By Dana Robinson
National Catholic Community Foundation
Our oldest grandson, a senior at Salesianum, is a member of the class of 2026. A century ago his great-grandfather was in the class of 1924 and around that time his great-grandmother was a student at Ursuline. For four generations our family has been a beneficiary of these two schools.
Catholic education is a treasure. Beyond the basics of religion and the proverbial ‘three Rs’, it cultivates in its students an awareness of two realities, an awareness not necessarily recognized by other non-religiously affiliated schools.
One is the reality of the unity of truth. Everything is related. Science, religion, history, athletics, art, etcetera are all connected expressions of the glorious oneness of creation. The second is the reality of purpose. Catholic education, like the faith itself, imbues in its students an innate belief that life has a purpose, in fact that life is purpose. It teaches that each of us, in ways unique to ourselves, shares in this purpose.
In addition to benefitting us individually, the treasure of Catholic education is a boon to society, especially in the United States. It espouses what in secular terms is called natural law, the same natural law to which our nation’s founding documents refer with such elevated language as “Laws of Nature and of Nature’s God” and “We hold these truths.” With no understanding of or respect for natural law our nation would decline, to say nothing of the consequence on the salubrity and vibrancy of our culture.
Certainly, Catholic education is a treasure. However, over the past four generations access to this treasure has narrowed. Historically, it was the selfless dedication of unpaid nuns and priests that made the broad reach of Catholic education possible. Now, as is well recognized, Catholic education for the most part is provided by paid lay instructors. However, even given the modesty of their salaries, access to this treasure is relatively expensive – particularly in contrast to the “free” state funded education offered in public schools.
Whether as students or citizens, we who have benefitted from this treasure must ask ourselves how we can assure its availability, and even expand it, for future generations. One area in which we can help is in fund raising. An increasingly popular financial instrument for fund raising is the charitable gift annuity.
The first acknowledged charitable gift annuity in the United States was in 1830 when the cash-strapped 75-year-old John Trumbell (whose paintings of the Revolutionary War now adorn the Rotunda in the Capitol) donated his paintings to Yale University in exchange for an annual payment (an annuity) of $1,000. Since then, and with appropriate government oversight, charitable gift annuities have become very common. Happily, the Diocese of Wilmington, in collaboration with the National Catholic Community Foundation, now includes this arrow in its fundraising quiver for endowing Catholic education.
Click here to learn more about a Charitable Gift Annuity in the Diocese of Wilmington. Or phone 302-573-3121.
It is a simple concept. A charitable gift annuity is a contract between a charity and an individual. In exchange for a contribution of cash or securities the charity agrees to pay the individual and/or another beneficiary a fixed amount for life. The payment is determined by the value of the gift, the age of the donor (the annuitant) at the time of the donation, and a rate established by the American Council on Gift Annuities. At current rates, a 75-year-old donor contributing $10,000 would receive $700 per year representing a 7.0% rate. An 85-year-old would receive $910 per year at a 9.1% rate. On the death of the annuitant the balance in the annuity is paid to the charity. Typically, this residuary amount is around 50% of the original value.
What’s more, a charitable gift annuity offers significant financial advantages to the donor. These include a guaranteed life income, an immediate income tax deduction on part of the initial contribution, payments which are tax exempt for a period of time, and favorable treatment of capital gains tax when appreciated securities are donated. Best of all, without the loss of income, the donor also receives the satisfaction of securing the future of a worthy cause. Clearly, charitable gift annuities are a win-win for all involved – including most significantly in this case pupils in the future who otherwise might be unable to share in this precious treasure.
The inscription over the entrance of Salesianum is ‘Tenui nec dimittam”, a favorite motto of St. Francis de Sales, patron saint of our diocese. As it pertains to the treasure of Catholic education, may this saying exhort us Catholics – indeed us Americans – to “grab hold and never let go.” Charitable gift annuities will strengthen our grip.
Dana P. Robinson is board of trustees chairman for the National Catholic Community Foundation.
