It's not just sitting down and writing out a check. There are other ways to fund change, and Marywood makes it simple. Also, the Nolans will be recognized on a major plaque in the lobby of the McGowan Center. A gift given to Marywood in the form of a charitable gift annuity, which was the option that the Nolans chose, provides benefits to both the donors and the university. Basically, the Nolans transferred cash, securities or other property to the university, and then Marywood pays a fixed amount of income each year to them.
Payments start at least one year after the gift.
At the end of the annuity term, its remaining principal passes to Marywood. In addition to providing generous support for Marywood University, the donor benefits include a charitable income tax deduction, fixed income guaranteed by Marywood, reduced estate taxes, partially tax free income and possible savings on capital gains tax. The Nolans have been involved in leadership roles at Marywood University many times through the years, and this latest gift is yet another validation of their dedication to the university. Mrs. Nolan, the former Ann O'Neill, who received her bachelor of science degree in home economics from Marywood in 1952, has volunteered for the alumni division of the annual fund campaigns and has served on the Alumni Homecoming Committee. Their daughter, Kathleen, received a bachelor of arts degree in advertising art from Marywood in 1982.