Patti and Weldon Kruger '53

“We wanted to give to the Texas A&M Foundation and that decision was paramount,” Patti Kruger said.“We knew that the Foundation routinely accepts real estate gifts.”

The Krugers, residents of College Station, gave their real estate outright and directed the proceeds from the ranch land, which sold for a considerable amount, to benefit Texas A&M in multiple ways. Helping students — “that’s what we’re trying to do,” said Weldon Kruger, a longtime employee of Exxon Mobil Corp. (then Exxon Corp.).

Two endowments created by this gift will help students forever: the Patti and Weldon D. Kruger ’53 Director’s Endowment for the Corps of Cadets Leadership Excellence Program Fund and the Patti and Weldon D. Kruger ’53 Aggie Spirit Endowment, which benefits students and organizations within the Division of Student Affairs.

Proceeds from their gift also will benefit the non-endowed Memorial Student Center Building Fund for renovating and expanding the facility.

Ranch land gifted by the Krugers.

Benefits of giving
The Krugers purchased the land in Fayette and Colorado counties in 2001 as an investment. By giving it to the Foundation six years later, they avoided all capital-gains taxes and received the maximum charitable income-tax deduction. Experienced professionals in the Foundation’s real estate group walked the Krugers through the giving process.

Once the Foundation accepted the property, the Krugers simply transferred the title to the Foundation. From start to finish, the couple said, Foundation staff members were available to help them and their advisers.

While the Krugers chose to make an outright gift, there are three other ways to give real estate to benefit A&M: by will or living trust, charitable remainder unitrusts and retained life estates (for details, contact Tim Walton at 979-845-8161 or t-walton@tamu.edu).

Through a real estate gift to the Texas A&M Foundation, donors can support the university they love, reap the financial rewards of charitable giving and eliminate the management responsibilities that often accompany property ownership.

By Kara Bounds Socol