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| Grateful Alumnus Funds an Annuity |
There are many words to describe alumnus Morrie Dadd '50. Some are: father, husband, patriot, navigator-bombardier of 55 missions in Korea with a Distinguished Flying Cross, poet, engineer, manager, hunter and fisherman. Morrie is also a grateful alumnus of GMI, now Kettering University, and attributes much of his success in life to the co-op education he acquired at GMI. He co-oped and worked fulltime for General Motors Diesel Equipment Division in Grand Rapids. He later moved to the company now known as SPX where he started as product engineer, then moved into engineering and sales positions, became General Manager of 3 plants, and retired as Manager of Marketing and Product Development.
Morrie had long enjoyed his acreage of wooded property bordering on Michigan state land, bought many years ago. The hunting cabin had served him, his five sons and his friends well over the years, but as time went on, he found it getting less and less use. On the suggestion of his tax advisor, Morrie looked into the idea of selling the property and using the proceeds to invest in a Kettering University charitable gift annuity.
He learned that he would receive not only a very substantial tax deduction which he could spread over 6 years, but also a guaranteed payout for life at a rate much better than the prevailing CD rates. Furthermore, much of this payout would be tax-free, and it would continue for the duration of his wife's Madeline's life also.
"It's a great way to benefit the school and its future students, guaranteeing them the same great opportunity that I had of getting a superb education. At the same time, Madeline and I are enjoying the stream of income to do some traveling. I recommend the Canadian railway trip, especially! I am very pleased with how this gift annuity is working out for both us and for Kettering University."
PS. Morrie's grandson Lyle Dadd is a 2006 graduate of Kettering University. If you'd like to get in touch with Morrie, or learn more about gift annuities, contact me at sweiss@kettering.edu or phone 810-762-9768.
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