After a rigorous review process, Harvard University and Harvard Management Company (HMC) have selected TIAA Kaspick—a longtime leader in planned gift management—as the new trust administrator for Harvard’s planned giving program.
As of October 2021, Kaspick has taken over the charitable trust administration previously provided by HMC’s Trusts and Gifts team, as well as the investment of Harvard’s pooled income funds, charitable lead trusts (those not invested in the endowment), and charitable remainder trusts invested in the tax efficient options. The Kaspick investment strategies for these gifts are designed to have similar risk/return profiles and tax sensitivity as the current Harvard strategies. Harvard will remain trustee of all trusts and oversee the investment of all planned gift assets.
Trusts invested in the Harvard endowment will remain invested in the endowment, and the Harvard endowment strategy will continue to be an investment option for remainder trusts going forward.
Donors will continue to receive the same level of personalized service that they’ve come to expect from Harvard, at no cost to them. In fact, several current HMC staff will continue to work with our donors and beneficiaries, as part of the University alongside planned giving colleagues.
As shown in the chart below, Harvard will continue its longstanding tradition of assessing no management fees against our trusts and annuities, and there will be no changes in the timing of payments and tax statements. Existing payment preferences have been transferred to Kaspick.
We have full confidence that partnering with Kaspick will better position Harvard to serve our planned giving donors now and into the future, as our program continues to grow due to the thoughtful generosity of our donors. Should you have any questions, please contact the University Planned Giving office at pgo@harvard.edu or 800-446-1277.
We are grateful to our donors for their important support of Harvard students and faculty, which every day makes possible new advances with wide-ranging benefits for people around the world.
Harvard Planned Gift Management
| Gift Type | Investment Strategy | Management Fees | Payment Timing | Tax Statement Timing |
|---|---|---|---|---|
| Charitable Gift Annuity | Harvard Endowment | None | No change** | No change |
| Charitable Remainder Trust: Endowment | Harvard Endowment | None | No change** | No change |
| Charitable Remainder Trust: Tax Efficient | Kaspick Tax-Efficient* | None | No change** | No change |
| Pooled Income Funds | Kaspick* | None | No change** | No change |
| Lead Trust: Endowment | Harvard Endowment | None | No change** | No change |
| Lead Trust: Non-Endowment | Kaspick* | None | No change** | No change |
*The Kaspick investment strategies are designed to have similar risk/return profiles and tax sensitivity as the current Harvard strategies. Harvard will oversee all investments of trusts made by Kaspick.
**As per your agreement