P&S Journal: Spring 1996, Vol.16, No.2
Charitable Gift Annuity
| Dr. O. Alan Rose, |
director and past
president of the
At the Heart of the Matter
"Since graduating from the College of Physicians and Surgeons in 1936, I have been interested in cardiology and cardiovascular diseases and have been working in the field for close to 60 years. Over these many years in practice, remarkable progress has been made in the treatment of heart and related disease. While much more still needs to be discovered, especially relating to the vascular component, we can now provide treatments that we couldn't even imagine just a few years ago.
"I have always wanted to further the study of cardiovascular disease as well as to support Columbia's excellent work in this area. In reviewing opportunities with the alumni relations staff at P&S and the gift planning staff at the University, I was delighted to find a way to make a financial contribution to establish a special cardiovascular teaching room at P&S while at the same time providing an income to me and my wife, Frances.
"What I did was to establish a charitable gift annuity. A gift annuity is partly a gift and partly an annuity. It will pay Frances and me a generous income for the rest of our lives at a rate higher than current returns on Treasuries or CDs. As with a commercial annuity, a portion of each income payment is a tax-free return of principal, and the gift of the annuity entitles me to an income tax charitable deduction. My annuity was established with cash, but you may also give appreciated securities and receive favorable capital gains tax treatment. Quite apart from the substantial financial benefits of this arrangement, I am truly gratified to know that I have contributed in some measure to the training of future doctors who will no doubt advance even further what medicine can now do for people with heart and vascular diseases." -O. Alan Rose
To learn more about gift annuities or other planned giving options, contact Anke Nolting at the P&S Alumni Office, (212) 305-3498.