An investment in changed lives
Edna and Chuck Greene planted solid roots in Topeka in the 1950s. They married in 1950, graduated from Washburn in 1951, built a house in 1953, worked for their family business, Kansas Electric Supply, and started a family of their own. They also planned for the future by investing in stock.
Edna, 87, is widowed and still living in that same house. She's ready to sell her stock and turn it into a fixed stream of income for life. She will use the cash from the sale to set up a charitable gift annuity with the Washburn University Foundation. This will allow her to receive fixed payments for life while giving back to an institution her family has loved and supported.
Like Edna, anyone can set up a CGA through the Washburn University Foundation. A CGA is a contract (not a "trust"), under which a charity, in return for a transfer of cash, marketable securities or other assets, agrees to pay a fixed amount of money to one or two individuals, for their lifetime(s). The annual lifetime payment is based on age and a set interest rate. A variety of tax benefits, including a federal income tax charitable deduction, are available.
"I like the secure income and I will enjoy partially tax-free annual payments for several years," Edna said. "It feels great to know that after my lifetime, the balance of my gift annuity will be put to good use at Washburn and impact students in perpetuity. It's a good deal all around."
Edna's parents started Kansas Electric Supply in 1937. Chuck and Edna eventually took over the business with Chuck serving as president and Edna helped throughout the years. She worked at Security Benefit as an actuarial assistant and taught mathematics at Washburn for a few years as they raised their children. They sold the business in 2008 and retired. Her CGA will support a bright future for Washburn and deliver a reliable, secure revenue stream for her lifetime. The remainder of the gift annuity will provide scholarships for Washburn students involved in student government and help mathematics students pay for actuarial examinations.
Edna got a degree in mathematics and was involved in several organizations on campus. Chuck got his degree in business administration. Two of their three children graduated from Washburn, including one who was involved in student government. She has numerous grandchildren who have attended Washburn, including a grandson who sang in the choir. She knows the value of being involved on campus.
"We all had great experiences at Washburn, and we wanted to give students the same opportunities we had," she said.
Create your Washburn legacy
Edna Greene's gifts are changing lives at Washburn. If you would like to learn more about how a charitable gift annuity can help you support Washburn students – or other smart ways to give – contact Jeannie Shy at 785.670.2734 or firstname.lastname@example.org today.
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.