The Perfect Fit

Duane Arness, '57, and his wife Marilyn, '58, of Mentor, Minn., would never call themselves a wealthy couple. In fact, they say they have always been a middle-class family who worked hard to make a good living.

Though money was never growing on trees, Duane and Marilyn knew they wanted to do something to give back to their alma mater. "We are both from the area and the University has been important to us since we were children," Marilyn said.

So, the opportunity to establish a charitable remainder trust seemed like the perfect fit. "We had some land that wasn't enough to pass on to our children, so we decided to give it to the UND Foundation and set up a charitable remainder trust," Duane remarked.

The decision has proved to be a good one for the Arness'. Because they gifted their land to the UND Foundation, they were able to avoid capitol gains taxes they otherwise would have needed to pay. Each year they also receive an inflation-hedged income stream from their tax-deductible gift.

"It's nice to have that money coming in. It is something we can count on," Duane commented.

One day, the charitable remainder of the Arness' gift will fund The Duane and Marilyn Arness Business Endowment within the College of Business and Public Administration. Their gift will fund scholarships for needy and deserving students or provide for technology enhancements at the College.

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