Personal Giving Stories
Alumnus Embraces Supporting Students in Uncertain Times
Despite the challenges related to COVID-19, Bill Gosse (B.S. ’80) knows educating students is a great investment. He wants to help students too poor to pay for college, too rich to qualify for need-based aid, and too average for merit-based scholarships. “It is even more important now to support the shrinking middle class who may not have scholarship or grant awards,” says Gosse.
That’s why he established the William R. Gosse Scholarship Fund by naming the University of Illinois Foundation (UIF) as a beneficiary of his IRA. His gift will create an endowed fund to support UIC engineering students with a GPA between 2.0 and 3.0 who are not eligible for need-based support, such as Pell Grants.
As a student, Gosse didn’t realize the value his degree would have. It wasn’t until later in his career that he saw how critical his education was to getting his first job as a structural engineer. In April 2019, he retired from a rewarding career with the same company that hired him after he graduated. As he planned for retirement, one goal was to give another student the same opportunity he had at UIC.
“My plan was to donate one year’s tuition from my estate when I pass away to help a student receive a full scholarship; but through my gift planning conversations, I learned I could create an endowment,” says Gosse.
Using his beneficiary designation to create an endowment allows him to fund a scholarship that will transform lives in perpetuity. In addition, the portion of Gosse’s IRA designated to his endowment will pass to UIF completely tax-free, and he will continue to enjoy income from his IRA during his lifetime.
While the pandemic heightens an already uncertain future, Bill Gosse’s decision to endow his scholarship transcends these current circumstances and is certain to impact the lives of students for generations to come.
© Pentera, Inc. Planned giving content. All rights reserved.