Is a penny saved...? | by Peter Maughan Development Officer Inflation, high taxes, lagging income... Who . William P. Miller (continued from page 9) me | it ere ? IOs f it re her — or 3 ve the and a | 200-acre campus at Harrison and 38th was purchased and five buildings and a college stadium were built. During President Dixon’s administration Weber was recognized nationally for its technical education division, establishment of a regular evening school and college concert activities. The college grew from 500 to | 1,800 students. 3 Dr. Dixon quoted Elwood P. Cubberly of Stanford University, _ “the strength of modern civilization springs from four chief sources, (1) the Greeks’ love of beauty, (2) the Romans’ genius for organization and law, (3) modern science and (4) Christ’s gospel of love; but the greatest of the four is Christ’s gospel of love. Dr. Dixon added, “We depend upon education for our heritage of the Greeks’ love of the beautiful. We depend upon education for our knowledge of Roman law, order and | organization. We depend upon our education for the blessing of modern science and our knowledge of Christianity.” Aaron W. Tracy was the last president to serve while Weber was a church school and the first when it became a state institution. He was president for 13 years, _ from 1922-35, during a span of years that presented many critical problems, including the transfer of the college from the Church of Jesus Christ of _ Latter-day Saints to the State of Utah in 1933. would have thought, last June when wholesale prices were at a not so mere 742%, that today wholesale prices would be hovering at close to 20% (actually 21% in January 1980), or that interest rates which were at an almost unheard of 11%%, would now be over 20% and forecast to go higher. Frugal Ben Franklin thought a penny saved was a penny earned. Today he would surely figure that a penny wisely invested might possibly be a penny “saved.” That is, if he could find a certificate, or a bond, or piece of real estate, or a stock that would keep increasing against the steadily decreasing value of today’s pennies, quarters and dollars; and if, at the same time, he could compensate for taxes and risk. 3 Ben, with all his fiscal know-how would find for himself and certain other investors that there is a way to protect, sometimes even increase income. There is also a way to assure a substantial income tax deduction, decrease estate tax, and completely eliminate the During the depression of the late 20’s and early 39’s, President Tracy found part-time jobs for students and set up a system that enabled the college to accept farm produce in lieu of cash for tuition to keep the doors of the school open. He worked to bring recognition to many activities of the college, from the arts and sciences, forensics, vocational training and competitive sports. The forensic program was raised to national prominence under his administration. He also started theater activity and supported a competitive athletic program, giving approval for the football team of 1928 to travel to Honolulu for a game with McKinley of Hawaii. A native of Marriott, Weber County, Mr. Tracy taught in the Weber County School District for 10 years. He graduated from Brigham Young University, where he majored in English and history, and did graduate work at the University of Chicago. His doctoral thesis, on the history of | consequences of capital gains tax. He would see that there are a few bright spots in today’s financial picture. There are ways in which an investor can come out ahead. One of these is by means of a charitable trust. A donor who makes a gift of appreciated property (stocks, bonds, real estate, etc. held more than one year) to Weber State College through a charitable trust receives a life income for both husband and wife, a tax write off for the gift, no tax assessment on capital gains and decreased estate tax. In many cases, a donor making a gift of this nature may actually see an increase in net income over that which he currently realizes from his property. For instance, a stock paying a moderate dividend which is subject to income tax and which, when sold, will be taxed as capital gains may be given to Weber State as a charitable contribution. The donors may then receive a return up to 10% or more per year (depending on the ages of the husband and wife), an income tax deduction for making the gift, and no capital gains tax on the transfer of-the stock. In the old Salt Lake Theater, fills 18 typewritten volumes. He served three two-year terms as a representative in the Utah Legislature. William Peter Miller, thirteenth President of Weber State College, and serving 19 years beginning in 1953, learned early in life that hard work, persistent effort and follow-through are the keys to success. He worked persistently for degrees in higher education, culminated by obtaining his Doctor’s Degree from Stanford University. During the nineteen years that Dr. Miller served as President of Weber State College, great expansion and growth occurred. The college received four-year status and national accreditation and grew from a studentbody of 1,500 to over 8,000. Most of the buff and white buildings were - built during the Miller Administration. addition, the estate tax liability is decreased by the amount of the gift -- off the top. This will work similarly with any gift of appreciated property. At least two other benefits also accrue from making a gift in this manner. One is the knowledge that both husband and wife will be receiving a lifetime income without any of the worries or problems associated with management of the asset. It may be especially comforting for a husband to know that, after his passing, his wife will continue to receive income from the trust without the hassle of investing, reinvesting or sale of any of the property. A second benefit is the satisfaction that comes from contributing to a worthy cause. Inflation - high taxes - lagging income are also bugaboos that affect institutions of higher learning. Those who contribute to Weber State know that their gift will go to aid students that are learning how to develop new energy sources; or teach handicapped children how to read; or analyze business and government practices to decrease the very inflation which so much (continued on page 10) Great strides were made in the development of a fine faculty and student programs, continuing education, ethnic studies, vocational and technical education and other innovative programs. é In education and legislative circles, President Miller’s administration exemplified integrity and honesty in budget presentations, and having the highest building utilization and the lowest appropriation per student of all major state post high school institutions. _ Dr. Miller was often cited for his “personal kindness for everyone - his family, colleagues, and all with whom he worked so forcefully to promote Weber State College, the Ogden community and to serve his church. He was held in remarkably affectionate regard by all.” Dr. T.H. Bell, state commissioner of higher education said, “Dr. Miller served with “~~ great distinction and left a major impact on Utah higher education.” Page 9 are These are only three of the fiscal bugaboos that are causing great personal concern as we slip into the decade of the eighties.