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, O Automated Draft Withdrawal O What ls A Gift Annuity?
When Kenneth and Karolyn Hayden of Cecilia decided A gift annuity is a contract between you and the University
to make a contribution to the Lincoln Trail Area of Kentucky. In exchange for a gift of cash or other
Alumni Association Scholarship Endowment Fund, property, UK agrees to pay you and/or a second benefi-
they had no idea they would be pioneering a new way ciary a fixed income for life. What remains of the principal
of giving. upon the death of the annuitant will go to the university.
The Haydens are the first UK contributors to take Your age and the amount of your gift determine the size
advantage of giving through Automated Draft With- of your annuity payment.The older you are, the higher the
drawal. As the name implies, money is automatically payout amount. Donors can expect a sizable income tax
withdrawn from an account specified by the donor and charitable deduction in the year they create the gift
electronically transferred to UK. The donor specifies annuity. A substantial portion of the annuity payments is
the amount and the number of months the money is to usually exempt from income taxes — a feature that appeals
be transferred. A major benefit of automatic with- to many donors. Most importantly, donors have the
drawal is that it allows some donors to give more over personal satisfaction of knowing that they are supporting
an extended period than they would in a lump sum gift. the work of the University of Kentucky.
"It’s a good way to use ‘Coca-Cola money’ for a good Patrick Kelly recently invested in a gift annuity that will
purpose," says Kenneth. benefit his 78—year—old mother, himself, and the Gatton
The Hardin County couple has been active in UK College of Business and Economics. Patrick’s mother will
` activities for many years. He is a 1953 graduate of the receive income for her lifetime. Patrick, a 2001 graduate of
College of Agriculture and she graduated with a the Gatton College, will benefit from the tax deduction he
bachel0r’s degree in home economics in 1959 and is allowed on his charitable gift. A Gatton College scholar-
A earned a master’s degree in 1967.They have been ship fund, designated by Patrick, eventually will benefit
involved with the Cooperative Extension Service and from the remaining principal.
the Lincoln Trail Area Alumni Association. For more information on gift annuities, deferred gift
Supporting the scholarship endowment fund. says annuities. and other giving options, please contact thc UK
Kenneth, allows them to play a part in the success of Department of Development.
the many students who will benefit from the scholar-
ship. And, he said, automatic draft withdrawal makes it
easy to give and to give more than they might have
given if the service were not available.
KENTUCKY ALUMNI 9