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A High-Growth Fund That Yields Lifelong Dividends

Carol McLaughlin

Carol McLaughlin credits her career success to her experience at Macomb and created a scholarship as a way to give back.

Carol McLaughlin has a green thumb and a grateful heart. That’s why this avid gardener is committed to growing a community as healthy as her hydrangeas and marigolds.

A Macomb Community College alumna, Carol credits her associate degree for the full-time job with benefits that helped her provide for her two children following a divorce. She is now a grandmother of two pre-teens and a fervent supporter of education.

“I am so glad that Macomb was available to me,” says Carol, who returned to college after being a stay-at-home mom for her son and daughter, both college graduates. “It made my career possible.”

And that career was a long and successful one in the financial management office of Shelby Township, where she stayed until her retirement a few years ago. Establishing the Carol McLaughlin Career Scholarship at Macomb in 2014 was her way of saying thank you.

“I read the applications of these students and it just tugs at my heart strings,” says Carol. “The need is there, and I’m just thankful that I can make a difference.”

The scholarship that she planted at Macomb is for students enrolled in a two-year program that leads directly to a career, including those in engineering and advance technology, and health and public service. Special consideration is given to applicants who have been involved in community service projects, reflecting Carol’s belief in the importance of volunteerism. She served on Shelby Township’s beautification committee for more than 15 years and since last fall has been delivering food to the elderly for Meals on Wheels.

“I regard the scholarship as a way to encourage and reward those who are involved in their communities,” says Carol. “I know it has been very gratifying to me. With the Meals on Wheels program, I meet shut-ins who have no contact with the outside world. They are always so happy to see me.”

And just like her volunteer work, Carol’s scholarship is making life a little brighter for some deserving college students, who now don’t have to worry about incurring debt as they earn their degree. “I’m so happy that Macomb is in our area and giving students these opportunities to get good jobs,” says Carol. “Macomb is a quality school and this is my way of encouraging others to take advantage of it.”

At the annual Donor Recognition Luncheon held in the spring, Carol met the two most recent recipients of her generosity. And the experience, she says, “just made me want to do more.”

Create a Bright Future

Like Carol, you can make a gift to help Macomb Community College students pursue their dreams. Contact Dawn Magretta at magrettad@macomb.edu and 586.445.7302 to learn more.

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A charitable bequest is one or two sentences in your will or living trust that leave to Macomb Community College 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, [name], of [city, state, ZIP], give, devise and bequeath to Macomb Community College Foundation [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 MCC 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 gift 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 receive an immediate federal income tax charitable deduction. 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 MCC Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 MCC 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 MCC Foundation where you agree to make a gift to MCC 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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