Peter Kostantacos’48, who passed away in 2012, received a Distinguished Service Citation in 2008. He established a charitable gift annuity to count toward his class reunion gift and hoped other Beloiters would be inspired to increase their giving in honor of their own class reunions.
Beginning in 1955, Kostantacos provided steady financial support to Beloit on an annual basis. To honor his 60th reunion, he decided to make a much bigger statement. He transferred ownership of common stock shares to establish a sizable charitable gift annuity to benefit Beloit College.
Charitable gift annuities—and other life-income gift vehicles—often open the door to larger contributions because they provide an annual payment to designated individuals for the duration of their lifetimes. The fixed payment, a portion of which is considered to be a partial tax-free return of the donor’s gift, is based on the size of the gift, as well as on the age(s) and number of beneficiaries. When the remainder of the fund becomes available to Beloit College, the money supports an area that the donor has designated.
Kostantacos’s gift has been split between the Beloit Fund, to cover general operating expenses, and the Class of 1948 Scholarship, which was established at the class’ 50th reunion.