scholarship for biology and physics. Gurinder's father, Jagir Singh Randhawa, came to the United States from India in 1957 to pursue a career in physics. He earned his master's degree in Colorado and then enrolled at NMSU for doctoral studies.

His wife, Narinder, and two daughters moved to the United States to join him after he completed his degree in 1964 and went to work for the U.S. Army as a civil servant in the field of atmospheric sciences at White Sands Missile Range. His area of expertise was ozone. He remained there until retirement in 1991 when he moved to Fresno, Calif., and became a full-time farmer.

Their daughter, Gurinder, remembers that her mother was an excellent cook who played an active role in the Indian student association at NMSU as well as the community at large. Gurinder graduated from Las Cruces High School and enrolled at NMSU with a full scholarship to study biology and chemistry. She points out that her parents stressed the value of education for their daughters and other members of their family who came from India to study at NMSU. She believes that NMSU's strong academic program (she earned a total of four degrees) prepared her well for medical school.

This scholarship will alternate between the two departments, supporting a senior who plans to attend medical school or pursue a doctorate degree in physics.

Michael Swift

The son of a naval officer, Michael Douglas Swift lived in California, Hawaii and Nebraska before the family settled in Albuquerque when he was eight years old. He graduated from Sandia High School in 1976 and enrolled at New Mexico State University for college.

In his sophomore year, Michael decided to major in business and graduated in 1981 with a degree in business administration. After several other sales positions, he worked for many years as an associate buyer with Sperry Defense Systems, which later became a division of Honeywell. During that time, he also earned his MBA from Webster University, graduating at the top of his class.

In 1993, he joined the manufacturing production control unit of Intel. He was based at its Rio Rancho, N.M., location. Michael rose to become planning manager of Fab 11X, supervising a team of 15 to 20 people. Intel encouraged its employees to be involved with the community. Michael worked with United Way of Central New Mexico and the Roadrunner Food Bank.

After he passed away in late 2008, his family decided to preserve his legacy with an endowed scholarship in the college of business at NMSU. This scholarship will support a New Mexico student enrolled full time in the college.

A charitable bequest is one or two sentences in your will or living trust that leave to the New Mexico State University Foundation 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 the New Mexico State University Foundation, a nonprofit corporation currently located at P.O. Box 3590, Las Cruces, NM 88003, 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 NMSU 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 NMSU's 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 NMSU 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 NMSU 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 NMSU Foundation where you agree to make a gift to the NMSU 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.
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