Charitable Gift Annuity
The Charitable Gift Annuity, a contract between the donor and Bard
College, is an irrevocable arrangement in which the College pays a guaranteed
lifetime income to the donor, and, if designated, another annuitant, at a rate
based on the age(s) of the annuitant(s). The Charitable Gift Annuity is a
way of reducing income taxes since it generates a charitable income tax deduction
in the year in which it is created, and a portion of the annual income received
by the donor may be tax-free. In addition, assets contributed via the Charitable
Gift Annuity usually avoid federal estate taxes. Bard asks for a minimum donation
of $10,000 in cash or marketable securities to establish a Charitable Gift
Annuity. Individuals receiving payments from the Charitable Gift Annuity must
be at least 55 years of age when the payments begin. Those younger than 55
can establish a Deferred Payment Gift Annuity, in which the gift is made and
the donors defers receiving income until age 55.
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