Charitable Gift Annuities
Give and receive with a Charitable Gift Annuity
An annuity is the payment of an annual income or allowance. A charitable gift is, well, a gift to charity. Put them together and you have a Charitable Gift Annuity -- the giving technique with something for everyone. It’s an ideal plan for those who’d like to make a significant gift but depend on the income from their assets.
A Charitable Gift Annuity (CGA) is a simple contract between a donor(s) and Richland County Foundation. In exchange for a contribution from a donor(s), the Foundation promises to make fixed payments for life to one or two annuitants.
The Foundation invests and manages the contribution, and when the last annuitant has died, uses the remainder of the contribution for its charitable purposes.
The amount of fixed payments paid is based on the age of the annuitant(s). Annuity payments are made in quarterly installments and may be deferred until you reach a specified age. Annuity payments and tax advantages are normally greater when you defer the payments to a later date.
How it works
- Charitable Gift Annuities can be set up for individuals and couples starting at age 60.
- You make a gift of $10,000 or more to Richland County Foundation—you can give cash, appreciated stocks, or other marketable securities.
- We set up a contract with you that combines immediate annuity payments with a deferred charitable gift.
- You receive a stream of income that is fixed, regardless of market conditions.
- You also receive an immediate tax deduction for the charitable portion of your gift as determined by IRS rules.
- Upon your death, any residual balance will remain with the Richland County Foundation.
- If the CGA contribution is $25,000 or more, a separate named fund with your personal charitable directions will be established upon your death.
- Your gift will be placed into an endowment that is invested for long-term return. Earnings from your fund are used to make grants addressing community needs in accordance with fund directions.
- Your gift—and all future earnings from your gift—is a permanent source of community capital, helping to do good work forever.