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| Charitable Gift Annuity |
| This program offers life income to the donor or designated beneficiary while providing funds to support the future ministries of the Capuchin Franciscans. |
| A Charitable Gift Annuity is a contractual agreement between a donor and the Province whereby the Province agrees to pay the donor (and/or another beneficiary) a fixed annual income for life in exchange for money or assets presently transferred to the Province. The transaction is both a purchase of an annuity and a charitable contribution. |
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| Advantages of the Charitable Gift Annuity for the donor: |
| • Enables donor to make a significant contribution to the Capuchin Franciscans during his/her lifetime without reducing personal income |
| • Provides fixed lifetime income payments for one or two lives |
| • Gift Annuity rates (recommended by American Council on Gift Annuities) are generally higher than money market or passbook rates |
| • Partial avoidance of capital gains tax when appreciated long-term capital gain property is contributed in exchange for the Gift Annuity |
| • A charitable income tax deduction for the gift portion of the annuity in the year of the gift (for taxpayers who itemize deductions) |
| • A portion of the annuity payments is favorably taxed for the life expectancy of the donor (or donors in the case of jointly owned property) |
| • Assets donated in exchange for the annuity are fully deductible from the donor's taxable estate |
| • Establishment of a Gift Annuity entitles the annuitant to membership in the Province's distinguished St. Conrad Circle |
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Charitable Gift Annuity can be for one person (Single Life Annuity) or two persons (Joint/Survivor Annuity). Donors may also delay receiving annuity payments to future years (Deferred Annuity). The minimum age for participation for a single or joint annuity is 62. Individuals 45 years of age and older may establish deferred annuities.
The annuity rate is based upon the age of the annuitant. The rate will not change during the life of the agreement. Payments may be made on an annual, semi-annual or quarterly basis. The minimum gift amount to establish a Capuchin Province of Mid-America Gift Annuity is $10,000. All gifts in exchange for a Gift Annuity are irrevocable.
A Charitable Gift Annuity may be established by submitting an application form with a cash gift or transfer of other assets. For more information download our
application or contact the Planned Giving office. |
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