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Selling the farm
June 2, 2010
|Paul '54 and Ruth Hauge|
Last year Paul Hauge '54, and his wife, Ruth, decided to give a special gift to St. Olaf. The couple, along with Hauge's two late brothers, had long considered donating their family farm to the college, and Hauge's 55th class reunion seemed like the right time to make it happen.
"My extended family has had close ties with St. Olaf for well over 100 years," says Hauge, an attorney. "So Ruth and I decided that we wanted to express our appreciation for the Christian-based education that so many family members have received from the college."
Proceeds from the sale of the farm, located in nearby Dennison, have established a charitable remainder unitrust that for 15 years will distribute annually a fixed percentage of the value of the sale to the Hauges' three children. After 15 years the remainder of the trust — which could top $350,000 — will be used by St. Olaf to establish an endowed scholarship named for the Hauge family.