Common Questions about Existing Trusts and Gift Annuities

• My gift annuity is set up to direct deposit into my banking account, but I think I am missing the most recent quarterly payment.
• My quarterly gift annuity payment has not arrived in the mail. Where is it?
• How will I or my adviser know what to report on my income tax return?
• Can I access my trust online?
• Someone other than Tufts currently trustees my charitable trust. Can I change that and make Tufts my trustee?
• I don’t really need the income from my trust/gift annuity/Tufts Income Fund investment. Can I give it back to Tufts?

My gift annuity is set up to direct deposit into my banking account, but I think I am missing the most recent quarterly payment.
Has your bank merged with another bank recently? Or have you switched banks or closed accounts recently? If so, you may need to update your banking information (link to new banking information form) in order to continue receiving your payments via direct deposit. Contact us as soon as possible in order to resolve this issue.

For most of our gift annuities, we typically begin the funds transfer for direct deposited payments on March 29, June 29, September 29, and December 29. The payment should clear within a day or two, but should never take more than a week. If your banking information has not changed and your payment is over a week late, contact our office immediately.

My quarterly gift annuity payment has not arrived in the mail. Where is it?
Has your address changed or are you at a seasonal home? If you receive your payments through the mail, it is important to make sure that we have your most up-to-date address information (link to address update form). For most gift annuities, we typically mail the checks on March 30, June 30, September 30 and December 30. It should not take longer than a week for you to receive your check. If your address information is up-to-date and your payment is over a week late, contact our office immediately.

How will I or my adviser know what to report on my income tax return?
You will receive a K-1 (trusts) or a 1099 (gift annuities) early each year, noting what income you received and how it will be taxed.

Can I access my trust online?
If Tufts is the trustee of your charitable trust, the answer is a resounding ‘yes!’ Contact our office to obtain a login name and password to access your account on Kaspick & Company’s Web site.

Someone other than Tufts currently trustees my charitable trust. Can I change that and make Tufts my trustee?
Yes! As long as Tufts University is the recipient of at least 50% of the remainder interest, Tufts would be happy to assume trusteeship of your charitable remainder unitrust. If we are the recipient of at least 50% of the income benefit, we are also happy to trustee your charitable lead trust. Kaspick & Company offers a good resource to help you think through the issues related to selecting a trustee (Click to download PDF)

I don’t really need the income from my trust/gift annuity/Tufts Income Fund investment. Can I give it back to Tufts?
Yes! And you will receive a charitable income tax deduction for doing so! Many donors establish a planned gift in case they need the income stream, and then ultimately find that they do not. If this is the case for you, you can either give individual payments or distributions to the university one at a time, or you can terminate your trust or gift annuity and give the remaining interest to Tufts. Let us know if would like to explore this option.