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Charitable Gift Annuities
A charitable gift annuity is a simple one page agreement between a donor and The Citadel Foundation. The foundation agrees to pay a lifetime annuity in exchange for a charitable gift. The amount of the annual fixed payment is determined by the age of the beneficiary or beneficiaries and the interest rate in effect at the time of the gift.

Example: Mr. and Mrs. Smith, both age 70, donate $50,000 cash from their joint account to The Citadel Foundation in return for a gift annuity that will pay them 6.5% of their donation for as long as either or both of them live. They will receive annual payments of $3,250 for life. Of this amount, $1,560 is not subject to income taxes during their joint life expectancies. Mrs. Smith's immediate income tax deduction is $14,712.

Click here to create a personalized projection for a Charitable Gift Annuity

Charitable gift annuities may also be structured to defer income until a future date. These so-called deferred payment gift annuities are considered by many to be an excellent retirement planning vehicle; because income is deferred until a later date, the annuity amount is greatly increased. The donor also receives a larger charitable deduction with a deferred gift annuity (as opposed to a current gift annuity).

Example: Mrs. Jones, age 50, makes a gift of $50,000 cash to fund a deferred payment gift annuity. At age 65, she will begin receiving annual payments of $7,450, which is an effective 14.9% return. Of the total yearly payout, $1,542.15 will be excluded from taxable income. She is entitled to claim an immediate income tax charitable deduction of $28,905.

Click here to create a personalized projection for a Deferred Payment Gift Annuity

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