Helping the Performing Arts Through a Charitable Gift Annuity
Penn State alumnus and former employee, Lynn Donald Breon, is no stranger to Penn State. Having a particular fondness for the performing arts, Don chose to give through a charitable gift annuity, which, in addition to providing unrestricted support in the future for the University's Center for the Performing Arts, offers Don advantages of his own.
Among the easiest and most popular methods to make a planned gift to Penn State, a charitable gift annuity enables a person to give a donation to the Penn State program of his or her choice and continue to receive dependable fixed payments from the University. In this case, upon the donor's death, the remainder of the annuity can be put to use by the Center for the Performing Arts.
"This is a situation that can benefit both the University and its supporters. You donate money to the program of your choice and receive a high return rate and four annuity payments throughout the year, most of which are tax-free," says Don, who majored in accounting and graduated from Penn State with a bachelor's of science degree in business administration in 1959. "More people need to be made aware of this option."
Don retired from Penn State in 2001 after over 37 years working in the Budget and Controller's offices. He had previously spent six years in the United States Air Force, first as a navigator and then as a pilot.
The Centre County native has been interested in the arts-as a patron and a participant-for much of his life. He has sung for almost three decades with the State College Choral Society and a couple of years ago began performing with Essence II. He is also a member of the Center for the Performing Arts Community Advisory Council. Don states, "It was ... the enthusiasm and dedication of the Center for the Performing Arts director, George Trudeau, and the dean of Penn State's College of Arts and Architecture, Barbara Korner, that made me feel confident in choosing to support the arts."
Regarding the unrestricted nature of the gift, says George Trudeau, director of the Center of Performing Arts: "We are honored by the trust Don has placed in us-both now and in the future when the gift matures-which will give us the flexibility to utilize the funds to the best advantage for the Center and its programs."
Donors age 60 and older can establish an immediate-payment charitable gift annuity with a minimum contribution of $10,000. Younger donors, meanwhile, can create a deferred-payment charitable gift annuity with a minimum of $5,000. In all cases, donors can specify what Penn State program, department, college, or campus they would like their gift to benefit.
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 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.