A Wheaton first: alumna establishes a gift annuity with her IRA

Cheryl Caswell '71

Cheryl Caswell ’71 made Wheaton College giving history as the first alumna to use her IRA Qualified Charitable Deduction (QCD) to fund a Charitable Gift Annuity (CGA). She also makes current gifts through her Donor Advised Fund (DAF). Cheryl’s giving strategy benefits both her and Wheaton by fulfilling her philanthropic goals to support a rich liberal arts experience for all students.

“Looking back, I feel very lucky to have graduated from Wheaton. My friends and I have fond memories of college, and we keep those wonderful memories alive through sustaining the cherished lifelong friendships we made while at Wheaton. Our college years were instrumental in shaping our dreams and goals for the future. Donating to Wheaton College ensures that I will be able to help students develop theirs as well. As I have gotten older, it’s natural to think more about the importance of ‘giving back’ and ‘leaving a legacy.’

“Supporting Wheaton student scholarships enables me to fulfill the personal goal of contributing to a rich, liberal arts educational experience for deserving students. I’m fulfilling a dream of being a part of something ‘larger’ than myself—what better way than through the gift of education? I firmly believe in trying to make my ‘little corner of the world’ just a little bit better, and this helps me accomplish that goal as well.

“I’ve donated to Wheaton’s Annual Fund for years, and during our 50th Reunion year in 2021, I increased my annual donation with a 5-year pledge, becoming a member of the Mary Lyon Leadership Society. I make annual pledge payments and gifts through my DAF. It’s so easy!

“In December, I made another donation using a tax-deductible Qualified Charitable Distribution from my IRA to set up a CGA.

“Recently, I was shocked to learn that I was the first person to use this funding vehicle at Wheaton. I have designated this contribution to support student scholarships at the college.

“Thank you, Wheaton, and keep up the great work!”

—Cheryl Caswell ’71

What is a charitable gift annuity?

A charitable gift annuity is a gift made to Wheaton that can provide you a secure source of income with fixed payments for life. You can make a one-time QCD of up to $54,000 from your IRA to Wheaton to establish a CGA.

Is using a QCD from your IRA to set up a CGA right for you?

  • Depending on your financial and philanthropic goals, a charitable gift annuity might be a great way for you to support Wheaton.
  • IRA owners 70½ years of age and older are eligible to make a QCD using their IRA.
  • If you are 73 or older and must take your required minimum distribution (RMD), a QCD can satisfy your RMD without increasing your income, tax-free.
  • A QCD can satisfy all or part of a donor’s annual RMD.
  • You can make a one-time QCD of up to $54,000 from your IRA to Wheaton to establish a CGA and receive lifetime fixed payments for you and, if you choose, for your spouse.
  • The payout for charitable gift annuities will vary depending on your age.

Learn more about charitable gift annuities on our planned giving website. Or contact the Office of Planned Giving.