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Gift Planning

Deferred Gift Annuities--John Gould '61


John and Judy Gould

by John W. Gould '61

Going to Haverford seems now, after fifty years, inevitable. History often gives us such a specious sense of its inexorable march. At the time, however, I did not feel predestined for Haverford. Like most of us, I took the usual college tour: Harvard, Wesleyan, Williams, Swarthmore and Haverford. Among Haverford's attractions were Quakerism, small size, beautiful campus, the Honor Code and an interview with the god-like Archibald Macintosh '21 who would serve in many roles, including twice as acting president, during his long tenure at the College. I wanted to attend Haverford, and with the benefit of financial aid, I was able to do so.

What I did not understand when I arrived on campus was what a different kind of collegiate experience I would have. Returning home for Christmas vacation in my freshman year, I discovered that my old high school friends were partying, drinking, picking the fraternity or sorority they would pledge and generally spending a lot less time in the library than I did. In comparison to their liberated fun-filled lives, I felt as though I had entered a monastery, albeit a Quaker one.

Haverford turned out to be very small indeed and, in its way, a happier place than I first thought. Though I regret an absence of diversity and the enrichment it brings, within the narrow confines of our class I never had met such varied, distinctive and different individuals in my sheltered suburban public school life. And they were all smart. Those freshman bull sessions were extraordinary. Despite our rough and ready male culture, we seriously explored The Meaning of Life.

While we may have been a thin slice of the general population, we were exposed to an extraordinary range of intellectual vistas. I majored in History and continued to study the subject in graduate school at Yale, which I found far easier than Haverford. I spent much more time at Bryn Mawr courting Judy, my bride to be—and she spent much more time in New Haven—than would have been possible while facing the rigors of college.

Fast forward fifty years. I've had a rewarding career in higher education, foundation work and nonprofit consulting, including working for Haverford for ten years as Director of Alumni Relations, Associate Vice President, Secretary of the College and teaching in the History Department. (Some people get out of Haverford after four years; it took me fourteen.) I'm still courting Judy even though she married me 47 years ago. After that much time, one fully appreciates the importance of anniversaries, and so with my 50th Reunion approaching, I began to think seriously about making a meaningful gift as a way to thank the College for what it has meant to me.

Unfortunately, I had no idea what type of gift would be best for Haverford or me at this stage of life. I knew there was an array of deferred giving opportunities from the brochure I'd received, but I needed help figuring out which was right for me. I called Director of Gift Planning Steve Kavanaugh and asked him for help and advice in simple terms. We met, talked a bit, and then he provided some illustrations of how I could help the College by creating a Deferred Gift Annuity. As he explained it, there were several enticing benefits: I could make a larger gift than I thought possible, receive a tax deduction and receive a regular income stream until Judy and I are gone. The actuarial tables suggest that I will go first, but she will keep getting the income for the rest of her life, and that is a comfort.

Just as I knew Haverford was the place for me so many years ago, I knew a Deferred Gift Annuity was the right fit as well. I am able to spread out the gift payments over two years (and receive two income tax deductions) in order to create the annuity. And, because I elected to defer the income from these gifts for a few years, I'll receive that income at a higher fixed rate. When the annuity ends, the remaining assets will be used to create an endowed scholarship in memory of my mother at Haverford.

What's not to like about this arrangement? It is literally the gift that will keep on giving to Haverford, and to Judy and me. It gives me a chance to say, "Thanks, Haverford, for giving me financial aid along the way to make it possible for me to attend. I'm grateful for the opportunity to help future students in the same way my predecessors helped me."

I'm so glad I called Steve and for his guidance. This very positive experience reaffirmed what a good place Haverford really is. As I approach my 50th, I am grateful to Haverford for its challenging academic and intellectual training. Now, after all these years, I think what I value most is the "invisible college".

Rufus Jones wrote in Haverford College: A History and an Interpretation, "It is not buildings and grounds that make a college. A president by himself...cannot make a great vital centre of education, culture and discipline without the cooperative help of an important body of scholars and teachers who are the actual ‘transmitters' of the institution's higher life. Haverford has been fortunate at all periods of its history in the quality and type of its ‘transmitters.' They are the builders of the invisible college. They with others are the creators of its spirit and its ideals. Visitors can seldom see the real Haverford that we know, because the essential thing about it is ‘viewless'—it can be felt but not seen."

To this day, I still feel it.

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A charitable bequest is one or two sentences in your will or living trust that leave to Haverford College a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Haverford College, a nonprofit corporation currently located at 370 Lancaster Avenue, Haverford, PA 19041, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Haverford or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property, or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Haverford as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Haverford as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Haverford where you agree to make a gift to Haverford and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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