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ODU Grads Make a Gift to Help Future Education Students

Jay Kossman smilingA native of Norfolk, Jay Kossman graduated from Maury High School and headed to Old Dominion to study political science. About the same time, Jay's future wife, Joyce, graduated from Granby High and was drawn to Old Dominion due to its proximity to home, the cost and her desire to teach.

Jay and Joyce were commuter students. Jay became involved with campus life as the judicial vice president of the Student Government Association, where he worked closely with Bill Whitehurst, then dean of students. Jay's involvement with student government qualified him for an SGA scholarship in his senior year.

Joyce's desire to teach enabled her to receive support from the Virginia Teaching Scholarship Loan Program for three of her four years at Old Dominion. For every year of scholarship, she agreed to teach a year in the Commonwealth of Virginia. It was a perfect arrangement for the New York transplant planning to reside in Virginia.

Although Jay and Joyce both graduated from Old Dominion, they didn't meet until several years later when introduced by a mutual friend at a party. They have been together ever since. When they married in 1975, Dr. Katherine Kersey, Joyce's graduate school advisor and mentor at ODU, sang at their ceremony.

Jay taught social studies at Booker T. Washington High School for a year and then attended graduate school. He soon became regional sales manager for a national industrial chemical company. Joyce found her passion teaching kindergarten and first grade in Norfolk and Virginia Beach before moving on to the talented and gifted program, where the Virginia Beach Education Association recognized her for teaching excellence. Joyce completed her career in Virginia as an assistant principal.

Jay's career led him to Alliance Health Systems, now Sentara Healthcare, where he became director of marketing for Optima Health Plan. His next job required a move to Florida to join MetLife Healthcare. In following years, he held senior management positions with health plans in New York and Connecticut, including the physician-owned MD Health Plan of CT and MDNY Healthcare.

After participating in the start-up of four health plans, Jay joined the health care consulting practices at PricewaterhouseCoopers and Navigant Consulting. Currently, he is senior director of health care services at Jones Lang LaSalle, an international real estate services firm, where he manages relationships with hospitals and health systems and assists the firm's management team in understanding the complexities of the health care industry.

During these years in the Northeast, Joyce continued her career as an administrator and was honored with the "Educator of the Year" award by the Hamden, Conn. Chamber of Commerce. She recently retired after 23 years as an elementary principal.

Joyce and Jay recently began working on their estate plans. In appreciation for their education, they included ODU in their estate plans with a gift to fund The Jay and Joyce Kossman Scholarship to assist future students in the Darden College of Education.

"ODU provided a quality education which led to career opportunities," Joyce says. "We are happy to be able to pass that along."

When the Kossmans visited campus last fall, it was evident to them how much ODU has grown. They were happy to see the many campus changes, to see how programs have expanded, and to see that ODU has an enhanced academic reputation.

"It's a great feeling to support something you believe in and assist future students with their education," Jay says.

Joyce and Jay are planning their relocation back to Norfolk, their home port, after being away for many years. . They look forward to reconnecting with family and friends and participating in campus events. They also plan to add more exciting adventures to their list of world travels.

If you would like to know more about how you can create a named scholarship to honor a loved one and help future ODU students, please contact Barbara M. Henley, Director of Planned Giving at (757) 683-6563 or by email at bhenley@odu.edu.

A charitable bequest is one or two sentences in your will or living trust that leave to Old Dominion University 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] hereby give, devise and bequeath to Old Dominion University's Educational Foundation [or to Old Dominion University's Athletic Foundation], 4417 Monarch Way, Norfolk, VA 23529, a tax exempt organization, free of encumbrance, [written amount or percentage of the estate or description of property] for its unrestricted use and purposes."

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 ODU 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 gift 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 receive an immediate federal income tax charitable deduction. 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 ODU as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 ODU 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 ODU where you agree to make a gift to ODU 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.

Personal Estate Planning Kit Request Form

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