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370 Main Street
Suite 650
Worcester, MA 01608
(508) 755-0980

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Charitable Gift Annuity

Greater Worcester Community Foundation offers Charitable Gift Annuities. This enables you to make a contribution and receive steady income during your lifetime. State Street Global Advisors administers the Charitable Gift Annuity program on behalf of the Foundation.

What is a Charitable Gift Annuity?

A Charitable Gift Annuity (CGA) is a contract between you and Greater Worcester Community Foundation. You make a gift of cash or marketable securities in exchange for a fixed dollar payment during your lifetime. Payment may begin immediately or be deferred for a period of time. You may name yourself as the sole annuitant or designate another person solely, concurrently or consecutively. Unlike other types of deferred gift arrangements such as Charitable Remainder Trusts and Pooled Income Fund gifts, with a CGA the Foundation is obligated to pay you a fixed amount each year, regardless of the earnings on the invested gift.

Once the annuity is terminated, the Foundation will use the proceeds to establish a Named Fund to carry out your charitable goals.

 

What are the advantages of a CGA?

• Income for life. You will enjoy steady annual income, paid quarterly during your lifetime.
• Immediate charitable income tax deduction. A calculation is made to determine the your immediate charitable income tax deduction. This involves the age of the annuitant(s) and payment rate. If necessary, the deduction may be carried forward for up to five years.
• Capital gains tax savings on gifts of appreciated securities. Just as with any gift of appreciated securities to a tax-exempt public charity, your gift to the Greater Worcester Community Foundation CGA can provide savings on capital gains taxes.
• It is easy to participate, with a gift of $10,000 or more.
• Leave a charitable legacy. Your gift will ultimately help the community you care about, forever.

How do I make a gift to a CGA?

Contact Ann T. Lisi at (508) 755-0980 to discuss your charitable goals and receive a confidential
illustration of potential benefits. She will then work with you to transfer cash or securities to the Foundation CGA. A simple, two-page contract will accompany your gift.