Geneva College

 

 

Income Generating Gifts


Sample Individual Charitable Gift Annuity Rateseffective Jan. 1, 2012

Select Age:
Annuity Rate: 4.7%

*Geneva College bases its charitable gift annuity rates on the recommendations of the American Council on Gift Annuities (ACGA), a national non-profit organization that serves the charitable community by calculating gift annuity rates which are considered the industry standard.

Income Generating Gifts

Income-generating gifts to Geneva can be structured to provide fixed payments for life to you and/or another beneficiary (i.e. a child, a parent, a sibling, or a devoted caregiver) with the remaining principal going to Geneva. Such plans come with tax savings and allow you to unload non-income or low-income producing assets in exchange for a new income stream.  Consider these options:

1) Charitable Gift Annuity

A simple contract between you and Geneva.  In exchange for your irrevocable gift of cash or securities (which generates an immediate charitable income tax deduction) Geneva agrees to pay you, or you and another annuitant, a fixed sum each year for life. Payments may be made annually, semiannually, or quarterly.  The older you are at the time of the gift, the greater the sum Geneva will pay, and in most cases, a portion of each payment is tax-free. Funding a gift annuity with appreciated property often produces favorable capital gains treatment. Geneva’s gift annuity program begins at a minimum contribution of $10,000.

Thomas E. Grahek ’61

After first hearing a presentation about the benefits of planned giving nearly a decade ago, Tom recently decided to give Geneva a charitable gift annuity. “I figured this would be a good way to help young people of the future,” he says. “First and foremost, I want them to be disciples for Christ.”

As a public school teacher, Tom shared his love of languages with thousands of students. Graduating from Geneva College with degrees in English and Latin, he continued his education by studying German while completing graduate work. Tom then went on to teach all three subjects in a career that spanned 42 years.

Throughout that time, Tom always made sure his students gained firsthand experience with the material by taking them on trips to Europe: “They got to see what they learned about in the classroom and understand how the threadwork of their studies has made its way to the modern world.”

With many study abroad offerings, internship opportunities and community outreach programs, Tom notes that this type of hands-on approach is one of the greatest strengths of a Geneva education today. “I think those things are all good because they make the students more outward,” he explains. “Nobody can see the world as it is. We see it as we are. So the more outward someone becomes, he or she becomes a better, more complete person.”

Tom’s desire is to continue helping students develop an outward perspective; that’s why he keeps giving back through a charitable gift annuity.

For more information about how you, too, can help today’s students through planned giving, visit geneva.edu/give or contact the Office of Planned Giving at 724.847.6614.

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2) Deferred Charitable Gift Annuity

Conceptually the same as the immediate payment annuity mentioned above, with the primary difference being that the fixed payments are deferred until a future, specified date. You still receive the immediate charitable income tax deduction. This may be a smart alternative to allow for an immediate income tax deduction during your highest-income years, while providing for additional income in your retirement years. The longer you defer the payments, the greater the sum Geneva will pay.   

3) Charitable Remainder Trust

With the help of your attorney and financial professional, a charitable remainder trust provides an income stream for yourself or another beneficiary for life or a term of years. This trust is a separate tax-exempt entity/account. You may irrevocably transfer gifts of cash or appreciated assets into the trust, and at the end of the term (usually upon the death of the beneficiary), all remaining money goes to Geneva College. Because the initial gift is irrevocable, you receive a federal income tax deduction in the year you establish the trust. Using appreciated assets to fund the trust provides a means of avoiding substantial capital gains taxes and provides a means of converting low-yield assets into income. There are several types of charitable remainder trusts which give you planning flexibility.  

  • unitrust provides a variable payment every year based on the annual market value of the trust.
  • An annuity trust provides a fixed payment which does not take into consideration annual market value fluctuations. The charitable remainder annuity trust builds in the security of knowing the exact amount of the annual payments.

 

Eugene “Gene” Jannuzi ’36 (1915 - 2011)

A lifetime resident of Beaver Falls, Gene always had a close connection with Geneva College. He even held a job maintaining the campus tennis courts as a teenager. In 2009, Gene noted, “The college has been a part of my life for so long. I always knew the people—the administration, the staff, the professors—and associated with them in other pursuits.”

The Great Depression didn’t deter Gene from pursuing a degree after high school. “With the help of my older siblings I scraped together the enormous sum of $100, a semester’s tuition at Geneva College,” he wrote in the Pittsburgh Post-Gazette.

Gene thrived at Geneva, preparing for a productive life. Upon graduation, he taught at Beaver Falls Junior High School, where he met Margaret Moltrup. When the Japanese bombed Pearl Harbor, Gene enlisted in the U.S. Navy, participating in the North African Campaign, invasion of Sicily and D-Day. World War II deterred the couple’s wedding, but not their love, which spanned a marriage of 57 years.

Following the war, Gene worked as a reporter for the Post-Gazette, and then became the CEO of Moltrup Steel. A gifted writer and novelist, Gene continued submitting to the paper following his retirement.

Gene shared his passions, resources and steadfast commitment to Christian education with Geneva’s students. Gene and Margaret’s generosity includes renovating the tennis courts, contributing to the Veteran’s Plaza and establishing a unitrust to support their giving legacy after death. For his excellent service and deep dedication, Gene was awarded the “Life G” in 1983.

Gene was a prolific writer throughout his life, and you can read some of his work by visiting jannuzi articles.

For more information about how you, too, can help today’s students through planned giving, visit geneva.edu/give or contact the Office of Planned Giving at 724.847.6614.

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4) Charitable Lead Trust

Allows you to gift Geneva College an ongoing stream of income for a term of years, at which time, the trust terminates and the balance of the trust assets (principal and appreciation) is transferred to your heirs, as directed. Because assets in the trust grow tax free during the term, and because the ultimate transfer to your heirs is not subject to inheritance tax, you are able to achieve significant tax savings.

Trusts are generally most appropriate for larger gifts because of the time needed to create and administer each one. We suggest you consult your advisors before taking any action. Every trust is governed by the individual trust document created jointly with Geneva College and your legal and financial advisor. If you have additional questions, want to learn more, or want to review a personalized proposal, please contact Geneva’s Planned Giving Officer at plannedgiving@geneva.edu or 724-847-6614.

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