A Gift to Grow the Centre Family

Matt Calvert '19

Matt Calvert '19

The plans Tom and Edith Harmon made decades ago are still making a difference for good in the lives of Centre students. Tom was a member of the class of 1936, but his experience here gave him the tools to succeed in his career and life. In 2004, Centre received the first gift from his estate, and then several other planned gifts matured after Edith's death, all of which we used to create the William T. Harmon Scholarship.

One of the current scholarship holders is first-year Matt Calvert '19. He's the first in his family to attend Centre, but he is now part of a Centre family that extends back at least 80 years. Matt said he is gratified to know that people he will never meet are helping him pay for college.

"It's truly the Centre way, to make sure that everyone else is provided for," he says. A member of the men's swim team, a new member of the Phi Kappa Tau fraternity, and a likely science major, Matt is the kind of active and involved student Tom and Edith would be glad to help.

The scholarship honors Tom, who grew up in nearby Perryville. Money was tight for Tom's family during the Great Depression and he could attend Centre for only two years, but he felt the experience. He finished college at the University of Kentucky, then had a long career at General Electric.

Before settling in Dayton, Tom and his family lived in Cincinnati, on the same street as Bill Breeze '45, and they struck up a friendship. Tom later worked with Bill, by this time a member of the College staff, to make several gift arrangements to benefit Centre students. Altogether, Tom and Edith created three gifts: a pooled income fund gift, earning a steady income during their lifetime, then leaving the balance to Centre; a charitable remainder unitrust that benefited Centre and other charities; and, finally, they named Centre the beneficiary of their investment account. Tom died in 2001 and Edith in 2004.

Learn More 
To find out how you can support future generations of Centre students, please contact Jamey Leahey '92 to talk about the many ways you can make that happen, using both current assets as well as future gifts through your estate. Contact Jamey at (859) 238-5224 or, or visit the planned giving website at

A charitable bequest is one or two sentences in your will or living trust that leave to Centre College 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 Centre College, a nonprofit corporation currently located at 600 West Walnut St., Danville, KY 40422, 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 Centre College 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 Centre College 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 Centre College 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 Centre College where you agree to make a gift to Centre College 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.

Personal Estate Planning Kit Request Form

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eBrochure Request Form

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