Charitable Gift Annuities
A charitable gift annuity is a great way you can make a gift to benefit yourself and Cleveland State University. You transfer cash or assets to CSU. In exchange, we sign an annuity contract and promise to pay fixed payments to you for life, based on your age and the applicable federal interest rate.
Current charitable gift annuity (payments begin within one year). With a current gift annuity, you may transfer cash or assets in exchange for our promise to pay you fixed payments beginning as early as this year. You will receive an income tax charitable deduction this year for the value of your gift to Cleveland State University.
Deferred charitable gift annuity (for payments at future date). Perhaps you are not ready to begin receiving payments until a future date, such as when you retire. With a deferred gift annuity, you establish the gift annuity today, receive a charitable income tax deduction this year, but defer the payments until a designated date sometime in the future. Best of all, because you deferred the payments, your annual payment will be higher when the payments start than they would have been with a current gift annuity.
Benefits of a charitable gift annuity
- Receive fixed payments to you or another annuitant you designate for life
- You cannot outlive your payments
- Receive a charitable income tax deduction for the gift portion of the annuity
- Benefit from payments that may be partially tax-free
- Fund your gift annuity with cash, and a significant portion of the annuity payment will be tax-free
- Make a gift of appreciated securities to fund a gift annuity and avoid a portion of the capital gains tax
If you have any questions about charitable gift annuities, or other assets that can be used to fund a charitable gift annuity, please contact us. We would be happy to assist you and answer your questions.