Mar 4, 2011
by Laura Smith
Flagler friends make gift to the college and ensure life income
Thanks to the generosity of donors Frank and Joan Tepper, Flagler College has celebrated a notable first – a gift for the college’s first Two-Life Charitable Gift Annuity (CGA). Their decision to donate $127,000 — proceeds from the sale of an investment property — provided clear tax benefits to the Teppers.
A CGA is a contract, under which Flagler College, in return for a transfer of cash, marketable securities or other assets agrees to pay a fixed amount of money to one or two individuals for their lifetime. A CGA also helps donors protect appreciated assets and avoid paying high capital gains taxes.
“It’s a win-win situation,” Tepper said. “There are clear tax benefits to us, but also, we are able to help the College. It is definitely a two-way benefit.”
“Charitable Gift Annuities can provide a safe harbor for investors in an unstable market,” said Mark Whittaker, vice president for Institutional Advancement. “They are also a way to accomplish philanthropic goals and make a difference at Flagler College.”
The Teppers are St. Augustine residents who adopted the College as a cause several years ago. They are regular attendees at Flagler College Forums and donors to the Molly Wiley Art Building.
For more information about the Flagler College Planned Giving Program, or to inquire about the income and tax advantages of a Charitable Gift Annuity, contact Nicole Pece, director of development, at 904-819-6240 or NPece@flagler.edu.Tagged As