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Giving Back Today to Help Loyola Students of Tomorrow

Craig GriffingCraig Griffing grew up in Picayune, Mississippi, and has strong ties to New Orleans. His mother was a native New Orleanian, and his father received his medical training at Tulane University.

Because of his family’s connections to New Orleans, Craig was familiar with the city, and when he decided to pursue an MBA degree, he thought of Loyola University New Orleans. He met with the dean of the College of Business, and immediately felt welcome at Loyola.

Loyola’s beautiful campus along with its friendly faculty and students impressed him. He started the MBA program in January 1985. Craig has fond memories of his business classes. His favorites were economics and marketing because of their immediate real-world application. In fact, he still uses what he learned at Loyola to this day.

Craig is now retired and reflects on his Loyola education. He feels that his business education served him well throughout his career in healthcare administration. Craig feels strongly about the impact of his MBA degree, saying, “I attribute my professional success to the entire business school, which is still providing an excellent education today. Students receive a great education at Loyola at much less cost than many other private universities.”

In addition to an excellent education, Craig views the student body as one of Loyola’s strengths. Loyola’s students are a mix of local, out-of-state and international students. He feels that this blending of students from various geographic areas is a bonus that contributes to a well-rounded experience for all students.

Craig values his Loyola education and is committed to helping the university continue its mission. He was motivated, he says, by a “real desire to give back, a desire to help a great Catholic university and the fulfillment of seeing the results of these gifts.” He supports the university in different ways and established three endowed scholarships and two charitable gift annuities.

Supporting Loyola’s Mission Through a Charitable Gift Annuity

A charitable gift annuity is an agreement between the donor (and someone else if they choose) and Loyola in which the donor gives $25,000 or more in cash or marketable securities in exchange for fixed annuity payments for life. The secure income stream does not fluctuate with market conditions, so donors can depend on the income throughout their retirement years.

As an added benefit, donors may receive several tax benefits. A portion of each payment is tax-free throughout the donor’s life expectancy. They qualify for an income tax charitable deduction for a portion of their gift. And donors who fund a charitable gift annuity with appreciated stock may receive favorable capital gains treatment.

Charitable gift annuities also may help donors accomplish personal and philanthropic goals. They provide a lifelong income benefit and just as important, says Craig, “the knowledge that Loyola will use these funds wisely after I’m gone.”

Craig designated the remainder of one charitable gift annuity for general use and the other for the general scholarship fund. He is grateful for being in the position to make a difference at Loyola and believes it is important to help young people become educated and successful adults. Craig sums up his aspiration for his alma mater. “I hope that Loyola University New Orleans continues to provide a great education to students and jobs to its employees for centuries to come. Go Wolf Pack!”

With the support of donors like Craig, students will continue to experience the excellent benefits of a Loyola education for generations to come.

Learn more about how you can support Loyola students through endowed scholarships, charitable gift annuities or with other estate planning mechanisms. Contact Kevin Maney at 504-861-5442 and kmaney@loyno.edu to learn more.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Loyola University New Orleans a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to Loyola University New Orleans [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Loyola University New Orleans or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property, or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Loyola University New Orleans as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Loyola University New Orleans as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Loyola University New Orleans where you agree to make a gift to Loyola University New Orleans and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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