Charitable Gift Annuity
A charitable gift annuity is a gift made to our organization that can provide you with a secure source of fixed payments for life.
Benefits of a charitable gift annuity
- Receive fixed payments to you or another annuitant you designate for life
- Receive a charitable income tax deduction for the charitable gift portion of the annuity
- Benefit from payments that may be partially tax-free
- Further the charitable work of The Community Foundation of Herkimer & Oneida Counties
How it works
- You transfer cash or property to the Community Foundation
- In exchange, we promise to pay fixed payments to you for life—the payment can be quite high depending on your age, and a portion of each payment may even be tax-free
- In addition, you will also receive a charitable income tax deduction for the gift portion of the annuity
If you decide to fund your gift annuity with cash, a significant portion of the annuity payment will be tax-free. You may also make a gift of appreciated securities to fund a gift annuity and avoid a portion of the capital gains tax. Please contact us to inquire about other assets that you might be able to use to fund a charitable gift annuity.
Current charitable gift annuity
Payments begin within one year
With a current gift annuity, you may transfer cash or property in exchange for our promise to pay you fixed payments beginning as early as this year. You will receive an income tax charitable deduction this year for the value of your gift to the Community Foundation.
Deferred charitable gift annuity
For payments at future date
Perhaps you are not ready to begin receiving payments until a future date, such as when you retire. With a deferred gift annuity, you establish the gift annuity today, receive a charitable income tax deduction this year, but defer the payments until a designated date sometime in the future. Best of all, because you deferred the payments, your annual payment will be higher when the payments start than they would have been with a current charitable gift annuity.
Flexible deferred charitable gift annuity
Gives you flexibility as to when the payments will start
With a flexible deferred gift annuity, you retain the flexibility to decide when the annuity will begin making payments. As with a deferred gift annuity, you establish the annuity today and receive a charitable deduction this year, but the payments are deferred until such time as you elect to begin receiving the payments.