Jessica (Harder) Saxton ’51 has a passion for student recruitment and retention at Union College. Through her generous philanthropic encouragement, the college has been able to provide scholarship assistance to attract and retain students. Jessica has been an integral part of the Union College Board of Trustees as well as a board member of the Midwest Foundation for Higher Education since 1992. In 2000, Jessica received the prestigious President’s Award from Dr. David Smith in recognition of her commitment to the continuing prosperity and progress of Union College.
In addition to her annual financial support, Jessica has chosen to augment her giving by establishing a charitable gift annuity with Union College. “I am happy to have the privilege to do this for the college,” states Jessica. “I consider this annuity an important investment in the work of Union College.”
A Gift Worth Examining
You’ve heard the old adage that it’s better to give than to receive. But with a charitable gift annuity, you help yourself at the same time you are helping Union College.
A charitable gift annuity is a deferred gift vehicle that pays you (and an additional annuitant, if you desire) a predetermined amount each year for life. The gift can be established with cash, securities or other property, and in return you receive an annual fixed amount.
Add Up the Numbers
Union College uses the annuity rates recommended by the American Council on Gift Annuities. These rates are the same for men and women and are slightly lower for two annuitants of the same age. Here are examples of one-life rates (effective 7/1/2003):
Your Age Annuity Rate
60 5.7 %
70 6.5 %
80 8.0 %
90+ 11.3 %
Generous Income Tax Advantages, Too
You are entitled to take a charitable income tax deduction for part of the value of your gift based on U.S. Treasury tables. In addition, a sizable part of each annuity payment to you is tax free for the rest of your life expectancy.
A charitable gift annuity assures you fixed and attractive payments with no investment worries or responsibilities. It is also a superb way to make an enduring gift to Union College when the remainder becomes available for the college’s needs.
To find out more about charitable gift annuities, see our giving opportunities.