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Gift Planning

Jacob P. Jones Society

Jacob P Jones SocietyMembers of the Jacob P. Jones Society are a special group of people who have chosen to remember the College in a way that directly benefits future generations of students. Making a will provision, or any planned gift, to Haverford College acknowledges and honors the role that the College has played in so many graduates' lives, during and after their time on campus. For a listing of the Jacob P. Jones Society members, click here.

You may recall seeing Jacob Jones's name on the simple plaque just outside the entrance to Founders Hall. Jacob Jones was an extraordinary person; and, more than a century ago, he made possible the creation of the modern Haverford we all know.

Jacob Jones grew up in Philadelphia in the early 1800s. A devout Quaker, he attended several Friends' schools. While he did not attend Haverford, he sent his only son, Richard, to study here in 1859.

A successful businessman, Mr. Jones and his close friend, Israel Morris, had formed one of the first companies to buy and sell iron and steel in the U.S. Mr. Jones looked forward to his son eventually joining the firm; but, four years after his graduation, Richard, who suffered from poor health, died.

Devastated by his son's death, Mr. Jones devoted much of the remainder of his life to charitable works. He also thought of Richard's positive experiences at the fledgling Haverford, and the close relationship and respect he had developed for Thomas Chase, a faculty member, who later became the College's President. In confidence, Jacob Jones told Professor Chase of his plan to provide for Haverford in his will. Jacob Jones died in 1885.

Following his wife's death nine years later, his earlier commitment to Thomas Chase was fulfilled: ". . . to create an endowment fund, the income thereof to admit students either free of charge or at reduced rates . . ." In addition to a $5,000 outright bequest to create the Richard T. Jones Scholarship, the College received the bulk of Jacob Jones's $1.4 million estate. It continues to be one of the largest funds in the College's endowment. Its creation enabled the College to become one of the nation's premier institutions of higher education, as envisioned by later Haverford President Isaac Sharpless.

In his 1933 work, Haverford College—A History and Interpretation, Rufus Jones wrote,
"Haverford owes its largest single debt of gratitude for financial bestowals to Jacob P. Jones. One could wish that Jacob Jones and his wife might know what has been wrought through their munificence—what has been wrought and what through the interminable years will be wrought."

Through the creation of The Jacob P. Jones Society, the College wishes to honor this important legacy by recognizing alumni and friends who have provided for Haverford through a gift plan.

Many individuals continue to provide essential support for the College through such a gift. These include life-income gifts and will provisions. Endowed scholarships and other named funds are created through gifts to the pooled income fund, charitable gift annuities, unitrusts, and bequests. Life-income gifts provide important current benefits to the donor, such as a lifetime income stream from the gift and a charitable deduction.

For more information on life income gifts and charitable bequests, please contact:

Olga Briker, Ph.D.
610-795-6079
obriker@haverford.edu

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

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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