Henry Sanborn has always had a love for learning. In September 1993, Dr. Henry N. Sanborn volunteered to teach word problems to students in eighth grade algebra class at Immaculate Conception School. In addition to his teaching gifts, Dr. Sanborn is also a man of vision. As a professor of Economics for over 30 years at Towson University, Dr. Sanborn knows the value of education. he also knows the importance of "securing the future" for an institution. As a step in securing the future for Catholic Education in general and Immaculate Conception Elementary School specifically, Dr. Sanborn has provided the seed gift to establish the Immaculate Conception Elementary School Endowment Fund. The purpose of the Endowment will serve as an income stream that can be used for scholarships, teacher training, or other needs not met through the operating budget.
Dr. Sanborn established the Immaculate Conception Elementary School Endowment Fund with a Charitable Gift Annuity. A charitable gift annuity is a simple contract between you and the Archdiocese of Baltimore. In exchange for your irrevocable gift of cash, securities, or other assets, the Archdiocese of Baltimore agrees to pay one or two designated annuitants a fixed sum each year for life. The payments are guaranteed by the general resources of the Archdiocese of Baltimore. The older your designated annuitants are at the time of the gits, the greater the fixed income the Archdiocese of Baltimore can agree to pay. In most cases, part of each payment is tax-free, increasing each payment's after-tax value. If you give appreciated property, you will pay capital gains tax on only part of the appreciation. In addition, if you name yourself as an annuitant the capital gains tax will be spread out over many years rather than in total in the year of your gift. Payments are usually made in annual, semiannual, or quarterly installments.
In Dr. Sanborn's case he used highly appreciated stocks that were returning low dividends. By gifting the securiteis, Dr. Sanborn was able to by-pass a portion of the capital gains, receive and immediate tax deducation and increase his income on these securities dramatically (part of the income payment is tax free). At Dr. Sanborn's death, the assets will be placed in the Immaculate Conception Elementary School Endowment.
At 73, Dr. Sanborn no longer limits his volunteer teaching at Immaculate Conception to word problems. Two afternoons a week Dr. Sanborn goes to the school to work with students in all grades, helping those in need and challenging those with great math ability. In the last two years he has been identifying students with mathematical promise and teaching these students pre-algebra in the fourth grade and algebra in the fifth. All the students who have Dr. Sanborn have greatly profited from his presence.
If you would like more information on life income gifts such as a gift annuity, or information on how to remember the Church in your will, please call us at 1-888-202-5113. When calling, please provide your address and date of birth.
