NC Zoo Society Receives the Largest Gift in Its 44-Year History

The late Dr. Addison G. Mangum, Albemarle, left the NC Zoo Society an estate valued at about $4 million. This donation is the largest gift the Zoo Society has received during its 44-year history. Dr. Mangum bequeathed his entire estate to the Zoo Society and placed no restrictions on how his gift could be used.

"While Dr. Mangum required nothing of the Zoo or Zoo Society for his wonderful bequest, we are planning, with his executor, to ensure that his gift receives permanent and appropriate recognition inside the Zoo," said Cheryl C. Turner, interim executive director.

The executor reported that Dr. Mangum made this gift because he wanted to leave a legacy that would benefit the people of North Carolina. He chose the Zoo Society because the North Carolina Zoo offers so many different kinds of services to people of all ages and from all backgrounds. The Zoo's educational programs reach across generations to teach kindergarten children as well as graduate students, and the Zoo holds out a safe and interesting place where families and friends can gather to have fun and to learn about nature and each other. And, because Zoo staff undertakes conservation and research work inside the state and in other countries, Dr. Mangum's gift has the potential to improve the well being of people in North Carolina and in distant parts of the world. The variety and depth of these services make it possible for Dr. Mangum's gift to touch the lives of hundreds of thousands of people every year.

Whenever it receives unrestricted bequests such as this one, the Zoo Society places the gifts into its Lions' Pride Fund, a quasi-endowment that generates earnings that are used annually to help meet the Zoo's ongoing needs. The fund is managed, though, to remain fluid enough that the principal can be used if the Zoo must deal with an extreme emergency.

A charitable bequest is one or two sentences in your will or living trust that leave to North Carolina Zoo Society 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 North Carolina Zoo Society, a nonprofit corporation currently located at Asheboro, NC, 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 the N.C. Zoo Society 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 the N.C. Zoo Society 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 the N.C. Zoo Society 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 the N.C. Zoo Society where you agree to make a gift to the N.C. Zoo Society 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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