University Park, Pa. -- Penn State alumnus and former employee Lynn Donald Breon of Centre Hall has created a $50,000 charitable gift annuity that will provide unrestricted support in the future for the University’s Center for the Performing Arts.
Breon made his commitment through a charitable gift annuity, which is among the easiest and most popular methods to make a planned gift to Penn State, according to the University’s Office of Gift Planning. A charitable gift annuity enables a person to give a donation to a Penn State program of his or her choice and continue to receive a guaranteed fixed income from the University. Upon the donor’s death, the remainder of the annuity goes into the endowment and the funds can be put to use.
“This is a win-win situation. You donate money to the program of your choice and receive a high return rate and four annuity payments throughout the year, most of which are tax-free,” said Breon, who graduated from Penn State with a bachelor’s degree in business administration in 1959. “More people should know about this option. It is definitely the way to go if you are interested in making a donation and have another source of income.”
Breon retired from Penn State in 2001 after a combined 37 years working in the Budget and Controller’s offices. He had previously spent six years in the United States Air Force, first as a navigator and then as a pilot.
The Centre County native has been interested in the arts -- as a patron and a participant -- for much of his life. He has sung for almost three decades with the State College Choral Society and a couple of years ago began performing with Essence II. He also is a member of the Center for the Performing Arts Community Advisory Council.
“I was not sure exactly where I wanted the money to go, but after I got more involved with the Center for the Performing Arts, I decided that was the right program,” Breon said. “It was the enthusiasm and dedication of the Center for the Performing Arts director, George Trudeau, and the dean of Penn State’s College of Arts and Architecture, Barbara Korner, that made me feel confident in choosing to support the arts.”
A charitable gift annuity requires a minimum contribution of $10,000. The annuity donor must be at least 60 years old, but other endowment options are available for younger people. Donors can specify what they want their asset to accomplish, but Breon wanted to make sure his gift was unrestricted so it could go toward a program where the need is greatest.
For more information on charitable gift annuities and other gift planning options and their benefits in support of the Center for the Performing Arts, contact Dave Shaffer at (814) 863-1167 or daveshaffer@psu.edu.