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Gift Planning

The Depth of Generosity: A Q&A with Michael Degenhart on the Loyalty and Passion of Penn Staters

Penn State campus

Gift Planning

The Depth of Generosity: A Q&A with Michael Degenhart on the Loyalty and Passion of Penn Staters

Michael Degenhart

Michael Degenhart

In fall 2023, Penn State’s Office of Gift Planning recognized the retirement of Assistant Vice President for Gift Planning Michael Degenhart. Under Mike’s knowledgeable leadership, thousands of donors made gifts to Penn State that shaped the future of the students and institution. And like those philanthropists, Mike also left a lasting mark on the University through his service, generosity, and expertise.

Before his retirement, we connected with Michael to talk about his perspective on how Atherton Society members make a difference at the University and what he believed was in store for planned giving at Penn State—and for himself!

Q: What role do planned giving donors play in shaping the Penn State experience?
A: Planned gifts enable many philanthropic Penn Staters to make larger gifts than they could from traditional means, such as writing a check. Some planned gifts provide lifelong income to donors, and others use estate and tax planning to support Penn State and heirs in ways that maximize the gift or minimize its impact on the estate.

Many of our donors take this information and run with it, establishing endowments that make the pursuit of a degree more accessible and meaningful to students. Simply put, planned giving donors are significant contributors to the University who enhance the Penn State experience in a important and long-term way.

Q: What sets Penn State’s planned giving operation apart from those of other institutions?
A: First and foremost, Penn State has a very loyal and generous donor and alumni base. It has been a pleasure to work with proud Penn Staters who deeply care about the University and know how impactful planned gifts can be.

Second, having a dedicated and knowledgeable planned giving team has helped us excel in explaining the benefits of these types of gifts to our community. Both of these factors are why Penn State has one of the strongest planned giving programs in the nation.

Q: What excites you about the future of planned giving at Penn State?
A: At the top of my list is the Great Wealth Transfer and the growing number of female philanthropists. Over $82 trillion is expected to pass down from older generations over the next 25 years. And by 2030, women will hold more than two-thirds of the wealth in the country, setting the stage for women to grow their philanthropic impact. The future of planned giving at Penn State is strong and will be led by female donors.

Additionally, I’m excited to see how planned giving donors will impact future University fundraising campaigns. Planned gifts have played a major role in our previous efforts, contributing over a third of the total amounts in the last two campaigns. I have no doubt that generous Penn Staters will step up and play a big part again.

Q: What’s in store for you next?
A: My wife and I are definitely going to do some traveling, but I’m most excited to get to spend more time with my family—especially my grandchildren!

If you are interested in helping Penn Staters thrive in the classroom, embark on meaningful careers, and make the world a better place—all while being part of one of the University’s oldest and most influential giving traditions—contact The Office of Gift Planning at 888-800-9170 (toll free) and giftplanning@psu.edu to learn more.

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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