Bowdoin alumnus Charlie Micoleau '63 isn't planning on retiring for another year or two, but that hasn't stopped him from planning ahead
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Bowdoin as Trustee
Bowdoin serves as Trustee for all life income gifts established directly with the College and beneficiary payments are guaranteed by all the College’s assets. Life income gifts are invested and managed by Kaspick & Company, a division of TIAA-CREF which the College has partnered with since 1998.
Charitable gift annuities can be established with a minimum gift of $10,000 and are a simple contract between the donor and the College. While typically funded with cash or appreciated securities, other assets can be used to establish a charitable gift annuity. An existing annuity cannot accept additions, but a new annuity can be created and payments combined.
Fixed annuity payments are made quarterly for the lifetimes of up to two individual beneficiaries. Bowdoin’s annuity rates are based on beneficiary ages and market returns as recommended by the American Council on Gift Annuities (http://www.acga-web.org/). Annuity payments can start immediately or can be deferred for a higher annuity rate. At the end of the annuity, the entire remainder comes to Bowdoin. A charitable gift annuity can also be terminated early for an additional tax deduction. Please contact us for a personalized illustration.
Charitable remainder trusts require a minimum gift of $100,000 and pay income to up to four beneficiaries (individuals and/or organizations) for their lifetimes or for a fixed term of years. Income payments may be either variable based upon market returns (charitable remainder unitrust) or fixed (charitable remainder annuity trust). At the end of the trust, a minimum of 60% of the remainder must come to Bowdoin; the remaining 40% can be distributed to other charitable organizations.
Charitable remainder trusts are well suited to gifts of less traditional assets such as real estate or business interests. Additions to the trust principal may be made at any time, generating an additional tax deduction. Please contact us to explore whether a charitable remainder trust works with your philanthropic plan.
Pooled income funds require a minimum gift of $10,000 and can be added to at any time. Quarterly income payments are variable based upon market returns and may be paid to up to two beneficiaries. The entire remainder comes to the College at the end of the beneficiaries’ lifetimes. Currently the College is offering two pooled income funds with slightly different investment strategies; please contact us to learn more.
Copyright © Bowdoin College, All rights reserved.
The information in this website is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to income tax apply to federal taxes only. Federal estate tax, state income/estate taxes or state law may impact your results.
Supporter Spotlight
Fifty years after graduating from Bowdoin, Jack Abbott ’63 describes the experience as life-changing and he and his wife, Kip, have found several generous ways to say thank you to his beloved alma mater.
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In 2009, Bob and Judy Toll of Oakland, California, gave nearly two hundred pieces of Canadian Inuit Art to Bowdoin’s Peary-MacMillan Arctic Museum and Arctic Studies Center.
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"Looking back on Bowdoin at his 50th Reunion, Dick Burns '58 reflected, "the good fortune I had to be able to go to Bowdoin has been a significant and positive force in my life.
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For Cam Sarrouf '55, giving back to Bowdoin is the best way to say "thank you" to the professors and mentors he can no longer thank in person.
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John's commitment to keeping a high-quality liberal arts education relevant and affordable motivated him to provide for Bowdoin in his estate plans.
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Over the years, Don has supported that principle not only with regular contributions to the Alumni Fund, but also with a contribution to one of the College's Pooled Life Income Funds.
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“Comparing the guaranteed fixed Charitable Gift Annuity rate with what the bank offered when I was about to roll over my certificates of deposit was a no-brainer," says Lex.
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Bill first made this commitment tangible by establishing a scholarship fund in his name in 1973. Since his Bowdoin education was made possible by financial aid, Bill understood and advocated for the importance of scholarships.
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John served from 1972 to 1995 as a member of the College's governing boards. During this time, he established the John H. and Dorothy F. Magee Fund, which is designed to support course and curriculum improvement, faculty renewal and development, and academic program innovation.
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Funding a scholarship with a charitable trust was a good choice for the Forgits. It generated a significant charitable deduction in 2005, which proved useful in conjunction with the sale of a business, and provides lifetime income to Ray and Alice.
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Learning is something I've done—and loved—all my life, and I remain actively engaged in education to this day.
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As I was turning 65, I did some serious planning for the next stage in my life. I had no plans to retire anytime soon—I still don't—but I had three goals for the immediate future.
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