What is the Charitable Gift Annuity Program?
NYSARC, Inc. is now able to offer a Charitable Gift Annuity program to enhance the Chapters’ local fund raising and development efforts. A Charitable Gift Annuity is one of the simplest yet most versatile of all the charitable gift planning vehicles. It is often the right answer if you plan to make a charitable gift, because it allows you to receive an immediate charitable deduction and a lifetime fixed annual income in exchange for your gift of cash or securities to NYSARC, Inc.
Payments made to you benefit from favorable tax treatment because a portion of the annuity is treated as a return of principal. The gift that you make may be as small as $10,000; and your income, or annuity payment, is backed by the general assets of NYSARC, Inc.
The NYSARC, Inc. Charitable Gift Annuity program is regulated by the NYS Insurance Department and the annuity payment is determined by using rates promulgated by the American Council on Gift Annuities. The annuity is structured so that under a normal life expectancy half the initial gift amount will be retained by the charity; ninety percent (90%) of this residuum will be gifted to your local NYSARC, Inc. Chapter and ten percent (10%) will be used by NYSARC, Inc. for its corporate guardianship services.
What are the Benefits of a Charitable Gift Annuity?
· A charitable gift annuity allows you to make a gift to your local NYSARC Chapter without sacrificing the income from your assets.
· You receive a substantial income tax deduction at the time your gift is made and may save capital-gain tax too.
· Your annuity payment is calculated conservatively to ensure that at the time of maturity a substantial portion of your original gift is left for your local NYSARC Chapter.
· Creates potential estate-tax savings.
· Supplements retirement income and possibly preserve Social Security benefits.
· May allow you to provide income to others (i.e., to your disabled loved one).
How are the Annuity Payments Structured?
The NYSARC, Inc. Charitable Gift Annuity Program will offer immediate gift annuities and deferred gift annuities. The program will also offer single life and two lives (joint & survivor) agreements The annuity payment rates are structured based on the American Council on Gift Annuities (ACGA) suggested rates. Please contact the NYSARC, Inc. State Office for a projected calculation of annuity payments
How can I Establish a Charitable Gift Annuity?
A charitable gift annuity is easy to establish with an irrevocable gift of cash or marketable securities. The minimum contribution required is $10,000 and income beneficiaries must be at least 65 years old when income payments begin For more information contact the NYSARC, Inc. State Office either by phone, mail or email at charity@nysarc.org
To see an estimate of your specific Gift Annuity please click on the Gift Calculator and follow the prompts.
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