Even Those of "Little Means" Can Give Back
John Lytle, '58, doesn't consider himself "a man of means." So it was a significant decision for the retired Air Force colonel to make a $50,000 gift annuity to Penn State. Yet what John has received in return is an immeasurable sense of satisfaction when giving back to others.
John explains, "I can tell you it feels wonderful to give money away to a worthy institution like Penn State. I'm sharing my story to inspire others who may feel like they don't have much money to give away, to give some away anyway! They will be glad they did."
The gift annuity will help support the Lytle Family Washington, DC, Internship Program, which helps bring Penn State students to the capitol to learn more about our nation's government.
John's gift was made in memory of Old Coaly, one of the mules that helped build Old Main between 1857 and 1863 by hauling limestone blocks to the construction site. Old Coaly, brought to Penn State by Jim Lytle from Kentucky, was the "unofficial" mascot until the Nittany Lion was chosen in 1906.
John reflects on the personal benefits of providing a gift annuity—and the larger impact of his actions. "The ability to make a gift and receive an income for life—in addition to obtaining a charitable tax deduction—was a key factor. Now I've invested in Penn State and am getting a two-fold return: an annual income for life and the pleasure of growing the DC Internship Program I care so much about. It's truly a win-win situation!"
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 examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your 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.