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"My two business degrees from LSSU were instrumental in preparing me to work at all levels of Edison Sault Electric (ESE), concluding with the privilege of becoming ESE President in 1998. My company also takes pride in that 14 out of a total of 17 management personnel and about 20% of hourly employees at ESE either have degrees from or have attended a substantial number of classes at LSSU. Finally, our company and employees have contributed in excess of $500,000 to various LSSU projects over the last 25 years. ESE Believes in Blue."

Don Sawruk '70
Edison Sault Electric Company
President and CEO
Sault Ste. Marie, MI

LSSU Foundation

Life Insurance As A Gift To The University

Specifics on Insurance

There are two ways of giving a gift of life insurance to the University through the LSSU Foundation:

If you retain ownership of the policy:
Simply make the LSSU Foundation the primary, secondary or residual beneficiary of your policy. Giving all or a percent of the benefit to the University is a creative way of using a beneficiary designation as a gift.

If you transfer ownership of the policy to the LSSU Foundation:
If a donor, an insured, makes an irrevocable transfer of a life insurance policy to LSSU naming LSSU as owner-beneficiary, the policy's value is a charitable contribution in the year of transfer, and the donor removes the proceeds from his estate for federal estate tax purposes.

Value, for contribution purposes, is computed as follows:

For Single Premium Policy, which is transferred at time of issue, the single cost is deductible.

For a Paid-Up Policy (whether or not originally issued as a single premium) the deduction is "replacement cost" – that is, what the insurance company would charge on the date of the transfer to issue a similar policy.

For Whole Life Policies on which future payments are payable – the deduction amounts to approximately the cash surrender value of the policy.

For In-Force and New Policies, the annual premium, paid to the LSSU Foundation, is a charitable contribution and may be a deduction on the donor's income tax return in the year in which it is paid.

State regulations governing the deductibility of gifts of life insurance vary. Federal and state rules, regulations, and laws change frequently so please consult your advisors.

It is important that you contact your insurance professionals, your tax advisors and the LSSU Foundation before making any transfers or insurance gifts to the University.

Impact in the real world...

Rachel Claucherty-Arnold

What made Rachel's Lake Superior State experience so unique was the practical research she did with top-notch faculty. "I really enjoyed working with environmental chemistry professor Judy Westrick and biologist Deb Stai," Rachel says. "For my senior project, we evaluated a lab method for cultivating a fungus that causes infections in humans." [ more ]

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