National NOW Foundation Times >> Fall 2007 >> Forward Feminism: Charitable Gift Annuities
Forward Feminism: A Multi-Faceted Campaign to Ensure the Future Strength of Our Movement
Charitable Gift Annuities: An Exciting New Way to Both Give and Receive
Wish you could make a larger tax-deductible contribution to the NOW Foundation but not sure how you could do it?
Would you like to receive regular income from your contribution, even after you've given it away?
Would you prefer to make a significant gift to NOW Foundation's work during your lifetime, rather than waiting to leave a gift in your will?
Your wishes are about to come true! NOW Foundation will soon be making charitable gift annuities available to qualified donors. This is an exciting new way to give a larger contribution than you might have ever imagined possible to your favorite feminist organization, while continuing to receive income from the funds during your lifetime.
Who can benefit from a charitable gift annuity?
Anyone who owns an asset - such as a certificate of deposit, shares of stock, shares of a mutual fund - that provides you with regular income upon which you depend, might benefit from a charitable gift annuity. Here's a checklist to see whether you qualify:
- I am 65 or older.
- I own an asset worth $10,000 or more that I would like to give to the NOW Foundation.
- I would like to receive income from that asset for the rest of my life.
How does a charitable gift annuity work?
A charitable gift annuity is a contract between you and the NOW Foundation.
In return for donating your assets, NOW Foundation agrees to make payments to you for the remainder of your life at a rate set by the American Council on Gift Annuities. Those rates are based on your age at the time your gift is made.
This is an irrevocable gift to NOW Foundation, meaning that the gift cannot be returned to you once the contract is made, even if your life circumstances change. You should be sure to get full legal and tax advice before you sign any charitable gift annuity contract.
What are the tax consequences to making a charitable gift annuity?
NOW Foundation is a 501(c)(3) organization, and donations through a charitable gift annuity gives you a tax deduction at the time the assets are transferred. However, you must consult with your tax advisor to determine the exact amount of that deduction.
In addition, a portion of the annuity payments you receive for the rest of your life will be subject to taxes. Again, you should consult with your tax advisor about the specifics of your situation.
How do I get started?
For more information on setting up a gift annuity with the NOW Foundation, contact Liz Gilchrist, Gift Planning Director. Phone: 202-628-8669, ext. 112. Email: foundation@now.org. Address: NOW Foundation, 1100 H Street NW, Third Floor, Washington, D.C. 20005
Read More:
Forward Feminism: The Time is NOW
Building For Our Future: The NOW Foundation Capital Fund
Organizing For Our Future: The NOW Foundation Endowment
Expires Dec. 31: A Singular Opportunity to Make a Year-End Gift
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