When Dorothy Striegel, known to most as Tiny, included the Les Huston Geology Field Camp in her will, it felt like an exclamation point at the end of a long sentence.
Striegel’s involvement with the field camp in Canon City, Colo., started 60 years ago when her father leased his land to Oklahoma Agricultural and Mechanical College and the University of Oklahoma for the purpose of training and educating geology students. Since then, Striegel has done everything she can to ensure the camp’s success, donating the land to Oklahoma State University after her father passed away, providing yearly monetary donations and even volunteering her service.
At 87 years old, including the camp in her will felt like the final step. But after learning about charitable gift annuities, Striegel was thrilled to discover that there was even more she could do for the camp that is so close to her heart.
“I read about the gift annuity in some literature (the OSU Foundation) sent me. It sounded interesting and actually it was a win-win situation for both me and the geology field camp,” Striegel says. “With my annuities, I receive income for my lifetime and OSU will benefit on my death when they direct the balance of my account to the field camp endowment.”
A CGA is an agreement between a donor and a charity in which the charity agrees to pay a fixed lifetime annuity payment to one or more beneficiaries in exchange for the donor’s charitable gift after each beneficiary has passed away. At the time of this agreement, the donor has several options and can direct the gift to an existing fund or create a new fund that relates to their passion. In addition to the fixed annuity payment, the donor also receives a current income tax deduction for part of the gift’s value and the knowledge that an impact has been made.
“Charitable gift annuities are especially beneficial to older donors because of the fixed payment, and the stability that it offers to their income. And, usually in our later years, we think about the values we hold, and the legacy we want to leave with our university,” says Melinda McAfee, the OSU Foundation’s senior director of gift planning.
Striegel gave a $20,000 CGA to the University last November to benefit the Tiny Striegel Endowed Fund for the Les Huston Geology Field Camp, which will be used to maintain the camp in the future. Just five months after giving her first CGA, she donated another $50,000 CGA for the same purpose. Striegel receives an 8.9 percent return on her gifts, which she says provides her a steady income.
“I gave the first and was so happy that I put in $50,000 more,” Striegel says. “The interest is so much better than the CDs are giving now because of the economy. I felt it was a good deal for me and the school.”
Few who know Striegel are unaware of the field camp, which is named for her father. Her passion for the camp is as evident as her positive attitude and bright smile. Each year, when the camp is in session, she visits on a weekly basis and still volunteers her time to do what she can to help the camp, which sees nearly 60 students and faculty each year from five universities across the country.
“I’ve become good friends with the managers and students at the camp, and although they’re just here for only one or two sessions, I still keep in contact with some of them,” Striegel says. “The field camp has been an important part of my life, and I feel like I’m a part of the organization.”
The OSU Foundation offers charitable gift annuities as an option for donors who are at least 50. For more information or to calculate what your CGA payment and charitable tax benefits could be, visit OSUgiving.com/plannedgiving or contact McAfee at 800-622-4678.
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