March 12, 2008
MEDIA CONTACT: Nick Massella
(202) 994-3087; massella@gwu.edu
GW'S LUTHER W. BRADY ART GALLERY RECEIVES $210,000 TO HELP SUPPORT ITS PROGRAMS
WASHINGTON - The George Washington University's Luther W. Brady Art Gallery has received a gift of $210,000 as a result of a life settlement transaction that will go into the gallery's Director's Discretionary Fund to help support future exhibitions. The donor, a former trustee who wishes to remain anonymous, was no longer interested in continuing premium payments on a $500,000 life insurance policy and suggested a life settlement transaction. GW, which received the policy as a gift from the donor, worked with Chesapeake Financial Settlements, LLC, which brokered the sale of the policy to the highest bidder among several financial institutions. The final sale price produced a gain of $210,000 for the university after transactional expenses.
"I was not familiar with life settlements and was very interested to learn more about how they can be utilized as a new charitable giving tool," said Jane Kolson, associate vice president of development. "After meeting with Chesapeake Financial Settlements, this proved to be a transaction that was very satisfying for both the donor and the university."
A life settlement is a transaction in which an unwanted or unneeded life insurance policy is sold to another financial institution for a price that typically exceeds its cash value. The purchaser of the policy becomes the new beneficiary at maturation and is responsible for all subsequent premium payments.
Headquartered in Rockville, Md., Chesapeake specializes in brokering qualified life insurance policies on behalf of the financial services, estate planning, accounting, and planned giving communities. For more information on a life settlement transaction, please contact Chesapeake Financial Settlements, LLC at (240) 403-1509.
Located four blocks from the White House, The George Washington University was created by an Act of Congress in 1821. Today, GW is the largest institution of higher education in the nation's capital. The university offers comprehensive programs of undergraduate and graduate liberal arts study as well as degree programs in medicine, public health, law, engineering, education, business, and international affairs. Each year, GW enrolls a diverse population of undergraduate, graduate, and professional students from all 50 states, the District of Columbia, and more than 130 countries.
For more news about GW, visit the GW News Center at www.gwnewscenter.org.
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