It's a small, small world
For Jay and Meredith Creech of Danville, Ky., making the decision to establish a charitable gift annuity was easy - they wanted to show appreciation to all the universities their children have attended. For retired individuals like the Creeches, a charitable gift annuity was the perfect solution.
Available to persons 55 and older, a charitable gift annuity is a contract where the Foundation promises to pay the Creeches a fixed amount annually for life in exchange for their irrevocable gift of assets.
"Our son went to Ferris State, he graduated from the College of Technology in 1996. We decided it was time to start doing something for Ferris, so we set up the charitable gift annuity," shares Jay. "We've done this at other universities that are near and dear to our heart as well. Had we known how great it was to work with Ferris, we'd have donated all our money to FSU," laughs Jay.
Supporters of higher education for many years, the Creeches believe that giving the University the freedom to use their gift where it is needed the most was of the utmost importance.
"Our gift to Ferris is unrestricted, meaning Ferris can use the money where they see the greatest need."
Rick Duffett, executive director of the Foundation, sees charitable gift annuities as win-win situation for everyone.
"Establishing a charitable gift annuity through The Ferris Foundation is not only beneficial to the University, but beneficial to the Creeches as well. It allows them to increase their cash flow, enjoy the security of guaranteed payments and reduces their tax liability."
And with that increased cash flow and smart investing, the Creeches can do what they love to do the most - travel. As the Creeches are big Disney fans, they consider Walt Disney World to be their home away from home. During one of their many stays at Disney, Jay was proudly displaying his Crimson and Gold when a gentleman looked at him and said, "I know where Ferris is, my brother teaches there!" The gentleman was the brother of Pete Alley, professor in the Automotive Service Technology program at Ferris. The Creech's son Stephen had professor Alley when he attended Ferris. Jay spoke with Pete on the phone that day and talked about Stephen and what he was doing now with his degree from Ferris. It's a small world after all.
For more information on establishing a charitable gift annuity, endowed scholarship or other gift to the University, contact The Ferris Foundation at (231) 591-2365.
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