CAROLINA PROFILES IN GIVING
You can take a Tar Heel out
of North Carolina, but ...
Wlliam Rippy Lynch ' 48 long ago left
Erwin, the small eastern """"~..
N.C. town where he
After his Navy service in World War II, Bill Lynch
came to Chapel Hill to major in art. He later became a
pediatric dentist and practiced in south Florida for 25
years. In 1979 he retired north to New York City and
bought an apartment near Lincoln Center, where the
Metropolitan Opera is a favorite haunt. To stay busy, he
also supervises dental students three days a week at New
York University's pediatric dentistry clinic. Yet North
Carolina is never far from mind.
In 1997 Dr. Lynch gave $537,000 to setup an endow-
ment for Carolina's two library special collections focused
on the South - the incomparable Southern Historical
and North Carolina collections. Neither uses state funds
to purchase new materials or pay for preservation, so gifts
Fund in honor of his
Deanes Boone DuPree,
and his mother, Mary
Lucy DuPree Lynch, "two strong Southern women," he
says, who always encouraged him.
Dr. Lynch made his gift as a charitable remainder uni-
trust, funded with highly appreciated stock including
Coca-Cola near its peak. He was so pleased with the first
gift that in 1998 he gave another $519,000.
The unitrust will pay Dr. Lynch income for the rest of
his life. When he dies, his gift will go to work generating
income for the library, just as he specified. This deferred
gift offered Dr. Lynch the chance to become a major
donor while retaining lifetime income from his assets.
Another advantage: His stock paid dividends of less than 2
percent, but he now receives income at 8 percent, based
on his age when he made the gift. He also avoided capital
gains tax on the transfer of stock to the trust.
"I had been planning to do this for years," he says.
"It's extremely important to save the infor- _ ----=-==--==--_ _ _ _ __
mation, preserve it, and make it available," 1 F T
"Then the time was right."
Lynch says. "I'm enough of a Southerner to ANNING
think it's important to pass it on."
He named the DuPree-Boone Library
Could it be right for you? For informa-
tion on deferred gifts to benefit Carolina,
please call June Steel at 919-962-3439.
We welcome your interest.