Lifelong Income, Life-Changing Opportunity

Editor’s note: Don Perkins passed away in March 2015.

Northwestern University Life Trustee Don Perkins grew up in a single-parent household and attended a high school where only 10 percent of students went on to college. But hard work, coupled with generous philanthropic contributions, made it possible for him to earn his undergraduate degree and an MBA and eventually assume the role of CEO and chairman of Jewel Companies, Inc.

Hoping to provide other deserving students with similar opportunities to receive a world-class education and work toward their professional goals, Don and his wife, Jane, have created an endowed scholarship at Northwestern. Coincidentally, the first recipient of the scholarship was a daughter of a Jewel retail cashier.

“I see our gift to Northwestern for scholarship support as an investment in Northwestern students,” Don says. “When the scholarship recipients achieve success after they graduate, it is our hope that they will return this investment by giving to benefit future students.”

Don has served on the Board of Trustees for 43 years under five different Northwestern presidents, with additional service as cochair of Campaign Northwestern from 1998 to 2003. Thanks to the generosity of more than 100,000 contributors, this most recent capital campaign far exceeded its initial fundraising goals, resulting in enhanced scholarship and research opportunities, greatly improved facilities, and a strengthened endowment.

Increasing Their Impact

After it became evident to Don and Jane that planned giving would be a critical component of Campaign Northwestern’s success, they decided to create a charitable gift annuity as a way to add to the impact of their existing scholarship, while simultaneously helping to reach the campaign’s $1.5 billion fundraising goal. Establishing a charitable gift annuity allowed Don and Jane to make a gift to Northwestern and receive a federal income tax deduction that same year. In exchange for the gift, Northwestern will make regular payments to the Perkinses for the rest of their lives. After the life of the annuity, the remainder will be added to Don and Jane’s endowed scholarship fund, increasing the amount available for awarding scholarships to deserving Northwestern students.

“When I see the quarterly payment has been deposited in our account, I am reminded of the benefit for students as well as for us,” Don says.

Consider the Benefits of a Charitable Gift Annuity

Alumni and friends of the University may want to consider a charitable gift annuity as a way to support Northwestern and receive guaranteed income for life. Donors have the option of gifting cash or securities to fund the annuity. If appreciated assets are used, capital gains tax may be avoided. Donors 60 and older can elect to receive the annuity payments immediately or, like the Perkinses, they may select a future date for payments to begin. The payment rate is based on the age of the annuitants and is determined at the time of the initial gift. Only a portion of each quarterly payment is subject to federal income tax, and the payments are backed by the full faith and credit of the University.

For more information, please contact Northwestern Gift Planning at 800-826-6709 or giftplanning@northwestern.edu.