As a young farm kid growing up outside of Knoxville, Iowa, William Liike (1955 B.S.Ch.E.) knew his parents had lofty goals for him and his brother. "My parents wanted us to graduate from college," said Liike. "Those expectations made me work hard and certainly motivated me to do well in high school."
While Liike knew he was expected to go to college, he hadn't considered the University of Iowa—or any institution, for that matter—until a local career fair. That's where he met Karl Kammermeyer, who was head of the Department of Chemical Engineering, and the experience changed his life.
"Karl was very impressive when it came to describing the University of Iowa, its chemical engineering degree, and the career opportunities it could afford," said Liike. "He'd been there less than a year, but he sold me on the program. I never considered going to another university."
While at the University of Iowa, Liike was able to develop organizational skills through numerous student activities and student groups—including Theta Tau fraternity, student council, Memorial Union Board, Independent Men's Association, and as chairman of the 1953 Homecoming parade and program committee. Those experiences gave him a leg up when he graduated, and he continued to build on those talents as a single man while working for E. I. DuPont Company in Saint Paul, Minnesota, where he worked for 30 years in sales and technical assignments.
"Karl's guidance enabled me to have a successful career at DuPont and a very rewarding life," said Liike. "He supported my activities wholeheartedly and helped me develop a foundation for my career. Without Karl, I probably wouldn't have been an engineer, and I definitely wouldn't have graduated from the University of Iowa."
To honor his mentor, Liike—who is a University of Iowa Presidents Club member—created the Karl Kammermeyer Educational Fund and provided a gift to name a laboratory in honor of Kammermeyer. He has the William L. Liike Engineering Scholarship, an endowed scholarship that he supports with an annual gift. In 2004, Liike also established a charitable remainder trust to support the UI College of Engineering Excellence Fund and the UIAA Vision Endowment Fund. The charitable remainder trust provides Liike with income each year for life, and he received a charitable income tax deduction at the time he created the trust.
"The charitable remainder trust is a good form of retirement income," said Liike. "If it hadn't been for the University of Iowa, I wouldn't be where I am today. I seriously doubt I would have been successful and had the desire to succeed if it wasn't for Iowa. I feel it is time to give back. The value of my education and pride I have for the University of Iowa are traditions that will never die."
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. 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 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 P.O. Box 4550, Iowa City, IA 52244, 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.