Frank and Lillian Eilbacher

Frank Eilbacher ’50

A values-based success story

Frank Eilbacher ’50 had supported Seton Hall for much of his life, including gifts to the annual fund and by attending athletic and cultural events. This generosity, he explained, was a token of appreciation for the intellectual, moral and religious development he received as a student.

“I am a firm believer that humans need to be fortified by mental, physical and spiritual values,” Eilbacher said. “These values were implanted in me at Seton Hall, and they formed the foundation for my business life for more than 50 years.”

After he and his wife, Lillian, retired to North Palm Beach, Fla., Eilbacher began working with the Office of Gift Planning to assist the University on a larger scale. His priorities were twofold—to increase his philanthropy and to ensure his wife’s financial security should he die first.

The couple achieved both of those goals by establishing a $100,000 charitable gift annuity. The fund supplemented their retirement income while advancing Seton Hall’s identity as a home for the mind, the heart and the spirit.

Like all gifts of this type, the annuity created immediate tax benefits for the Eilbachers. Although Frank passed away in 2010, Lillian will continue to receive an annuity distribution for the rest of her life. After the deaths of both donors, the remainder of the annuity will be turned over to Seton Hall. Donors who choose this gift option can earmark the funds for specific University initiatives.

“This is a very viable program,” Eilbacher said. “It’s providing additional income for us and opening up a new avenue to support the university I love.”

At a Glance: Charitable Gift Annuities

  • Charitable gift annuities allow you to make a gift now and receive a fixed income for life. When one donor dies, the payout continues at the same rate to the survivor.
  • The payout rate is much higher than the interest rate on low-earning securities or commercial certificates of deposit (CDs).
  • This type of gift allows you to receive more income than you are getting now while supporting an aspect of Seton Hall that resonates with you.
  • Other benefits include receiving an immediate charitable income tax deduction. Plus, a portion of your annuity payments will be tax-free.