About Summerfield Society

The Summerfield Society honors those who leave a legacy for the future of Phi Kappa Psi through a planned gift commitment. Members of the Summerfield Society recognize the need for the Foundation to build long range financial stability by including the organization in their estate plans with such instruments as life insurance, will bequests, annuities and trusts. For many alumni, this is the easiest way to make a significant gift that allows them to impact the lives of generations of Phi Psis to come.  

The Society is named in honor of Brother Solon E. Summerfield Kansas 1899 who was often thought of during his undergraduate years as a young man who never bothered his teacher nor did he ever give them cause to bother him in return. He was a reserved man, and certainly surprised his Phi Psi brothers when he later became one of the Fraternity’s greatest benefactors. Like so many alumni, he was fond of his Phi Psi experience and felt the Fraternity was one of the major reasons for his later success in the business world. 

That success would come a few short years later during the early 1900s when silk stockings were beginning to emerge as a popular fashion accessory. Brother Summerfield decided this was a product on which he could stake his future. His hard work and entrepreneurial spirit led to the establishment of the Gotham Silk Hosiery Company. Now, even after his death, his legacy profoundly impacts the lives of undergraduate Phi Psis every year.

If you have included the Phi Psi Foundation in your will or estate plan but have not notified our office, please do so and you will be recognized as a member of the exclusive Summerfield Society. Or, if you would like to learn what you can do through your own will or estate plan, contact one of our gift planners.

 

 

Wills & Bequests

A gift to the Foundation by will or trust is a creative way to help in the long term, while still retaining full control of your assets during your lifetime. Each bequest to the Foundation serves as a legacy to future generations, and helps secure the future of the organization.

Making a provision in your will for the Foundation is a simple process. You can leave a specific asset, a percentage of your estate or the remainder of your estate after you have taken care of other beneficiaries. Also, you may leave your bequest unrestricted or designate it for a specific use. The appropriate wording for making a gift depends upon the type of gift, state law and your own unique circumstances. The following will provision is an example of how you may designate your gift. Consult an attorney to be sure you have a properly drafted legal document.

While not necessary, it is helpful to make us aware that we are being named in your will. This way you can be sure your bequest will be executed in the manner you intended. In addition, we have special means of recognizing donors who have named us in their wills.

“I, [name], of [city, state, zip], give, devise and bequeath [percentage of estate remainder, written amount or description of property] to the Endowment Fund of the Phi Kappa Psi Fraternity, an Illinois not-for-profit corporation with offices in Indianapolis, Indiana. This gift is made to help further the objectives and purposes of the Endowment Fund.”

We would be happy to consult with you on your particular needs, philanthropic desires, questions or concerns. Please feel free to contact the Foundation offices at 800.350.1852 at your convenience and at no obligation to you.

Gift Planning

Planned giving is a very special tool of philanthropy. It's reserved for those individuals and families with both a clear vision and a sense of deep conviction – for both the near and long term. Whatever form your planned gift takes, keep in mind that it is a wonderful way to support the Phi Psi Foundation.

Life Insurance
Contributing life insurance to the Foundation is an attractive way to make a substantial gift. In order to claim a charitable income tax deduction, the Foundation must both own the policy and be its sole beneficiary. You may then deduct the fair market value of the policy. Your insurer can help you calculate the amount of your expected deduction and help complete the appropriate documents.

Retirement Plan Assets
Many donors spend much of their lives paying into qualified retirement plans – money that is considered "income with respect to descendent" for tax purpose, before it is passed to heirs as part of an estate. Therefore, it is twice taxed: first, under income tax rates and secondly under gift and estate tax rates. The reason for such income tax treatment is because the plan was funded with pretax dollars and grown in a tax-sheltered fund. A gift provision from the remainder of a pension or retirement plan can often be the most economical way to make a gift, allowing for other assets to pass to heirs under better tax rates.

Gift Annuities
A charitable gift annuity is a contractual agreement between a donor and the Foundation whereby we agree to pay you a fixed annual income for life in exchange for money or assets transferred to the Foundation. The amount of the annuity (annual income) is determined by the amount of the gift and the age or life expectancy of the person(s) to receive the annual income. Annuity payments can begin soon after the gift, or can be deferred to a specific age or to coincide with retirement or other significant planned life change. Annuity contracts are governed by the laws of the state in which the donor resides.

Charitable Remainder Trusts
A trust is a stand-alone financial instrument used to hold assets for someone else's benefit. In the case of Phi Kappa Psi, you will be creating an irrevocable trust in the Foundation's name, but specifying that you (or someone else) receive income from the trust until your death. You may also provide that the payments continue until the death of both you and your spouse. You may fund the trust with cash or with appreciated securities or real estate. Contributing appreciated assets eliminates capital gains taxes at the time of the donation, as described previously.

The trust may subsequently sell the assets to increase the amount of income available for distribution, but the capital gains tax would be spread out over your lifetime and would be payable in installments only as you received cash from the trust.

When you establish a charitable remainder trust, you receive an immediate tax deduction based on the estimated value the Foundation will eventually receive. This amount varies depending upon your age, the age of any other beneficiaries and the annual payout amount.

With a charitable remainder unitrust, you must specify at the outset what percentage of the trust's assets will be paid to you (or your beneficiaries) annually. Then, depending upon the trust's investment performance, you will receive more or less money each year. You may make additional contributions to the unitrust at any time, receiving a commensurate charitable deduction. A unitrust takes advantage of rising financial markets because your yearly payout increases with the value of the trust. Similarly, however, if its value decreases, so does your annual payment.

A charitable remainder annuity trust differs from a unitrust in that the annual payment you receive is set as a fixed dollar amount, not a percentage of the trust's assets. That means you (or your designated beneficiary) are guaranteed the same income every year, regardless of how the trust's investments perform. Also, no additional contributions to an annuity trust are permitted. To give more, you must create a new annuity trust. An annuity trust provides a constant, reliable income stream, shielding you from market fluctuations. This means, however, that the amount you receive will never be adjusted for inflation.

Summerfield Society Donors
  • Donald Adams UCLA '47
  • Kent Agness Indiana '69
  • David Anthony Iowa State '54
  • William Batten Ohio State '29
  • Charles Binning Gettysburg '37
  • Robert Bird West Virginia '73
  • William Black Ohio State '50
  • Robert Bland, Jr. West Virginia '24
  • William Blanning, III Dickinson '37
  • Robert Blecken Washington '47
  • Frederick Bornman Dartmouth '18
  • William Bowers, III Rhode Island '66
  • Benjamin Bowman Minnesota '99
  • James Boyle Washington '88
  • Frank Bray Texas Tech '60
  • Charles Broadwell, Ret. Kansas '56
  • Marvin Brown Indiana '75
  • John Buck Indiana '75
  • Robert Buffum, M.D. Stanford '32
  • Bradley Campbell Miami '93
  • John Ciccarelli Cal State Northridge '72
  • Bob Coleman Oklahoma '55
  • Lewis Cooksey Carnegie Mellon '29
  • Everett Coutant Duke '42
  • Ralph Daniel Arizona '47
  • Burns Davison, III Iowa State '79
  • Robert Donley Southern Cal '35
  • John Donnell, Jr. Case Western '59
  • James Emison, III DePauw '49
  • James Flinn Texas '47
  • George Frost Ohio State '46
  • Ernest Garbe Columbia '40
  • Ray Garra, Jr. Duke '52
  • Hugh Gilmore Wittenberg '34
  • Mitchell Grant Ohio State '78
  • John Griffin Purdue '36
  • Alan Grosbach Indiana '65
  • Byron Gustin, M.D. Ohio State '63
  • John Harman Illinois '40
  • Terrence Harper Oklahoma State '85
  • Richard Hart Illinois '29
  • Earl Hawkins Case Western '52
  • Willard Hays Case Western '41
  • Frederick Hegele Ohio State '63
  • Frederick Hendricks, M.D. DePauw '55
  • Enrico Hernandez Stanford '78
  • Charles Higgins, Jr. Vanderbilt '67
  • Randolph Hoge, M.D. Virginia '21
  • Dallas Horvath Bowling Green '63
  • Robert Hoy, Jr. Missouri '59
  • Harry Huffman Purdue '61
  • Bruce Jackson Case Western '70
  • Gaston Jones Ole Miss '37
  • John Klinedinst W & L '68
  • Gregory Knapp Illinois '72
  • Richard (Stan) Kohagen Washington '55
  • Ruddick Lawrence Washington '31
  • Robert Leber Gettysburg '46
  • Brandon Lortz Capital '10
  • Robert Marchesani, Jr. Butler '94
  • Henry Marvin Southern Cal '56
  • Dale McKnight Washington '32
  • D. McMahan Southern Cal '57
  • Thomas Meisner, Sr. Lafayette '68
  • Norman Mendenhall Purdue '23
  • James Miller Ohio State '85
  • Virgil Moen Beloit '27
  • Jerry Nelson UCLA '48
  • Steven Nieslawski Illinois '79
  • Timothy O'Brien Texas '00
  • Jerry O'Callaghan Oregon '40
  • Stephen O'Rourke Missouri '74
  • Ari Officer Stanford '06
  • Steven Olson Butler '91
  • Richard Ong Oregon State '55
  • John Parker Colorado '38
  • Jeffrey Patterson Illinois '78
  • Thomas Pennington Texas '80
  • Marc Persson F & M '97
  • John Pierce Lafayette '78
  • Douglas Pszczolkowski Allegheny '87
  • Paul Raver, Sr. Indiana '63
  • Robert Rayburn UCLA '92
  • Austin Rinne Indiana '39
  • Paul Rogers West Virginia '88
  • Alfred Ruebel, II Texas '50
  • Campbell Ruff Texas Tech '63
  • William Salen Illinois '77
  • Dennis Schwartz Purdue '60
  • Walter Sheppard, Jr. Cornell '29
  • George Simon Ohio State '61
  • Richard Snyder Penn '52
  • Norman Spain Ohio State '33
  • G. Spink, USNR Kansas '65
  • W. Spriggs Ohio State '71
  • Paul Springman Vanderbilt '70
  • Edward Stern Penn State '20
  • Lester Stevens, Jr. Dartmouth '20
  • Craig Stewart Ohio State '61
  • Carl Stoney, Jr. Cal '65
  • Charles Stroh Wittenberg '56
  • Solon Summerfield Kansas '99
  • Winston Tate Kansas '18
  • James Tigner, Jr. UCLA '41
  • David Timmons Ohio State '49
  • Keith Troutman IUP '70
  • Anthony Vukusich Indiana State '06
  • William Walker Southern Cal '27
  • William Wallace Arizona '47
  • David Weaver Ohio Wesleyan '40
  • Manning Webster Ohio State '25
  • Shawn Wells Texas '84
  • Eric Wiedenmann Ashland '70
  • Wynn Wiegand Missouri '74
  • Ray Wilkins, II West Virginia '65
  • Charles Williams Michigan State '55
  • Donald Williams Washington '47
  • Wayne Wilson Michigan State '59
  • Paul Wineman Washington '55
  • David Woodrum West Virginia '61
  • William Yagle West Virginia '55
  • G. Yowell Colorado '46
  • Matthew Zaft Johns Hopkins '94
  • John Ziegelmeyer, Jr. Kansas '70