A Generous Scholarship for Kent Countians

Allan Stradley

The late T. Allan Stradley, a county native and successful local businessman who attended Washington College in 1928, established a scholarship fund for Kent County students with a $1.7 million gift in his estate.

Kent County students can apply for a scholarship to help pay the cost of tuition at Washington College, thanks to a generous gift of $1.7 million from the late T. Allan Stradley, a former WC student, county native, and successful local businessman. The gift is from the estate of Stradley, who died in 2000.

The funds established an endowment at the College in Stradley's name for Kent County student scholarships, to be awarded annually on the basis of academic promise and financial need. The first scholarship was awarded for the 2017-18 academic year.

"As a lifelong member of this rural community who served it in so many significant ways, T. Allan Stradley understood well the economic challenges that face many young people and their families," says College trustee Ann Horner '80, who serves as co-chair of the Forge A Legacy comprehensive campaign. "By providing a scholarship for Kent County students to achieve a well-rounded, liberal arts–based education at Washington College, he is ensuring that these students will have the opportunity they deserve to pursue their passions and realize their full potential."

Stradley attended Washington College for two years before transferring in 1930. He remained a strong supporter of the College, contributing to the Washington Fund and Hodson Hall improvements, and volunteering on the committee of the College's 1984 Community Campaign. He was a member of the 1782 Society, the College's leadership giving circle, from as early as 1993. He also was a fan of the lacrosse team, often traveling with his wife, Andretta, to away games.

Stradley served on the advisory committee to the Agriculture Department of the University of Maryland. He was a former president of the Maryland State Farm Bureau for two years and served as president of the Kent County Farm Bureau for eight years. He was a former member of the advisory board of the Chestertown branch of Signet Bank and former chair of economic development for Kent County. He served for 20 years on the board of Kent and Queen Anne's Hospital, Chestertown, and as board chair for two years.

College officials recognize Stradley as someone who cared deeply about keeping a college education affordable for future students. "Mr. Stradley clearly had a vision for the impact of a Washington College education on the futures of Kent County students, and we are deeply grateful for his generosity," Horner says. "These local students—their achievements and realized dreams—will be his legacy and would surely make him proud."

If you wish to help future Washington College students by establishing a scholarship, we would be glad to help facilitate. Please reach out to Emily Kate Smith '10 at esmith6@washcoll.edu or 410.778.7715 to begin the discussion.

A charitable bequest is one or two sentences in your will or living trust that leave to Washington College 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

"I give to Washington College, a nonprofit corporation currently located at 300 Washington Avenue, Chestertown, MD 21620, or its successor thereto, ______________* [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 the College 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 the College 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 the College 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 the College where you agree to make a gift to the College 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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