By DONOVAN HARRELL
The Board of Trustees budget committee unanimously approved resolutions on Dec. 6 that would broaden Pitt’s ability to offer charitable gift annuities to prospective donors.
Each resolution passed unanimously. The first would establish reserve funds for charitable gift annuities. And since states have different rules on establishing charitable gift annuities, the committee also passed resolutions that would give the proper officers the ability to execute and maintain the specific requirements California, New Jersey and New York.
These states, and others, have laws that require registration, segregated accounts and periodic reporting, according to the Board of Trustees.
Deborah J. Gillotti, chair of the institutional advancement committee, said these decisions will help Pitt reach more prospective donors.
“This action is fundamental for supporting the University's fundraising efforts,” Gillotti said.
Charitable gift annuities allow donors to make donations to the University, and, in return, receive fixed annuity payouts from the University for life. Donors also may receive a tax deduction.
Donors must be at least 55 to receive payments, and the older the donor, the higher the payout, according to the Office of Planned Giving.
Donovan Harrell is a writer for the University Times. Reach him at email@example.com or 412-383-9905.