Thursday, June 7, 2012
Charitable annuity ensures mission of OU Athletic Department
In the face of recent state funding cuts, it has become more important for Oakland University to have reliable sources of support — now and in the future.
It was good news for the Athletics Department when it learned that George and Janice Kralovich set up a charitable gift annuity, which will ultimately benefit scholar-athletes and coaches.
George was an adjunct professor at Oakland teaching business economics and introduction to management courses. He currently serves on the Athletics Advisory Board, and he and Janice are season ticket holders. It was only natural they would want to support the Athletics Department with a charitable gift annuity.
“Gifts like this help make up for budget shortfalls and allow us to continue our programs and the important outreach we have with student-athletes,” Tracy Huth, director of athletics, says. “It also creates awareness that there are various ways to give to the university that allow us to continue our mission. There’s more than one way to give.”
Donors who establish charitable gift annuities receive a fixed income for the remainder of their lives with a portion of the income tax-free. Payments are made quarterly and the rate is based on age.
Upon their passing away, the remaining funds go to a specified recipient — in the Kraloviches’ case, the Athletics Department.
“This approach allows you to benefit a charity, but it still provides income,” Angie Schmucker, Oakland’s director of planned giving, says.
George Kralovich says the charitable gift annuity provided a way for him and his wife to express their appreciation for the university and the Athletics Department.
Since the Kraloviches live locally in Rochester, Mich., they enjoy taking their grandchildren to a variety of OU athletic events.
“The department has been a plus for the community and for our family,” Kralovich says. “Not only does Oakland develop exceptional athletes, we’ve always been impressed with the academic accomplishments the athletes demonstrate.”
Pictured above: Janice and George Kralovich