When Keith Guillory was exploring the next step in his professional journey, he started looking into a move to the University of Iowa. "I knew two faculty members who came to Iowa from the University of Wisconsin at Madison, which is where I received my master's degree and Ph.D.," he said. "I was impressed by the then new College of Pharmacy building. Iowa City was also a place that attracted many visitors from the pharmaceutical industry and from academia."
In 1964, Guillory left Washington State University and began his career at Iowa—teaching three undergraduate courses and two graduate courses for the UI College of Pharmacy. The Louisiana native truly loved his time outside the classroom, too. "I found that working with my graduate students on their research projects was very stimulating and rewarding," said Guillory. "My greatest joy was and still is seeing my Ph.D. graduates succeed in the industry and in teaching."
After spending 30 years as a professor and researcher within the UI College of Pharmacy, Guillory retired in 1994. Today, he serves as emeritus professor and works in his UI College of Pharmacy office three days a week on literature research for a number of pharmaceutical firms. He also stays up-to-date on his former students. "I consider my graduate students my children," he said.
Throughout his career, Guillory has seen the importance of private support, and he's been a loyal contributor to the UI for more than 30 years. In addition, he provides travel assistance to graduate students so they can attend annual meetings of the American Association of Pharmaceutical Scientists, and he provides funds to assist in paying for the alumni reception held at that meeting.
In 2000, his former graduate students honored him with the creation of the Dr. J. Keith Guillory Graduate Student Fellowship. "This endowed fund allows two of our outstanding graduate students in pharmaceutics to get a lot of their coursework out of the way—without the obligation of having to start research immediately or work as a teaching assistant," he said. "Once they've completed their first year, faculty members then bring them into their research."
Guillory will be adding to this fellowship through two charitable gift annuities he established with University of Iowa Center for Advancement. This giving mechanism allows him to eventually support whatever purposes at the UI he chooses, while receiving guaranteed, fixed payments for life. Not only does Guillory appreciate the income he receives, he has enjoyed tax benefits as well. Part of his payments each year are tax-free, and when he created both of his charitable gift annuities with the University of Iowa, he received a federal income tax charitable deduction.
"The charitable gift annuity provides me with an opportunity to fund this fellowship while providing a little bit of income, which is nice for someone who is retired," said Guillory. "I was able to fund the charitable gift annuities through cash and a mutual fund that I transferred to University of Iowa Center for Advancement. I have also designated that the fellowship will be the recipient of a portion of my TIAA-CREF retirement account upon death, which will increase the fellowship support from two to four graduate students.
"I sincerely hope that my contributions will enable the College of Pharmacy to continue to attract quality students to its graduate programs. Iowa must compete with institutions such as Michigan, Ohio State, and Wisconsin for outstanding students. Those institutions offer research assistantships to beginning students, and now the University of Iowa can also do that."
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 adviser. 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. 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. 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. 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 the University of Iowa 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 to the University of Iowa, a nonprofit corporation currently located at Iowa City, Iowa, or its successor thereto, ______________ [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 the University of Iowa 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 the University of Iowa 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 the University of Iowa 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 the University of Iowa where you agree to make a gift to the University of Iowa 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.