• The Foundation is licensed by the State of California to offer charitable gift annuities and incurs all fiduciary obligations with respect to the payment of the annuity. The Foundation adheres to the State of California requirements for investing and administering a Charitable Gift Annuity Program.
• A donor enters into an irrevocable gift annuity agreement with the Foundation. Each agreement will comply with the Foundation's Charitable Gift Annuity Policies and Procedures.
• Through the Foundation's Gift Annuity Trustee Bank, payments are made to each annuitant in accordance with the terms of the annuity agreement.
• Upon termination of the agreement, 25% of the remainder will be distributed to the Foundation's Agency Endowment Fund and the remainder to the Agency Endowment Fund named by the donor. Trustee Bank and the Foundation each charge administrative fees of 1% per year.
• Gift annuities can be issued for one life, two lives in succession, or joint and survivor annuity agreements. Gift annuity agreements will be limited to one life or two lives in being at the time of the gift. The minimum age of each annuitant on the date of the first payment is 60 years of age.
• Gift annuities can be funded with gifts of cash and publicly traded securities with a fair market value of at least $10,000.
• The Foundation will fund current or deferred gift annuities, with payments to be made monthly, quarterly, semi-annually or annually.
• The maximum rates offered will be those established by the American Council on Gift Annuities.
Click here to view a color gift illustration of a gift annuity or deferred gift annuity and the income and tax benefits this gift may provide for you.
Do you have additional questions about gift annuities and how they work? E-mail Randy Balogh, Director of Philanthropic Services or call him at (831) 477-0800 ext. 202. |
