Gift annuity donor, Stella Grover, enjoying the Bigelow Society Tea. A Charitable Gift Annuity is a simple contract between you and the Library. At the time of your gift, you are entitled to a charitable income tax deduction, and at your death, the Library receives the balance of your Gift Annuity. If you are under age 55, you may want to consider a Deferred Payment Gift Annuity . You would still qualify for a charitable income tax deduction in the year you make your gift, but by deferring the your annuity to some future date, your payments would be greater.
Many people use deferred payment gift annuities to supplement their retirement incomes.
The Pooled Income Fund is like a mutual fund for donors. If appreciated securities are donated, no capital gains tax is due on the transfer, and your income tax deduction is based on the fair market value of the securities. With your gift, you are assigned a certain number of units in the Fund, and are paid a lifetime income based on the Fund's yield and the number of shares you hold. At your death, the Library benefits from your share of the Fund's principal. The Charitable Remainder Trust offers the most flexibility of all the life income gift arrangements.