Dear Friend,
It has been my pleasure to be associated with the University of Virginia for more than [ ] decades. In that time, I have come to know many fine people, and it has been a source of great pride to see former students accomplish wonderful things in their professions and in their communities. It has been especially gratifying to learn that many alumni remember how their experiences at the University have shaped their lives and careers and that they respond by giving back to the University with their time, energy, and personal gifts, to insure that future generations of students may benefit from the special educational environment that U.Va. offers.
Psychology has been, and remains today, one of the most popular undergraduate majors at U.Va, and the Department's faculty are among the most accomplished at the University. Denny Proffitt's exciting work in the Cognitive Science Laboratory, Tim Wilson's work on social cognition and affective forecasting, and Lisa Goehler's research on the relationships between the immune system and the nervous system are just three examples of the areas currently being explored by Psychology faculty and their students. Students benefit from the research and expertise of the faculty, and the Department's ability to attract and retain top students is directly related to the quality of our faculty.
I have been in conversations with my friends in the Psychology Department about how to insure that their incredibly successful record is sustained into the future. I am writing to you because of your affiliation with the Department to ask you to consider helping with this important effort.
Alumni provide financial support for a wide range of activities, departments, and programs at U.Va. Many support its day-to-day operations through annual contributions, or offer capital gifts that provide permanent funding for programs or to build University facilities. I have personally made these types of gifts, and I have also participated in a third form of giving, one that I encourage you to consider seriously: planned gifts.
Gift planning offers individuals choices they may not have considered previously, and the opportunity to act philanthropically while preserving assets during their lifetime. This may be accomplished simply by leaving the University a portion of their estate through a bequest, or by identifying the University as a beneficiary of a living trust, retirement plan, or life insurance policy.
Life income gifts are another way individuals may support the University and receive in return an income for their lifetime. One option is the charitable gift annuity (CGA), which pays a guaranteed fixed annual income based on the age of the income recipient. For example, a 70-year-old would receive annual payments equal to 6.5% of the value of the gift made to the University. Because the payout rate is lower for younger individuals, a deferred gift annuity (DGA) may be a more attractive option for them. The gift is made now, but income payments do not begin until a pre-determined date in the future - for example, at retirement - and the income rate is based on the age of the recipient at that later time.
Another option is the charitable remainder trust (CRT). This arrangement is similar to the CGA, but the income paid is based on a fixed percentage (between 5% and 7%) of the value of the trust. Annual income may be fixed or variable, depending on the type of CRT chosen.
Were you to establish a life income gift, you would receive an immediate income tax charitable deduction. There may be tax benefits for the individual receiving the income as well.
I have worked with the staff of the University's Office of Gift Planning for several years, and they have provided excellent advice and service while helping me meet my financial objectives and philanthropic wishes. I know they would be very pleased to speak with you about ways you might help sustain and enhance the excellent work being done by the students and faculty in the Psychology Department.
You may contact the Office of Gift Planning at 434-924-7306 (toll-free at 800-688-9882), or by e-mail at plannedgiving@virginia.edu . If you have questions about the Department of Psychology, or would like information about specific programs or activities in the Department, please contact Donna Hearn, Assistant Chair of the Department, at 434-982-4743.
Thank you for considering my request. I hope you will take advantage of the no-obligation services offered by the Office of Gift Planning, and that you will join me in supporting the University and the Department of Psychology in ways that are meaningful and helpful to both you and the University.
Sincerely,
Raymond C. Bice
Professor of Psychology Emeritus
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