Business
News
Planned
giving: Gifts that live on
By Lou Baldwin
Special to The CS&T
William J. Boland II wants everyone to know that “planned giving”
to a Church entity through one’s estate, an annuity or a trust isn’t
all that difficult — and donors don’t have to be millionaires
to do it.
Boland, 57, is the planned giving coordinator for the archdiocesan Office
for Development. A former sales manager in the insurance industry, he
began working for the Archdiocese last July.
He now belongs to St. Patrick Parish in Woodbury, N.J., but he spent most
of his life in Northeast Philadelphia — especially St. Matthew Parish
in the Mayfair section — where he and his wife, Patricia (Chemnitz)
raised their sons, Thomas and Kevin.
Boland graduated from Father Judge High School, but he never really left.
He’s a former member of the school’s board of directors and
was active with the Father’s Club and Football Club. As a matter
of fact, he’s also done quite a bit of fundraising for Judge.
These days, his avocations consist of a bit of golf and doting on his
grandchildren.
But his vocation is financial development.
Leaving money to support the Church, or one of its entities, is nothing
new, of course, and it may become more common in the future because of
smaller families, Boland says. Catholics who support their parishes and
various charities may want to know the good work will continue after their
death.
“Some people give their money directly to the Archdiocese but the
majority of the donations are to Catholic Charities,” Boland said.
Another avenue for giving, which surprisingly few people seem to know
about, directs specific bequests to stipulated parishes, schools or charities
rather than into a general fund for the Archdiocese, he said.
Such bequests will benefit only the named parish, school or charity. That
is especially important at a time when higher costs are prompting school
closings and population shifts force some parishes to be suppressed or
merged.
“People want to see their parish strong,” Boland said. “Leaving
money to it can help it stay open.”
Bequests in a will take effect after the benefactor dies; often they are
from money the individual has invested in CDs or other interest-bearing
accounts to supplement his or her income.
“Charitable annuities can do exactly the same thing, and in most
cases have a better rate of return than bonds or CDs,” Boland said.
They also have tax advantages. Typically, when an individual arranges
such an annuity with a specific charity, the money is held in escrow and
the individual receives a lifetime income based on his or her age at the
time of the gift.
Boland’s office assists people who want to set up charitable gift
annuities, or to leave other financial gifts to Archdiocese-related charities.
“My personal satisfaction is helping people do what they want with
their money and also knowing I’m helping the Church — and
maybe helping a parish or school,” he said.
For further information or to arrange to have a speaker on bequests or
annuities, call Planned Giving at (215) 587-5650.
Lou Baldwin is a member of St. Leo Parish and a freelance writer.