In 2013, The Community Foundation launched a Charitable Gift Annuity Program, the newest program to support the financial future of Herkimer and Oneida counties’ nonprofits. This program is offered exclusively to area nonprofits seeking to partner with The Foundation as another option for growing their endowment.
What is a Charitable Gift Annuity?
A Charitable Gift Annuity is a giving opportunity allowing donors to support a favorite nonprofit while receiving a fixed payment for life and a charitable deduction. It’s a chance for a donor to make a significant gift during his or her lifetime, even when income could be a concern in the later years of life.
In exchange for the gift, The Community Foundation agrees to pay a fixed payment for the life of one or two people called annuitants. The transaction is an issuance of an annuity and a charitable contribution, allowing an immediate income tax deduction for the charitable gift portion. The contribution becomes an obligation of The Community Foundation. At the death of the last annuitant, the remainder of the gift will be used by The Foundation to benefit your endowment fund at The Community Foundation as instructed by the donor.
Becoming a Nonprofit CGA partner
Review the CGAPartner one-page document and contact Nick Grimmer, director of giving strategies, at email@example.com or (315) 731-3737 to add this impact tool to your arsenal.
Our Nonprofit CGA Partnership Program Partners:
- Charles T. Sitrin Network of Homes & Services
- Hospice & Palliative Care
- Masonic Care Community
- Mohawk Valley Community College
- Parkway Center
- Presbyterian Homes & Services
- The Arc, Oneida-Lewis Chapter
- The House of the Good Shepherd
- Tug Hill Tomorrow Land Trust
- Utica Public Library