Charitable Gift Annuity

A Charitable Gift Annuity allows you to receive a fixed income stream and to make a significant contribution to the Catholic Community Foundation with the potential to benefit your parish, Catholic Charities, Catholic Education, Priestly Formation or another ministry of the Diocese of Cleveland at death. In return for your gift, the Foundation promises to pay you, and possibly a second annuitant, a fixed sum for life. 

Charitable Gift Annuities are attractive to individuals looking to increase current income in a low interest rate environment. The older that you are at the time you make this irrevocable gift, the greater the income that the Foundation agrees to pay on an annual, semi-annual or quarterly basis.  Annuity payments are a general obligation of the Foundation and are follow the recommendations of the American Council on Gift Annuities. For donors who fund a Charitable Gift Annuity with an appreciated asset, capital gains tax will be incurred on only part of the gain, and can be spread out over many years if the donor is also named as the annuitant.

You can also make an IRA Qualified Charitable Distribution to create a Charitable Gift Annuity of up to $53,000 with a transfer directly from your IRA if you are 70 ½ or older. You will not be entitled to a charitable deduction, and all gift annuity payments you (and/or your spouse) receive will be taxed as ordinary income. 

Charitable Gift Annuity - Fast Facts

• Can be created with a current gift of $10,000 or more
• Donor must be age 65 or older (70 ½ or older if funding a CGA from an IRA QCD)
• Potential for charitable tax deduction varies with age, interest rates, value of gift and funding source

To learn more about how to create a charitable gift annuity, please contact:

Mary Lou Ozimek
216-696-6525 x4070

EMAIL

We encourage you to contact your professional legal and/or financial advisors to determine which gift arrangement meets your needs