Had her parents chosen to move to Florida one year later than they did, retired Army Col. Faith Sterling would never have come to Florida State University.
"I was already a freshman at the University of Connecticut when my parents, who were paying my way through school at the time, decided to move to Florida," Faith explains. "One year later and I probably would have stayed where I was because I received a scholarship from the Army that covered my expenses."
Thankfully, Faith did transfer to Florida State University, where she earned a bachelor's degree in nursing in 1960. After graduation, Faith served in the Army Nurse Corps for six years. After a three-year break to attend graduate school, she reentered the Corps, serving for a total of 23 years both domestically and abroad.
"The Nurse Corps was a good way to go. The Corps provided a good income and a good career. I did my first tour in Europe and my last tour in Europe," Faith says, joking that these were "tough" assignments. "I was based in Munich, Germany, and also in Stuttgart, Germany."
Faith also describes with pleasure her time at the Walter Reed Army Institute of Nursing. "I taught there from 1970 to 1976," she says. "That was a wonderful experience for me. I was actually a tenured assistant professor and could have gone on the faculty when I retired from the Army." Instead, Faith retired to Ormond Beach, Fla.
Looking for ways to better secure her financial future, Faith began to explore her options. In 2009, she decided to establish a charitable gift annuity (CGA) with the Florida State University Foundation. This allowed her to give back to Retired Army Nurse Sees Gift Annuity As a Great Way to Give Back her alma mater and provide herself with steady payments for the rest of her life.
"I was fortunate in that between my parents and scholarships, my schooling was paid for," Faith says. "This was a way for me to help give other students the same opportunities I had." The CGA she established will ultimately fund the Faith Sterling Scholarship and provide financial support to students in the College of Nursing who demonstrate financial need. (Faith has also included a generous bequest in her estate plan toward the scholarship fund.)
Faith was also attracted by the relatively high payout rates of the CGA. "The CGA was a great choice for me," she says. "Where else would I get such a high return?"
Faith encourages others to consider making a similar gift. "As long as you understand that once the money is committed, it's committed. I believe the CGA is a good way to go, even for those who aren't wealthy."
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.