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Creating Income with a Gift to Barnard

Barnard offers a full range of income-generating gifts including Charitable Gift Annuities, the Pooled Income Fund, and Charitable Remainder Trusts. For more information or help deciding which option is right for you, explore the categories listed at the left and/or contact Audra Lewton, Senior Associate Director, Planned Giving, at alewton@barnard.edu or (212) 870-2534.

 

Patricia  Mallon ’63, one of two natural resources majors in her class and an art history minor, still remembers her Barnard professors as “incredible, incredible, incredible,” and she recalls her first year at Barnard as one of the most exciting and fulfilling of her life.
 

Feeling that she owes a great deal to Barnard, Pat has always been dedicated to supporting the College financially. In 2000, she was at the height of her earning years as she began to plan for the end of a long and very satisfying library career. She decided then to make a gift that would benefit her and Barnard; she set up a deferred charitable gift annuity . Pat calls it a “win-win-win”: she received a sizeable income tax deduction at a time when she could really use it; she secured fixed payments for herself at a rate of return exceeding 15% to begin when she would need the additional income, after her planned retirement; and she was able to support Barnard’s future at the same time. Pat says, “It seemed too good to be true.” But it wasn’t!

Then, in 2006, as her retirement approached, Pat felt that having some extra income would be helpful, and her financial adviser told her she could use a charitable deduction to help reduce the income taxes she would otherwise owe that year. Pat recalls being “hit hard” by income taxes at that point in her life and felt she’d “much rather give money to Barnard than to Uncle Sam.” An immediate payment charitable gift annuity was the perfect solution for Pat. This time she used appreciated stock to fund her Barnard annuity. The stock she contributed had increased in value over many years, so she would have lost a considerable portion to capital gains tax if she had sold it. Instead she used a low-dividend-paying stock to create a much higher return—nearly 6% —through a Barnard charitable gift annuity. Plus, she was able to completely avoid a portion of the capital gains tax, an added bonus that Pat particularly appreciated. Her financial adviser thought that this was a very clever plan.

Pat is making great use of her annuity payments—she uses the extra income to fund her trips to the west coast to visit her two granddaughters. She hopes they will follow in her Barnard footsteps as members of the Class of 2025 and 2028!