When members of the Naval Academy Class of 1960 return to Annapolis for their 60th reunion in 2020, they plan to celebrate a special achievement: the end of a four-year effort to raise planned gifts from their 565 living members to support the Academy.
While reunion gifts are a traditional component of Naval Academy reunions every 10 years, most classes stop their gift campaigns at the 50-year mark. The Class of 1960 knew their members had the capacity to continue their generosity, and believed planned gifts through vehicles such as bequests, charitable gift annuities and IRA charitable rollovers would be particularly appealing at their stage in life.
The class' fundraising efforts are well under way.
John Michalski '60 serves as president of the class and a member of its reunion gift committee.
"My wife, Nancy, and I decided to make a bequest to the Naval Academy Foundation in our will," he said. "While we will continue to make annual gifts, the bequest will be our final gift to the school that so greatly influenced our lives."
His classmate Bob Stevenson '60 opted for an IRA charitable rollover.
"My wife, Charlotte, and I wanted to increase our giving in support of the Brigade while we were alive," Stevenson said. "We elected to use an IRA rollover gift as an easy and tax-wise method for our 60th reunion planned gift."
Bob Bowman '60 also used an IRA to fund his planned gift, but through beneficiary designation.
"By using my IRA to fund charitable bequests, I can substantially increase the value of those bequests for the charity I'm trying to support," says Bob.
Lyman Perry '60 chose a charitable gift annuity (CGA). With a CGA, donors transfer assets to the Foundation, which pays the donor (or other designated annuitants) fixed payments per life. When the annuity ends, the Foundation uses the remaining funds to support the Naval Academy as directed by the donor.
"I receive a very reasonable tax-advantaged return and the satisfaction of knowing that the Academy will forever benefit into the future," says Lyman. "To this day I am eternally grateful for the lessons learned at the Academy, the discipline and rigorous training we received and the lifelong friendships made there that prepared me well for a successful architectural career."
For more information on combining your personal financial goals and your philanthropy, contact the Office of Planned Giving at 410-295-4186.
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.