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The scholarships really changed my life and gave me the opportunity to come to Doane. -Dustin Axline '19, Exeter, Nebraska

  1. Planned Giving
  2. Why I Give
  3. Mary Mougey

Mary Mougey: Gift Annuities "One of the Smartest Things I Ever Did"

By Dan Meyer, Director of Planned Giving

Alvin and Mary MougeyWhen visiting with Mary Mortensen Mougey '47, you can't help but see the traits of her ancestors—determined Danish pioneers that settled Nebraska—in the very active 93-year-old.

Mary came to Doane University, in part, because her father, Morton Mortensen '14, and mother, Besse Potter Mortensen '15, were Doane alumni.

Mary, who attended Doane during World War Two (when the school hosted the US Navy's V-5 and V-12 training programs), was older than many of her classmates. Previous to her arrival at Doane, she worked as an educator for six years, teaching in rural schools while attending Kearney State College.

After graduating from Doane with a degree in chemistry and her teaching endorsement, Mary headed west. On a whim, she walked into the office of the North Platte school superintendent and asked if there were any openings. While there were no vacancies for a chemistry instructor, there was one for a junior high math teacher. Mary accepted the job and taught in North Platte for two and a half years before moving to Japan for two years.

Mary married Alvin Mougey, who worked for the Union Pacific Railroad in North Platte, where they raised their three children: Vinton , Charles and Phyllis.

Mary has been a consistent, longtime financial supporter of Doane, with a major portion of her gifts coming in the form of charitable gift annuities. The gift annuities provide Mary with quarterly, tax-preferred payments, as well as an income tax deduction. The corpus of Mary's gift annuities will be split posthumously between two previously endowed scholarships.

Recently, Mary looked back on her decision to establish gift annuities and shared how important the financial security has been to her.

"Those gift annuities were one of the smartest things I ever did," Mary says. "I created three of those annuities during the time the stock market was falling and interest rates were beginning their downslide. The annuity payments has been just what was needed as I moved from living in my own home to the assisted living circumstance I am in now."

Charitable gift annuities are an excellent way to support Doane and provide yourself or a loved one with fixed payments for life. They are simple to put in place and may provide an excellent source of income tax benefits.

To learn more and receive a personalized illustration of how a gift annuity can benefit you, contact Thom Reeves at 402.826.8284 or thomas.reeves@doane.edu today.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Doane University 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 give _____ percent (%) of the residue of my estate [or ____________ and no/100 Dollars ($ _____)] to Doane College, a Nebraska nonprofit corporation for its unrestricted use and purpose (or choose from one of the following). Choose from the following: 1. This gift shall be used for the benefit of ___________________. (e.g. a specific program area at one of Doane College's campuses.) 2. This gift shall be used for the creation of an endowed scholarship. 

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 Doane University 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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 Doane University as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 Doane University 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 Doane University where you agree to make a gift to Doane University 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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