Alumnus and donor
Gift type: Charitable Gift Annuity
Typically, a donor establishes a charitable gift annuity to generate retirement income for him- or herself during their lifetime, but Malcolm "Mike" Peabody '46 had a different idea.
Instead of steering the distributions to himself, Mike designated his longtime housekeeper, Teresa Mercado, as the beneficiary. And Groton School will receive the remainder from his annuity after Teresa’s lifetime. Before her retirement last year, Teresa had worked for the Peabody family for 35 years. She is beloved by the entire family: Malcolm; his wife, Pam; their two sons, Carter and Payson ’81; and their three grandchildren, including current Groton Fifth Former Claire Peabody.
“It struck me as a good way of supporting the School with a donation, while at the same time providing Teresa with a pension, which she deserves for her devoted service,” Mike says. Ultimately the School, which has done so much for our family over several generations, will receive the full benefit of the gift.”
As the grandson of the School’s founder, Endicott Peabody, Mike is keenly aware of the School’s steadfast ideals, continuing generation after generation. “Temba and Vuyelwa Maqubela are carrying on the very best components of my grandparents’ approach: forging very close ties with the students,” he says. “From my granddaughter who is at Groton now, I hear how much Temba and Vuyelwa embody that value—creating an environment where everyone is known, where adults and students work closely together.”
Mike takes satisfaction from knowing his charitable gift annuity will strengthen Groton School in the long term, while in the near term providing a more comfortable retirement for his loyal longtime housekeeper. “This approach,” Mike says, “is the perfect way to harness my resources to my values.”