DUBUQUE, Iowa – Loras College President Jim Collins announced today that the College has received a $500,000 anonymous donation to establish a charitable gift annuity. The funds will be used to create an annual scholarship award, helping to ensure that students continue to receive a high-quality education at an affordable price.
“The generosity shown by friends of the college, like this alumnus, continues to humble the Loras community and reaffirms the transformative nature of a Loras experience,” Collins said. “This gift will permit future Duhawks to enjoy the numerous educational and co-curricular opportunities Loras provides.”
A Loras charitable gift annuity is an agreement between a donor and Loras College. The donor transfers cash, securities, or other assets and, in turn, the College invests their donation and agrees to provide the annuitant a fixed annual payment for life. The annuity payout is based on the age of the donor at the time of the gift. An individual or couple may establish a charitable gift annuity.
When annuity payments end, a fund is established and distributed per the donor’s direction.
Loras benefits from charitable gift annuities in many ways, specifically being able to provide financial assistance to all students. An impressive 100 percent of Loras students received financial aid last year.
“Those who give to Loras give people like me hope for what is to come,” Abby Allgeyer, a sophomore at Loras College, said.
Originally from Baldwin, Missouri, Allgeyer is the oldest of seven children. From a family of nine, money was a huge factor in choosing a college. Through financial gifts, such as annuities, Allgeyer is enjoying her Loras experience.
“When I found out I would be coming here for little or no money, it was something sent from God,” she said. “I was extremely grateful to not only continue my education but also for my family not to have that financial burden.”
ABOUT LORAS COLLEGE
Loras leverages its historic roots as Iowa’s first college, the second oldest Catholic college west of the Mississippi River and one of the nation’s 10 diocesan institutions to deliver challenging, life-changing experiences as part of its residential, Catholic setting. Loras ranks among 450 NCAA Division III athletic programs in Learfield Sports Directors’ Cup standings, 11th out of the Top 100 baccalaureate colleges, according to the 2016 Washington Monthly College Rankings, 13th Best Regional College, according to Midwest U.S. News Best Colleges and is among the 200 Best-Loved Colleges in the nation, according to Forbes Magazine.