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Gift annuity continues family history of service

Gift annuity continues family history of service

Alice and Harold Vedova

Alice and her late husband, Harold Vedova, established a gift annuity with AFSC as part of a family history of service.

Alice Vedova, who established a gift annuity with AFSC with her late husband, Harold, is a member of a family that has been invested in the American Friends Service Committee since the very beginning of the organization. Alice's father, Charles S. Beal, applied to the Service Committee to participate in the Friends Reconstruction Unit in 1918. He was only 18 years old.

In his application, Charles expressed sentiments that his family echoes today: "I would like to offer my service to the American Friends Service Committee. My heart is with the Friends in this work."

His daughter, Alice, was exposed to the power of love at an early age. In the years leading up to World War II, she remembers the "phone ringing off the hook" as her dad, who continued his involvement with the Service Committee and eventually opened the first AFSC office in Chicago, helped desperate German refugees. Over the years the Beal home was host to war refugees, young people fleeing Japanese-American internment camps, and countless Service Committee volunteers.

Both Alice and Harold care deeply about the involvement of young people in the Service Committee. Harold became a Quaker after participating in an AFSC work camp in Germany. He was struck by both the experience itself and the diversity of the participants—none of whom were Quaker—all brought together by a common desire to work. Alice knew she belonged to Quakers and the work of Quaker organizations after participating as one of 50 young adults in the Friends World Committee for Consultation World Conference of Young Friends in 1952 in Reading, England. For 10 days, 900 world Quaker representatives met for business in Oxford, England. These experiences opened her eyes to what could be accomplished when people worked together.

Alice and Harold Vedova have decided to invest in the Service Committee in a new way—through a gift annuity. "We have been contributing for years," said Alice. "After all, I grew up with the Service Committee. Over the years I have seen that AFSC does work that a lot of other groups don't do. I know that my funds will be invested to make the world more peaceful for the children growing up today."

When he and Alice made their gift to the Service Committee, Harold said, "I think the American Friends Service Committee is one of the best nonprofit organizations in the world, and that's why I support it—it's wonderful."

A charitable bequest is one or two sentences in your will or living trust that leave to the American Friends Service Committee a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest Language

I devise and bequeath to the American Friends Service Committee, Philadelphia, Pennsylvania (tax ID #23-1352010) (Insert amount of gift or insert the word "all" or the percentage of the estate) to be used for its general purposes.

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to AFSC or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to AFSC as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to AFSC as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and AFSC where you agree to make a gift to AFSC and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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