A new program developed by the Gift Planning Office has been very successful in encouraging increased giving among alumni celebrating their 50th, 55th, and 60th Reunions.
With the Charitable Gift Annuity program, each member of those classes received an illustration of the income and tax benefits provided by a $10,000 gift. A volunteer from each class wrote encouraging participation in the annuity program as a way to dramatically increase class giving in honor of the Reunion while helping the College.
To date, Union has received five gifts totaling $78,600, and four more are expected. Bruce Downsbrough '75, director of development, said, “This is a unique program and we are delighted by its success. We hope other members of these classes will consider similar gifts.”
Charitable gift annuities provide four benefits to the donor:
- current income tax savings;
- future estate tax savings;
- lifetime income, some of which may be tax-free;
- reduction of capital gains tax.