Showing Up for Decades: Ken and Patricia Vincent
They are major supporters of the new Louis Guisto Baseball Field and perennial President's Circle donors—making annual gifts of $5,000 or more to Saint Mary's. Further, their legacy to the College will live on in perpetuity through their endowed scholarship, established in 1999: the Ken & Patricia Vincent Endowed Baseball Scholarship Fund. Through this endowment, the Vincents meet their objective of securing financial assistance for Gael student-athletes every single year.
Having established their endowed scholarship fund, Ken and Patricia hadn't finished finding innovative ways to support Saint Mary's. In 2010 they learned about the charitable gift annuity (CGA), which pays a lifetime of income to the donor in exchange for a gift of $10,000 or more. Ken and Patricia chose to make their contribution through maturing CDs, obtaining in the process some attractive benefits, including higher payout rates and tax-free income than with their current investments and an income tax discount in the year of the gift. But the real benefit is the fact that the remainder of the CGA is added to their existing endowed fund to increase the balance in the fund and increase the amount of aid provided to today's student-athletes.
"I was determined to make this commitment to Saint Mary's College, its athletic program and the Christian Brothers while Patricia and I are still alive and can enjoy the rapport with the student-athletes," Ken told Saint Mary's magazine.
Ken and Patricia are motivated to extend their charitable assistance to students and as Ken says, "why not do it now?" The Vincents understand the advantages of increased lifetime income, tax-free income and the income tax deduction for making such a gift. Many others who have established CGAs have done so to increase their current income from lower-paying CD rates or other income paying investments. As CGA rates are based upon one's age, higher payout rates are available as one ages, as shown in the chart below.
Both Patricia and Ken are members of the Brother U. Albert Rahill Society, which recognizes and honors those who provide for the College in their estate plans. We are grateful to the Vincents for their long, selfless and generous support as both alumni volunteers and donors and wish them all the best as they celebrate their 60th wedding anniversary in May.
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.