Gift Planning

An Investment in the Future

Penn State campus

Gift Planning

An Investment in the Future

Harold and Arlene Cheatham

A gift from Harold E. and V. Arlene Cheatham will amplify their interests and advance diversity, equity, and inclusion for generations.

“I hope our support encourages other people to think about their own philanthropy and how they can join this critical opportunity.”
—V. Arlene Cheatham

With a gift through their revocable trust, Penn State supporters, volunteers, and former employees, Harold E. and V. Arlene Cheatham, have established a legacy that celebrates their lifelong commitment to social justice.

“Arlene and I have dedicated our 40 years in the field of education to diversity, equity, and inclusion,” Harold says. “It’s where our hearts and heads are.”

With their recent gift, the Cheathams have named Penn State as beneficiary of their trust to receive a gift in the amount of $500,000. Of that sum, $400,000 will be used to endow the Harold E. and V. Arlene Cheatham Fund for Inclusion and Excellence in Educational Equity and provide flexible resources to promote the mission of the office. The remaining $100,000 will create the Harold E. and V. Arlene Cheatham Lectureship in Diversity, Equity, and Inclusion, annually bringing speakers to campus to discuss equity, racism, and social justice related issues.

“Our goal is to join the University in its commitment to effectively respond to the most pressing needs on campus and to ensure that diverse voices are heard,” Harold explains. “Through our trust, we hope to make a significant contribution.”

For Harold, a lifelong commitment to education and Penn State began in 1958 when he visited the University Park campus with a friend who was applying to transfer. Having completed his enlistment in the U.S. Navy and one semester of college, the New Kensington, Penn., native was smitten by the campus environment and made a spur-of-the-moment decision to also apply for admission.

After earning his Penn State degree in psychology, Harold received a master’s degree from Colgate University and a doctorate at Case Western Reserve University, and he launched an academic, scholarly career focused on student development, campus equity, and diversity in higher education.

In pursuit of these professional and personal priorities, Harold has enjoyed a strong partnership of 60 years with his wife, Arlene. A native of Albany, New York, Arlene holds a bachelor’s degree in human development and family relations and a master’s in public administration from the University of Connecticut. Following Harold’s counselor education faculty appointment at Penn State, Arlene joined the University as a counselor in the Multicultural Resource Center.

In 1996, Harold left his position as head of Penn State’s Department of Counselor Education to serve as founding dean of Clemson University’s College of Education, Health, and Human Development (now the College of Behavioral, Social, and Health Sciences)—but the couple never left the Penn State community. With their latest gift, Harold and Arlene have created a legacy that will amplify their interests and advance diversity, equity, and inclusion for generations.

“We are really pleased with the efforts the University has made and the progress toward social justice [on campus]. We’re convinced that Penn State is on the right track, and we’re excited to pitch in,” Arlene says.

Support What Matters Most

Like the Cheathams, you can make a future gift to Penn State that reflects your values. Contact The Office of Gift Planning at giftplanning@psu.edu or 888-800-9170 (toll free) to explore your charitable options.

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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