A GIFT THAT PAYS YOU INCOME
Of all the gifts that pay you back, the charitable gift annuity (CGA) is the simplest, most affordable, and most popular. For donors, CGAs provide guaranteed fixed income for life, some tax advantages, and a gift to the Y’s endowment fund.
The Y has partnered with the Hartford Foundation for Public Giving to offer and manage CGAs on the Y’s behalf. The Hartford Foundation is a trusted community foundation for the Capitol Region of Connecticut who has existed for over 95 years supporting our communities.
How to Donate a CGA to Benefit the Y:
Donors make an irrevocable gift to the Hartford Foundation, typically cash or securities. The Foundation guarantees the donor and/or beneficiary a fixed annual payment calculated according to their age. The annuity is backed by the Hartford Foundation’s assets.
The annuity payment will be partially tax free, and the donor will receive a current charitable contribution deduction for a portion of their gift. At the time of the donor’s passing, any remaining funds from the CGA will benefit the Y’s unrestricted endowment fund or a specific Y branch endowment as determined by the donor.
The minimum amount to create a CGA is $10,000 for an individual life, and $20,000 for a two-life annuity. Donors must be at least 65 years old to participate.
Once created, a donor becomes a member of The Heritage Club. This planned giving society honors individuals who have committed a gift of cash, or a planned gift, now or in the future, to the YMCA’s endowment fund.
A personalized illustration showing the income, potentially tax-free portion of the income payments, and the potential tax deduction can be provided.
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