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Gift annuity is a special type of charitable donation that allows you to support CMCS. This contract between the donor and CMCS that provides the donor a fixed income stream for life in exchange for a sizeable donation to a charity. In return, you as the donor become eligible to take a partial tax deduction for your donation, in addition to receiving a stream of income from the charity for the rest of your life.
These types of annuities start receiving payments at either the beginning or end of the payment period immediately following the contribution. These payments can be made annually, semiannually, quarterly or monthly.
The annuitants begin to receive payments on a date chosen by the donor at the time of the contribution that must be more than one year after the date of the contribution. Similar to immediate gift annuities, these payments can be made on an annual, semiannual, quarterly or monthly basis.
This type of annuity means the donor does not have to choose the payment start date at the time of contribution. Instead, the donor agrees to a range of possible payment start dates from which the annuitant can later choose.
A charitable gift annuity may be funded with cash, securities or other assets. The charitable donation tax deduction is limited to the amount contributed to the annuity in excess of its present value, as calculated using the Internal Revenue Service (IRS) parameters.
Please consult your tax professional to determine if gift annuity is something you wish to consider or for additional questions.