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Impact Stories

A Generous Life and an Enduring Legacy: Reed Riker's Lifetime of Giving Supports Penn State Students

Penn State campus

Impact Stories

A Generous Life and an Enduring Legacy: Reed Riker's Lifetime of Giving Supports Penn State Students

Reed Riker smiling

The late Reed Riker '32 Eng left a legacy of generosity to benefit future Penn State students.

Although Reed Riker '32 Eng lived to the age of 101, his legacy at Penn State will live on much longer.

Throughout his lifetime, the chemical engineering graduate, who passed away on August 11, 2012, established eleven gift annuities with the University, which will create scholarships across Penn State's campuses and colleges.

"Reed was a truly remarkable person," says Maria Russoniello, the director of development at Penn State Worthington Scranton who worked with Reed to establish an endowment at the campus. "He had a sincere interest in Penn State students, and he was always very focused on how he could help make their lives better."

Having spent his career in the financial industry, Reed appreciated the benefits of gift annuities in providing an up-front tax deduction and a stable source of income.

The annuities also allowed Reed and his late wife, Mabel '31 Edu, to pursue their philanthropic passions, establishing eight scholarship endowments at Penn State to benefit areas of the University that were significant to them: the College of Education, where Mabel earned her degree; Penn State Lehigh Valley and Penn State Worthington Scranton, regions where the couple lived and worked; the Penn State basketball team, a sport Reed enjoyed to watch and coach; and University-wide scholarships to support students with financial need.

"Reed had a passion for high-quality education and for helping talented and deserving students earn their degrees," says Dean David Monk of the College of Education, where the Rikers established an undergraduate and a graduate scholarship.

"And his gifts will help us to continue pursuing those values-helping students realize their educational dreams and ensuring we continue to recruit highachieving and ambitious scholars."

In addition to providing student assistance, Maria notes that the Rikers' gift annuities and the scholarships they create will ensure Reed and Mabel's lasting impact on the University.

"Anyone who met Reed will remember his intellect, integrity, and generosity," Maria says. "It was an honor to know Reed, and now generations of future Penn Staters will be touched by his life as well."

A charitable bequest is one or two sentences in your will or living trust that leave to Penn State 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 give to Penn State University, a nonprofit corporation currently located at c/o Office of Gift Planning, 329 Innovation Boulevard, Suite 313, State College, PA 16803-6606, 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 Penn State 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 Penn State 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 Penn State 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 Penn State where you agree to make a gift to Penn State 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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