Charitable Gift Annuity
Retired veterinarian Dr. Clarence Burgher relocated to central Pennsylvania after a 40-year practice in New Jersey, and his fondness for the area quickly grew. Pennsylvania College of Technology's Le Jeune Chef Restaurant became Dr. Burgher's choice for fine dining and opened his eyes to the vitality of the entire College community.
"Along with enjoying the good food and service, I soon realized what an active and vigorous college Penn College is," he says. "The news of its orderly growth, improvement and activities are constantly in the local news."
Wanting to support the institution, but also desiring the security of a fixed income stream in retirement, Dr. Burgher approached the College about establishing a Charitable Gift Annuity (CGA) program.
"Simply put," says Barry Stiger, vice president for institutional advancement, "a CGA is a contractual agreement between donors and Penn College. In exchange for a gift, Penn College guarantees to make specific payments to one or two beneficiaries, as long as either is living."
"The donor can receive immediate tax benefits and periodic annuity payments, while gaining personal satisfaction from making a gift that will make a difference for Penn College, its programs or study, and, most importantly, its students." Stiger explains.
"I am pleased to have been the original donor to the ' Charitable Gift Annuity program," Dr. Burgher said. "It is a program that will help the institution continue to provide a good education to its students."