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The Perfect Match for NMSU

Garrey and Kathy Carruthers

Former Chancellor Garrey Carruthers and wife Kathy received their 1888 Society Key in April as new members to the organization with their planned gift to NMSU.

It all started with a $250 scholarship—one that would take an Aggie from first-generation college student in the 1960s to New Mexico State University System Chancellor by 2013. But that $250—or about $2,000 today—not only set this Aggie onto a course for personal success but, in turn, benefited the future of NMSU and communities across New Mexico with two leaders who understand the power of giving back.

That's why former Chancellor Garrey Carruthers and his wife, Kathy, make the perfect match for NMSU. Both embraced this passion early on for making the communities around them better and have since made their impactful mark on thousands of Aggie students and the youth of New Mexico for generations to come.

Although Garrey retired in June, his and Kathy's impact on the NMSU system will carry on because of their time, passion, investment and most recently, induction into The 1888 Society after establishing a planned gift to NMSU. However, their ability to give back has transformed over time.

"You don't have to have a lot of money to be philanthropic," Garrey says. "Kathy and I didn't always have the financial means to donate money, so we made sure we invested our time in causes that we knew were important to the communities we were a part of."

In 1987, Kathy founded the New Mexico Coalition for Literacy to provide funding and training for adult reading programs in the state. Her passion for saving and restoring the New Mexico Governor's Mansion also helped her to start a private foundation that still raises funds for the building today.

Garrey earned two degrees from NMSU before returning to campus, serving and dedicating more than 30 years to students as a professor, dean, vice president and chancellor. His experience as the Governor of New Mexico, along with starting and selling his own company, made him extremely well-rounded to lead the NMSU system into some of its most successful years yet.

Over time, the couple started investing in the programs around them, including those at NMSU. Their gifts created scholarships for students, boosted academic programs, enhanced athletics and completed construction projects on the Las Cruces campus. Programs like the NMSU Spiritual Center and the Aggie Cupboard, along with a Chair for Economic Development in the College of Business, exist because of their support. By 2015, the duo received the Outstanding Leaders in Philanthropy award from the Association of Fundraising Professionals' New Mexico Chapter.

As part of their legacy of philanthropy to NMSU, the Carruthers' membership in The 1888 Society turns their longtime ideological match to NMSU into something more physical—matching challenge funds. This gift equips the NMSU Foundation with the financial means to continue growing a culture of alumni and friends who possess the same giving spirit the Carruthers' have embodied for years. Their planned gift will serve as matching dollars to incentivize Aggie supporters with a way to double their impact when they make a gift to programs, scholarships or departments throughout the NMSU system.

"I'm a strong believer in giving back to the people and places that make a difference in your life," Garrey says. "My success started at NMSU, so I will always find ways to make it even better and help out the next generation of Aggies."

Create Your Legacy

Discover how you can create your own enduring legacy at any NMSU campus. To learn more, contact Steven Covington at (575) 646-3190 or (800) 342-6678 or plannedgiving@nmsufoundation.org.

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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