A Charitable Gift Annuity is a contract between a donor and a charitable institution. There are tax advantages for the donor, and ultimately the charity benefits as well.
Donors can earn a fixed payment for the remainder of their lives.
They receive an immediate charitable tax deduction. A portion of the income is tax free, reducing their ordinary income taxes. If they use appreciated assets, they can avoid a portion of their capital gains tax, and any of this tax owed will be spread out over their life expectancy. Most parishes report that Gift Annuities do not affect Sunday collections. The funds are placed into the Restricted Fund of the Archdiocese, invested for long-term growth.