b'Giving S P I R I TG i v i n gby Cheryl Unis Mansour, Senior Vice President of Donor RelationsUNDERSTANDING CHARITABLEpartial tax deduction and the Foundation agreesAnnuities, and while Charitable Gift Annuities to pay a specified amount each year to one orare subject to the restrictions imposed by federal GIFT ANNUITIES two persons of the donors choosing (usually, buttax laws and state regulations it is a relatively not necessarily, the donor and his or her spouse). easy transaction to effect at The Catholic It has been rumored that if you want to live aThe Charitable Gift Annuity is primarily aFoundation.long life, then invest in a Charitable Gift Annuitygift and is structured to perform two functions:In addition, a law was passed recently that at The Catholic Foundation! Yes, its true inpart charitable gift and part annuity.It createsallows you to get a Charitable Gift Annuity if you a sense. People who create CGAs statisticallya stream of periodic lifetime payments basedare 70 or older using a Qualified Charitable outlive the average American! on the amount of cash or value of other propertyDistribution (QCD) from your IRA. This can only All kidding aside, a Charitable Gift Annuitytransferred. be done once during your lifetime. \\is a contractual agreement between a donor andThe donor receives an immediate charitable a qualified charityin our case, The Catholictax deduction for the gift portion of the annuity,We would be happy to assist youFoundation. and a portion of the payments is considered toin making such a gift if it suits yourCharitable gift annuities offer flexibility tobe a tax-free return of principal to the donor. planning needs and charitable vision.philanthropically minded individuals, typicallyIncome from a charitable gift annuity isJust give us a call at 972-661-9792seniors who desire a stable level of income forfixed from the beginning and is not affectedor email info@catholicfoundation.com.the rest of their lives.by changes in the interest rates or the stock The donor makes an irrevocable gift ofmarket. The Catholic Foundation uses the rate cash or property to the Foundation in return for arecommended by the American Council on Gift Direct benefits to the donor is an attractive D O N O R S P O T L I G H T component of a CGA from The Catholic Foundation. More than $700,000 in annuity payments were made directly by the Foundation Bob Baillargeonto donors in 2022.STRATEGICALLYQUARTERLY PAYMENTS FOR LIFEMINDED FOR A CAUSE I dont understand why more seniors havent taken advantage of the benefits of a Baseball pitcher, entrepreneur, car dealer,charitable gift annuity, Bob says. Commercial philanthropist, son, husband and father. All theseannuities have fees associated with them and attributes describe Bob Baillargeon over the coursehave received some bad press regarding their of his life. To The Catholic Foundation, Bobs bestvalue as an investment. CGAs are very different known as a faithful friend and trusted partner forfrom commercial annuities.more than 30 years. With a CGA, a donor makes a gift to The Bob and his family have used nearlyCatholic Foundation and receives quarterly every resource available at the Foundation topayments for the rest of their life based on age. support their charitable intentions, but he ranksThe older the donor at the time of the gift, the charitable gift annuities (CGAs) among hishigher the percentage. favorite giving vehicles.For example, a 75-year-old will receive 6.6% When asked why, Bob explains: Its a simplepayments from a CGA annually. In addition,Bob Baillargeon with daughter Aimee Griffithsgift plan that benefits both the Foundation and47.5% of the CGA is tax deductible. For a me. With a charitable gift annuity, not only do$20,000 CGA, the donor receives $1,320 inI cant think of a better charitable vehicle I support the important work of the Foundationpayments per year and gets a $9,500 income taxto support the Foundation than investing in a today, but I also receive an immediate income taxdeduction in the year of the gift. After the donorsCharitable Gift Annuity, says Bob. Im very deduction and quarterly payments for the rest oflifetime, the remainder goes to work as part of theappreciative of this creative and straightforward my life. Thats a great combination.Foundations unrestricted Philanthropy Fund. way to gift to The Catholic Foundation.\\ 3'