NEWS & PRESS RELEASES
Life events prompt couple to help ministry students
A connection to the work of Baptist Bible College & Seminary coupled with a deep understanding of financial obstacles prompted a Wyoming, MI, couple to give recently to support students pursuing career ministry at the school.
Art and Dorothy Glidewell remember what it was like to be married and in Bible college.
"When you are married and preparing for ministry, you really have to learn to trust God," Art said. "Money is tight."
Due to family circumstances, God led the Glidewells to serve in public school education, but they never forgot their passion for ministry or the lessons they learned.
"One of our married sons is a missionary pilot," said Art. "We believe America is at a pivotal time spiritually, and we want to do what we can to help the next generation serve the Lord."
How their gift works
The Glidewells, now retired, owned 40 acres of property in Michigan they inherited many decades ago. The difference between the cost basis of their property and its current value would have produced a capital gains tax of several thousand dollars. The couple wanted to sell the property and increase their income, but they could not justify the sale and the subsequent tax bill.
BBC Foundation helped them formulate a plan that included a charitable remainder unitrust. Since enacted by the IRS in 1969, unitrusts have helped people with appreciated property enjoy financial benefits and create meaningful gifts for the charities they love.
Appreciated property is placed into the unitrust, creating an income tax deduction. The assets are then sold, eliminating the capital gains tax due at the sale because the unitrust is a charitable vehicle.
The donors then receive an income for their lives or a certain number of years, depending on the agreement they created. Upon their passing, the unitrust makes a charitable gift to the ministries identified by the donors.
In the Glidewell's case, upon their passing, their unitrust will pay into a newly created endowment in their names. The endowment will provide scholarships for married pastoral and missions students at BBC&S.
"We feel wonderful about this endowment," Dorothy said. "God is using our circumstances to help young married couples who want to serve the Lord."
Growing scholarships at BBC&S
The couple learned about BBC&S through their church. Several of their former pastors were graduates or employees of BBC&S.
BBC Foundation has set a five-year goal to raise by nearly five-fold the amount given in endowed and annually funded scholarships. The intensive effort will help Baptist Bible College & Seminary students with rising educational costs.
The focus of the campaign is to increase scholarships through endowments and annual gifts. By May 2013, BBC Foundation intends to secure endowment gifts and commitments totaling $6 million. A secondary goal is to increase the number of annually funded scholarships from 13 to 100 by May 2013.
Learn more about planned gifts and their financial benefit here.
Learn more about setting up a charitable remainder unitrust, here.
Learn more about setting up an endowment or annually funded scholarship here.
BBC Foundation assists individuals with biblical retirement and estate planning and builds financial resources for Baptist Bible College & Seminary and other biblically-based ministries. For details, go to www.bbcfoundation.org or call 800.451.8668.
Baptist Bible College & Seminary offers 38 academic programs, from a one-year Bible Certificate to PhDs. Programs are available on the Clarks Summit campus, online, and through several distance learning options. To learn more, go to www.bbc.edu or call 570.586.2400.
Posted on: 12/2/2008 4:15:33 PM