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Charitable Gift Annuities
Last year Carolyn Kiess ’68 set up a charitable gift annuity that will eventually benefit the University’s College of Business Administration. Having taken early retirement in 2003 after a 35-year career in the financial services industry, Carolyn was reviewing her plans with the intention of diversifying her investment portfolio and sources of retirement income.
As a major contributor to the renovation of the college’s Ballentine Hall and as a consistent supporter of URI’s Annual Fund, Carolyn also wanted to do something for the University over the longer term.
“With the charitable gift annuity, I was able to lock in a life-time fixed payment stream on a portion of my investments and also direct the remainder amount to eventually fund a named endowment in the College of Business Administration to be used by the dean to support additional programs and services for students,” said Carolyn, who is now “getting used to a more casual lifestyle” on the Cape.
Funded with cash or marketable securities, a gift annuity is a contract with the University that guarantees the donor a fixed annual payment stream for life while also providing an immediate partial income tax deduction due to its gift nature. The payment amount is determined by the donor’s age at the time the gift is made—the older the donor, the higher the amount. Payments may begin immediately or may be deferred based upon the donor’s own financial situation.
If you are interested in learning more about gift annuities, or other gift planning opportunities tailored to your individual needs, we invite you to contact us in the Office of Planned Giving.
For more information, please contact Wade Wilks or Alan Axelrod, URI Office of Planned Giving, 73 Upper College Road, Kingston, RI 02881-2011. Email: wwIlks@Advance.uri.edu or aaxelrod@Advance.uri.edu. Phone: 401-874-2296 or 401-874-7057.
