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Binney Brown Fouts '69 Celebrating her past through service and generosity

Binney Brown Fouts "I'd probably bring in live music, have an arts festival and try to get people to embrace their inner artist," Binney Brown Fouts '69 replied when asked what she would do if she were head of school for a day. Binney is a lively person who loves to laugh and thinks her festival idea wouldn't surprise her former classmates.

"I was the type who said yes to everything," she notes. That might be the perfect job description for leading the Order of Willing Service (OWS), in which Binney served as president during her senior year.

As chair of OWS, she organized Carnival, "a big annual event in the fall. A play was written and performed by the students, the gym and various rooms throughout the school were decorated and various games were played," she says. Carnival was open to the public and proceeds went to charitable purposes.

Binney believes anyone who knew her then would still recognize her today. "I'm not that different—I'm still not that mature," she quips. Anyone attending an HB reunion, however, might think they've mistakenly crashed a Fouts family reunion. Binney's two daughters, Katie Fouts '99 and Julia Fouts '04, are on the same reunion cycle. "It's a happy accident," she says. Her son, Dan, graduated in 2001 from University School and her husband, Dave, has enjoyed the reunion years as well.

Long active in the Cleveland community, Binney has served through the years on the boards of Hathaway Brown School, Ohio Wesleyan University and Young Audiences of Northeast Ohio, where she also worked on staff.

Her early career was spent in management at the Ohio Bell Telephone Company in the marketing department. After having her three children, she worked part-time for the Cleveland relocation firm Executive Arrangements. In that position, Binney had many opportunities to describe Hathaway Brown. "It's world-class education that is nationally respected. Each student is celebrated for her accomplishments and learns clearly to follow the motto "not for school but for life," Binney says. She further enjoyed her HB connection working with several alumnae at Oh The Places You'll Go!, a boutique travel business specializing in overseas travel.

Binney and Dave are loyal donors and have made a bequest to HB in their will. She wants to encourage all alumnae and students "to celebrate their past by giving financial support." Her reasons for including Hathaway Brown in her estate are to continue the excellence in education and provide opportunity for young women of today and tomorrow. "It's important to give back to the places where you got your foundation," she says.

To learn more about how you can become a member of the Mary E. Raymond Legacy Society or other ways to support Hathaway Brown, please contact Terry Kurtz at 216-320-8799 or tkurtz@hb.edu.

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A charitable bequest is one or two sentences in your will or living trust that leave to Hathaway Brown School 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

Bequest Language

"I, [name], of [city, state ZIP], give, devise and bequeath to Hathaway Brown School [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 Hathaway Brown School 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 Hathaway Brown School 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 Hathaway Brown School 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 Hathaway Brown School where you agree to make a gift to Hathaway Brown School 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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