Charitable Gift Annuity
A charitable gift annuity is a gift made to our organization that can provide you with a secure source of fixed payments for life.
How a charitable gift annuity works
A charitable gift annuity is a contract between you and a nonprofit organization.
- You transfer cash or property to a nonprofit organization. CSB would work with The Columbus Foundation if you are interested in making this type of gift to us.
- In exchange, both parties sign an annuity contract and promise to pay fixed payments to you for life. The payment can be quite high depending on your age, and a portion of each payment may even be tax-free.
- You will receive a charitable income tax deduction for the gift portion of the annuity.
- You also receive satisfaction, knowing that you will be helping further our mission.
Benefits of a charitable gift annuity
- Receive fixed payments to you or another annuitant you designate for life
- Receive a charitable income tax deduction for the charitable gift portion of the annuity
- Benefit from payments that may be partially tax-free
- Further the charitable work of Community Shelter Board with your gift
If you decide to fund your gift annuity with cash, a significant portion of the annuity payment will be tax-free. You may also make a gift of appreciated securities to fund a gift annuity and avoid a portion of the capital gains tax.
IRA to Gift Annuity Rollover
You may be looking for a way to help further our mission and enhance your income. If you are 70½ or older, you can make a one-time IRA rollover to fund a charitable gift annuity and receive fixed payments for life.
How an IRA rollover to gift annuity works
- Contact us about creating an IRA rollover to gift annuity with Community Shelter Board.
- Contact your IRA plan administrator to make a one-time qualified charitable distribution (QCD) of up to $55,000 from your IRA to Community Shelter Board.
- We will use your IRA gift to fund your gift annuity payments.
- Please note that IRA gifts do not qualify for a charitable deduction.
- After you receive payments for life, there will be a future gift to us.
- Please contact us if you wish your future gift to be used for a specific purpose.
Benefits of an IRA to gift annuity rollover
- Reduce your taxes with a one-time transfer of up to $55,000 from your IRA to a Gift Annuity
- Receive lifetime fixed payments for you and, if you choose, for your spouse
- Potentially reduce your required minimum distribution (RMD) this year
- Help further the work and mission of Community Shelter Board
Contact us
If you are interested in making a gift in this way, please contact us.
Additional Information
Current charitable gift annuity (payments begin within one year). With a current gift annuity, you may transfer cash or property in exchange for fixed payments beginning as early as this year. You will receive an income tax charitable deduction this year for the value of your gift.
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.
Flexible deferred charitable gift annuity (gives you flexibility as to when the payments will start). With a flexible deferred gift annuity, you retain the flexibility to decide when the annuity will begin making payments. As with a deferred gift annuity, you establish the annuity today and receive a charitable deduction this year, but the payments are deferred until such time as you elect to begin receiving the payments.