Selecting a trustee or custodian of a planned gift is important, as the services offered by various institutional trustees such as banks, brokerages, specialized trust companies, and charities differ. Fees can differ even more. Depending on the custodian and the size of your planned gift, annual fees can run from under 1% per year to over 5% annually.
Though Davidson’s Planned Giving and Business Offices are happy to work with any financial institution with which a donor has a relationship, Davidson has a special arrangement with the Charitable Asset Management Group at State Street Global Advisors in Boston, which serves as co-fiduciary for almost all of the life income plans for which Davidson is Trustee. Davidson's service manager at State Street, Carolyn M. Freeman, and our investment manager, Daniel P. Farley, CFA, are both Principals at State Street and have worked with Davidson continuously since 1992.
Founded in 1792, State Street currently has more than $741 billion dollars under its management, including over $2 billion in planned gift assets. As a specialist in charitable remainder trust, gift annuity, and pooled income fund management, as well as institutional money management, State Street provides Davidson and our life income plan donors customized investment management of gift funds, payment of income by check or direct deposit, and annual tax reporting.
Thanks to its historic relationship with the Presbyterian Church, Davidson can also call on the services of The Presbyterian Church (U.S.A.) Foundation in Jeffersonville, Indiana, (through its subsidiary New Covenant Trust Company) for management of certain life income plans, especially charitable gift annuities. The Foundation currently holds over $1.58 billion in assets for Presbyterian causes, including Davidson.
Donors funding life income plans with securities can arrange to have their assets transferred electronically to Davidson's account at State Street, or to New Covenant Trust.
If you have questions about life income plans or life income gift management at Davidson College, please contact James Gibert'79 in the Office of Planned Giving at (704) 894-2469.