The Howard Bailey McAfee Heritage Society

The Howard Bailey McAfee Heritage Society pays tribute to Howard Bailey, a truly remarkable man and benefactor of Park University. Howard Bailey was the second son of Park University co-founder Dr. John A. McAfee and his wife Anna Bailey McAfee. He was one of the "Original Seventeen" who arrived in Parkville in 1875 and graduated from one of Park's earliest classes. He earned a graduate degree in theology from McCormick Seminary and returned to Parkville to help his father run the fledgling Park, which he referred to as a "Midwest Adventure in Education." Howard worked tirelessly to keep Park afloat and moving forward and was truly Park's Renaissance man. He served as Park's Superintendent and Business Manager for several years, served as fundraiser and secretary for the Board of Trustees, as well as mayor of the city of Parkville. In those roles he was able to spearhead many improvements to both Park College and Parkville, including oversight of many of Park's building projects including the historic Mackay Hall.

Through the society that bears his name we can help carry on Howard's tireless work and boundless spirit ensuring the financial strength of our beloved University far into the future. The Howard Bailey McAfee Heritage Society recognizes, as well as honors, donors who provide for Park University's future with legacy gifts made through estate or deferred gift plans. Gifts of this sort take many forms such as a will bequest, personal or charitable trust, life income plan, life insurance policy, retirement fund or charitable gift annuity.

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under this agreement, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

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Park University's degree programs are accredited by the Higher Learning Commission, a member of the North Central Association of Colleges and Schools.

Park University is a private, non-profit, institution of higher learning since 1875.

A charitable bequest is one or two sentences in your will or living trust that leave to Park 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], give, devise and bequeath to Park University [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 Park 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 Park 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 Park 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 Park where you agree to make a gift to Park 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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