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Charitable Gift Annuity
A donor may provide a gift of capital (dollars) for the
Foundation to purchase an annuity (for life) from a financial
institution. You provide the capital (money) and you direct
the Foundation to purchase an annuity, from a financial
institution. The Foundation keeps the capital value that
is greater than the cost to purchase the annuity. You receive
a receipt for income tax purposes and you receive the annuity
payments.
The value of the gift receipt works out to be the amount
of the gift less the amount anticipated to be paid out.
With the purchase of an annuity, you are provided with
a potentially tax-free annual income and immediate gift
receipt based on the outright donation and return
of capital.
Please note that the minimum amount that the Foundation
will accept for a gift annuity is $10,000.00.
Please contact the Foundation office if you are considering
this type of planned gift.
You and the Foundation will choose the financial institution
together. The CEO of the Y will negotiate the terms of
the annuity contract. It is both your best interests
and those of the Foundation to ensure that only a highly-rated
institution is chosen to reinsure the annuity obligation.
Again, there are special tax and other considerations
so the Foundation office should be contacted as soon as
possible
if this type of gift is anticipated.
You may choose to have your donation be placed with other
unrestricted donations for the general use of the Foundation.
Or you may decide that you wish your donation to be placed
with one or more of the named
funds available with the Foundation·
With a donation with a minimum benefit of $10,000, you
could create a new fund, to be named by you, for a specific
purpose.
For a donation with an annuity value of $10,000 or greater,
you are entitled to become a member of the Heritage
Club.
The Foundation will need you to complete direction documents,
to comply with income tax regulations and to ensure that
your specific wishes are recorded.
The Foundation will
retain a copy of the annuity contract.
To join the Heritage Club by giving an existing life
insurance policy, please complete
the following:
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