Making a Big Impact through a Bequest to Iowa State University

The tragic events of September 11, 2001, touched the world deeply. For Jeff and Mary Gibbons, like many, the aftermath became a time of reflection and healing. Watching the newscasts and reports was difficult, but at the same time, it prompted them to take action and look again at the organization of their personal details, including their wills.

“I heard the story about the gentleman that was on flight 93 that crashed in Pennsylvania. All he had left was a two minute cell phone call to his wife. That hit home for me,” recalled Jeff Gibbons, an investment consultant from Ames, Iowa. “If something should happen to me, I didn’t want my legacy left to a phone call. Mary and I had basic plans in place, but the world took on a different meaning after 9/11. Tomorrow doesn’t always come and we wanted our plans to look a certain way. We decided our financial affairs needed some rearranging.”

Jeff and Mary sat down and talked through all of their options. When it came to making choices about philanthropy, the two Iowa State University graduates knew they wanted to include their alma mater in their wills.

“We wanted to make a difference and we felt Iowa State University was a place that we could make a big impact,” said Jeff. “We decided to choose a few of organizations and make larger gifts so the contribution might make a difference, rather than spreading our resources so thin that they made little impact.”

Jeff and Mary spoke with the planned giving experts at the Iowa State University Foundation and decided to make a gift through a bequest.

A bequest naming Iowa State in a living trust is the easiest and most popular deferred git plans used by alumni and friends. Donors may name the Iowa State University Foundation as a percentage beneficiary, for a specific dollar amount or specific assets, or as a residual or contingent recipient.

“A bequest was the perfect vehicle for us because we knew that if something happened to us our legacies would be fulfilled”, Jeff explained. “The process was extremely easy and truly painless. Not only were the people at the foundation helpful, but getting the bequest finalized really gave us peace of mind.”

Just like any gift to Iowa State University, Jeff and Mary were able to designate how their gifts would be used. Since Jeff attended Iowa State on a wrestling scholarship and both are avid supporters of ISU athletics, they established a football, men’s basketball and wrestling scholarship. Since they are both business graduates they also set up a business/entrepreneurial scholarship.

“I am the beneficiary of the student athlete experience at Iowa State and it helped mold who I am today. Mary and I wanted to help students have that same experience and help shape future leaders,” said Jeff. “When you’re giving back, you’re providing students with opportunities they might not otherwise have. I’ve witnessed firsthand how that changes lives.”

“It’s only through giving that you can receive more than you currently have. I would highly encourage all alumni and friends of Iowa State to take the time to figure out what’s important to them and also reflect on the important experiences in their lives,” said Jeff. “I would encourage them to make a bequest to Iowa State University because of the difference they can make. If you want to change the world, first you must change yourself.”

The flexibility of their bequest allows Jeff and Mary to make adjustments as time goes on and their assets change. They recently worked with the ISU Foundation to upgrade their gift. As financial consultants, Jeff and Mary say it’s never too soon to make these important money decisions.