Personal Giving Stories
Gift Annuity Provides Income to Donor and Enhances Scholarship
Barbara Loomis has served the University of Illinois at Chicago in a number of capacities—and given back in a number of ways, too, including with a charitable gift annuity that has increased her spendable cash.
Barbara—who has served as associate professor, head of the Department of Occupational Therapy and acting dean of the School of Associated Medical Sciences (now the College of Applied Health Sciences)—recently added a gift annuity to support her signature contribution and legacy: the Barbara Loomis Scholarship in Occupational Therapy. The annuity allows her to provide substantial, sustaining support for the scholarship while locking in a secure, fixed income for herself.
“I was impressed that I could create a lasting legacy through a partnership with the University,” Barbara says.
The initial scholarship came about because of Barbara’s role as an adopted Illini. “I am not an alumna,” she explains, “but while I was department head I joined the University of Illinois Alumni Association as a life member because I felt close to our students and the University. We are family.”
Barbara began to receive publications from UIAA and the University of Illinois Foundation that explained how she could strengthen her “chosen” alma mater through financial support.
“From my teaching experience, I knew the need for financial aid has accelerated sharply through the years,” she says. To meet that need, she provided the financial seeds to create an occupational therapy financial aid award, and she encouraged colleagues, alumni, friends and family to give as well. By 2009 the scholarship that would be named in her honor had become endowed.
The experience provided immediate benefits. She notes, “To have personal contact through the years with recipients is very rewarding. These students are absolutely outstanding.” Her vision led her to look forward to the long-term needs of her beloved profession and University. She refined the scholarship qualifications to give preference to applicants who demonstrate an interest in education, thereby assuring that the Loomis Scholarship will foster others with aspirations of furthering occupational therapy as teachers and leaders.
She also looked back—recalling those mailings that encouraged alumni to create endowed funds through deferred gifts. And she definitely recommends that others consider the charitable gift annuity idea. “I’m sold on it,” she says. “It means my support will go on and on. The scholarship will help more and more. It’s the best charitable gift I’ve ever made.”
The U of I Foundation gift planning staff is pleased to answer your questions and offer assistance at any time. Please contact the Foundation to learn more.
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