David M. Gausman earned a degree in mechanical engineering from The University of Akron in 1970 and went on to have a successful career with FirstEnergy Corp. The retired engineer now spends his days enjoying his hobby – he’s a car enthusiast – and continues to appreciate the doors that higher education opened for him. Wanting to ensure that future generations of UA students experience the same opportunities, he established a charitable remainder unitrust that provides income to him during his lifetime – and will provide financial assistance to engineering students when the trust ends.
David M. Gausman '70 enjoys a few minutes behind the wheel of the Zips Racing Indy Car. Gausman established a charitable remainder unitrust that will provide financial assistance to University of Akron engineering students.
“Perhaps a decade ago, I discovered the tremendous value of helping humanity through charitable giving,” said Gausman, “and the vehicle I chose was education. An educated society endures and paves the way for current and future generations.”
According to Gausman, there is a great need – and a shared responsibility – to make education available to everyone, especially higher education, which has “a long tradition of generating great leaders and thinkers who have changed the world.”
As a student at The University of Akron, Gausman admits he viewed education simply as a means to earn a living. “At the time,” he said, “I never dreamed of the many ways education would increase my possibilities and expand my world. Through the years, however, I have come to understand the power of education and am immensely grateful for every opportunity my engineering degree from The University of Akron has provided to me.”
In fact, the success Gausman enjoyed during both his career and interests outside his profession – which are the direct result of his education – made it abundantly clear to him that he should help future students.
“Affecting change is something many people desire to do. A charitable trust can make it happen – and create a lasting legacy.” Dave Gausman
And so, with guidance from The University of Akron Foundation, Gausman established The David M. Gausman Endowment, a charitable remainder unitrust that will fund a scholarship. Known as a CRUT, this type of trust provides income to the donor or a loved one for life or a specified number of years. When the trust terminates, the remainder supports the University, according to the donor’s wishes.
Thanks to a knowledge of investments, Gausman also chose to personally administer and manage his CRUT, although most donors leave this task to the UA Foundation.
“I have never looked back,” added Gausman. “In fact, I am extremely proud of my decision, which positively impacts my alma mater and allows me to remain engaged with today’s engineering students – who, hopefully, will be inspired to give back one day.”
If you are interested in assisting future generations of UA students, consider a Charitable Remainder Unitrust, whose numerous benefits include:
• Income you can count on that traditionally has kept pace with inflation
• A charitable income-tax deduction based on the full, fair-market value of the gift
• The ability to transfer low-yield appreciating assets, avoiding long-term capital gains taxes
• The ability to add additional assets to the trust during your lifetime
• The opportunity to serve as your own trustee or to name the UA Foundation or another adviser as your trustee
For complete information, including gift calculations and illustrations, please contact Carolyn Mehl in the Center for Gift and Estate Planning at 330-972-7173 or cmehl1@uakron.edu.
The University of Akron Foundation highly recommends that you consult with your legal and tax advisers due to the complexity of estate planning and techniques that offer charitable tax benefits. Gift and Estate Planning staff members also are available to speak with your advisers.
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