When Dorchester, Massachusetts, native George Hansen began his education at BU's School of Management, he doubted he could afford to finish. "My family scraped enough money together to get me into Boston University," says Hansen, who would later work in corporate finance at General Electric for four decades. "But I couldn't envision three more years." With the help of James Fawcett, his Accounting 101 professor, however, he found a job in the school's accounting office. Between that and some scholarships, "I did manage to make it to graduation," he says, "and I owe it to Boston University and Professor Fawcett. Without that combination, I wouldn't have gotten where I am."
Hansen gives today's School of Management students the same chance through the James Fawcett Scholarship, which he funded in part through a charitable gift annuity. "I chose a CGA because of the tax and income benefits," says Hansen, who got a significant charitable tax deduction when he made his gift. His gift annuity will provide him with income for the rest of his life—and ultimately support students in need.
"I always had the idea that you have to be a millionaire to set up a gift like this," says Hansen. Now, he adds, "I feel like a millionaire! The charitable gift annuity helped me meet my philanthropic goals."
Charitable gift annuities provide an income stream for life, a substantial charitable income tax deduction, and minimized capital gains taxes, and they ultimately benefit the BU school, college, or program that is important to you. Gift annuities can be funded with cash, securities, mutual fund assets, and, in some cases, real estate. To find out how a charitable gift annuity can meet your financial and philanthropic needs, call Boston University Planned Giving toll-free at 800-645-2347.
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The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.