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Impact Stories

Paying It Forward

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Impact Stories

Paying It Forward

Gary and Bev Mullen

Gary and Bev Mullen (top photo) made a gift to Penn State in honor of his parents, Boyd and Bernice Mullen (bottom photo.)

As an undergraduate at Allegheny College in Meadville, Pennsylvania, Gary Mullen focused on mathematics, a subject he had fallen in love with in high school.

Although he came from a family of modest means, scholarships meant that he didn't have to worry about paying for college. The financial and academic freedom scholarships provided meant so much to Gary that he pledged to one day pay it forward.

"I said to myself, 'Gary, if you are ever in a position to support students, you should help others as you were helped.'"

Now a professor in Penn State's Department of Mathematics, where he completed his master's degree and Ph.D., Gary is honored to be in a position to fulfill his long-standing pledge. He and his wife, Bev, have made a range of gifts to support both students and faculty in the department.

Gift Honors Parents

In 2002, Gary endowed the Boyd A. and Bernice K. Mullen Endowed Memorial Scholarship, named in honor of his parents, with a gift of cash. While Gary's parents never attended college, they always encouraged Gary and his brother to pursue higher education and helped to pay part of their tuition. The scholarship recognizes outstanding mathematics students.

Gary and Bev Mullen

"I thank you for your generosity, and I know that your support will make a huge difference in the education of Penn State mathematics students. I am so fortunate to have so many opportunities attending such a wonderful school, and having such a generous scholarship will allow me to pursue as many of these opportunities as I have room for in my academic schedule, as well as help to fund some of my thesis work."
—Hannah Pohlmann Recipient of the Boyd A. and Bernice K. Mullen Endowed Memorial Scholarship in the Department of Mathematics.

Through the years, Gary and Bev have enjoyed meeting the recipients of the scholarship at the department's annual scholarship banquet.

"It makes you feel good when you see how excited students are to receive our scholarship, knowing that their fellow Penn Staters are invested in their success," Gary says.

Gift Gives Back

The Mullens enjoyed the experience so much that they planned a second scholarship through a gift of real estate. They gifted a piece of land they owned in State College to create a charitable remainder unitrust, which provides them with annual payments for life.

After their lifetimes, the funds from the trust will create the Gary L. and Beverly B. Mullen Endowed Scholarship for students in the mathematics department with financial need.

"It's meaningful to know that, as endowments, our scholarships will continue to support Penn State students in perpetuity," Bev says.

Support for Faculty

In addition to scholarships, Gary and Bev believe in supporting faculty. They have committed a portion of their estate to one day create the Gary L. and Beverly B. Mullen Career Development Professorship in Mathematics to support early-career faculty.

"We hope this gift will enable future department leaders to keep the best and brightest faculty members right here at good old Penn State," Gary says, "and enable these rising stars to pursue ideas that the regular budget just doesn't allow you to do."

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.

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"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."

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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

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The person receiving the gift annuity payments.

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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.

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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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