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Inspired to Give Back: Couple's Support Extends From Positive Experiences With DBU

Fred and Clairene Herold

Fred and Clairene Herold established gift annuities to extend their support of DBU for years to come.

Fred and Clairene Herold are a part of the Dallas Baptist University story, stretching back to its days in Decatur. Since being introduced to the school, DBU has held a fond place in their hearts.

Clairene's connection with DBU began early. Growing up on a dairy farm near Mineral Wells, Texas, the business dried up during the Great Depression, and the family had to move into town. Shortly thereafter, tragedy struck as her mother, father and one of her brothers all died when she was still young.

After graduating from high school, the Woman's Missionary Union at her church, FBC Mineral Wells, approached her with an offer to attend Decatur Baptist College. Clairene gladly accepted, and with nothing more than a suitcase, a box and a makeup kit, Clairene found herself in a new town, at a new school and looking at a new future.

The Start of a New Beginning
Her first job was mopping the kitchen floors at DBC, which turned out to be an act of Providence. Dr. J.L. Ward, who served as President of DBC for more than 50 years, often ate lunch in the cafeteria with the students. Impressed by Clairene's work ethic, kindness and attention to detail, Dr. Ward asked her to serve as an assistant to the dorm mother on campus. Clairene accepted, and eventually she also worked in Dr. Ward's office.

After graduating with her associate degree, Dr. Ward offered her a private loan to continue her studies at Baylor University. There Clairene met a young former airman named Fred Herold, who had served three years in World War II. The two were married in June of 1948. The couple continued to live in Dallas. Clairene stayed home and raised their two children, Larry and Dianne. Fred worked for the Federal Reserve; he then spent 25 years employing individuals for Van Waters and Rogers in Dallas.

Reconnecting With DBU
In 1965, Decatur Baptist College moved to Dallas. In 1988, the new DBU President, Dr. Gary Cook, and Dennis Linam, the new DBU Vice President for External Affairs, decided to hold Decatur Baptist College reunions every spring.

Clairene and Fred began attending these reunions and reconnected with the school they had known so well.

"DBU is a beautiful place and filled with such wonderful Christians," Clairene says. "The faculty and staff are top-notch, and they care about people."

Fred had a reputation for accurately sizing people up at Van Waters and Rogers and knew good things were in store when he met Dr. Cook.

"I could recognize that he was a quality person," Fred says, "and he was giving his life to this school. When you go there, you are not a visitor, you are not a guest—you are family."

From this reconnection with DBU, Fred and Clairene established gift annuities with the Baptist Foundation of Texas. In this way, they can continue to help DBU in the years to come. Although Clairene will tell you the loan from Dr. Ward was paid off years ago, the investment that DBC made in her life continues to be repaid.

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A charitable bequest is one or two sentences in your will or living trust that leave to Dallas Baptist 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, [name], of [city, state, ZIP], give, devise and bequeath to Dallas Baptist University, Dallas, Texas, [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

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 Dallas Baptist 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 gift 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 receive an immediate federal income tax charitable deduction. 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 Dallas Baptist University as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 Dallas Baptist 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 Dallas Baptist University where you agree to make a gift to Dallas Baptist 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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