Duke University serves as trustee for about 155 charitable remainder trusts with a combined market value of about $52 million. The assets of the other gift arrangements offered by Duke, such as pooled income funds, charitable gift annuities, and charitable lead trusts, are valued at about $55 million and involve some 440 gifts. Duke has been managing all aspects of its various life income gifts since the first gift annuity was created in 1977.
Managing Charitable Gift Annuities
The assets of Duke's charitable gift annuities are managed by DUMAC, Inc., the professionally-staffed investment organization that manages the university's endowment assets. The Duke University Office of Gift Planning has contracted with BNY Mellon Wealth Management to manage the administrative aspects of gift annuities, and a Duke staff person serves as an interface between DUMAC and BNY Mellon to insure that every donor and beneficiary receives timely payments and tax information.
Managing Charitable Remainder Trusts
Charitable remainder unitrusts and charitable remainder annuity trusts can be managed in one of two ways: DUMAC can manage trust assets with the university's endowment assets, an option which might appeal to donors interested in an active, more aggressive investment strategy. Alternatively, donors can have their trust assets managed by BNY Mellon Wealth Management. BNY Mellon employs a passive, index-based management style.
A professional from the Gift Planning staff meets with each donor to help determine which investment opportunity best suits the donor's individual needs. Either way, you can be assured that the Office of Gift Planning is overseeing each investment program and will ensure that your trust operates smoothly and that you receive timely payments and tax information.
Sarah Fish, Duke's Senior Director of Trust and Estate Administration, can answer any questions you may have. She can be reached at firstname.lastname@example.org or (919) 681-0462.
You may also contact Jane Lee Heuser, Assistant Director of Trust and Estate Administration at email@example.com or (919) 681-6776.