Bequest Helps Generations of Students
You may recognize Dorothy Luedemann's name from the art she created throughout her life, including those hand-colored maps of the Outer Banks, which still hang in art galleries, homes, and offices everywhere . But her greatest legacy might be the bequest she gave to her community through the Outer Banks Community Foundation. Now, more than 25 years after her death, her gift continues to provide scholarships for arts students and grants to nonprofits for art-related projects.
Mrs. Luedemann made her gift through her will, leaving a bequest to the Community Foundation of her house and its contents, which included a remarkable collection of rare prints and works of art, including pieces by Seong Moy, Chagall, Andy Warhol, Frank Stella, and Roy Lichtenstein.
The Community Foundation accepted her gift and quickly sold the house and its contents to fulfill Mrs. Leudemann's charitable wishes. Once everything was sold in 1997, the Community Foundation had $357,000 for art scholarships and grants.
Fast-forward to June, 2020: Dorothy Luedemann's gift has grown beyond imagination. The Charles and Dorothy Luedemann Art Scholarship Fund has awarded nearly $238,000 in scholarships, helping 75 local students seek a higher education in the arts. The Charles and Dorothy Luedemann Arts Fund has restored musical instruments, purchased costumes and stage equipment, and sponsored theatrical, dance, and musical performances, in partnership with over a dozen local groups, including the Lost Colony, Elizabeth R & Company, the Dare County Arts Council, and the Freedmen's Colony of Roanoke Island in total more than $266,000 in arts grants.
Because Mrs. Luedemann's bequest remains invested as endowment, an average of five percent of a fund's balance, averaged across three years, is awarded in any given year. The remaining principal and earnings are reinvested each year so that the funds can make grants and scholarships forever. Mrs. Luedemann's $357,000 gift has awarded over $341,000 in grants and scholarships, and it's still growingin 2020, her fund balance at the Foundation is $503,000, it remains invested to continue giving out grants and scholarships each year, for as long as we can imagine.
Now and forever, Mrs. Luedemann's bequest is weaving arts and culture into the fabric of the Outer Banks.
Is a charitable bequest right for you?
If you would like to create one or more Legacy funds by bequest to make grants or scholarship awards for future generations, please give us a call. We would be happy to help.
We have resources that will help you learn more about bequests. Click here to review sample bequest language. You will see how easy it is to include a bequest in your will or trust.
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