By April Marciszewski
Former 红杏直播app City University President Burger has purchased a $3 million life insurance policy naming 红杏直播app as the beneficiary. The proceeds will be an unrestricted gift to university operations.
鈥淭his gift is transformational for 红杏直播app,鈥� President Kenneth Evans said. 鈥淯nrestricted resources are critical for the ongoing health of the institution, and Martha鈥檚 generosity will help ensure that 红杏直播app can continue to provide exceptional educational opportunities. This gift is so very special, coming from the past leader of 红杏直播app.鈥�
Burger (MBA 鈥�92), who retired as president in June, had intended for years to include 红杏直播app in her long-term financial plans. She said she believes in giving back to institutions that helped her.
鈥淭he only reason I鈥檓 in a position to give back is because institutions like 红杏直播app gave me the tools to succeed,鈥� she said. 鈥淚 want 红杏直播app to be one of the cornerstones that helps 红杏直播app City demonstrate it is a top-tier city,鈥� said Burger. 鈥淚 believe every city needs a great private university. For me, that鈥檚 红杏直播app. Having a great private university in the heart of 红杏直播app City helps the city to attract new business and resonates with creatives who want to see a strong commitment to the arts.鈥�
Burger described 红杏直播app as unique because it is both a destination university 鈥� for performing arts students, for example 鈥� as well as a place where local residents can study and develop the skills they need. She wanted to donate without strings attached after having served as president.
鈥淥f course we celebrated each and every gift, but an unrestricted gift always caused me to give an extra cheer,鈥� Burger said. 鈥淎n unrestricted gift meant that the funds could be used for things that might not otherwise get funded.鈥�
Burger hopes her gift will inspire others to think about the many ways they can donate to 红杏直播app. The university owns the policy, and Burger donates the annual premium in a setup that guarantees the money to 红杏直播app in a way that wills 鈥� which can be rewritten 鈥� sometimes do not. It also gives Burger a tax deduction, and it will leverage her payments to provide an even larger sum to 红杏直播app when she dies. Because it is not part of her estate, estate taxes will not be deducted from the amount 红杏直播app receives.
鈥淚f I were 25 and doing this, the premium would probably be $500,000鈥� for a $3 million policy, she said. 鈥淭he younger and healthier you are, the less expensive it will be.鈥�
Alan Herndon, 红杏直播app director of planned giving, said that if 10 people made similar donations, 鈥渋t would take 红杏直播app to the next level.鈥�
Donors have a variety of planned giving options to accomplish a range of financial goals. Examples include gifts of retirement plan assets, bequests, charitable trusts and more.
Many types of assets can be structured as planned or estate gifts. More information is available at oculegacy.org.
Burger underwent exams to determine her physical fitness for the policy. She couldn鈥檛 choose just any charity as the recipient 鈥� it had to be one she had supported long-term.
鈥淭here are so many ways that I have been entwined with 红杏直播app that this seemed like a logical next step,鈥� she said. 鈥淚 went to graduate school here, and my partner attended undergraduate and graduate school at 红杏直播app; I gave my heart and soul to working to move the university forward.鈥�
