Charitable Gift Annuity
Gifts That Pay You Income
There's a way for you to support the University of Minnesota Morris and feel confident that you have dependable income in your retirement years. You can do this with a charitable gift annuity.
This type of donation can provide you with regular payments and allow us to further our work. You can also qualify for a variety of tax benefits, including a federal income tax charitable deduction when you itemize.
Creating a Charitable Gift Annuity
- The minimum gift is $10,000, and the minimum age when payments may begin is 55.
- Gift annuities may be funded with cash or securities.
- Donors may receive an immediate income tax deduction for a portion of the gift.
- Once the gift annuity is established, it pays a fixed sum annually to one or two people for life based on the amount of the gift and their ages at the time the annuity begins. Payments can be made monthly, quarterly, semi-annually, or annually.
- A charitable gift annuity agreement is irrevocable.
Note: Gift annuities also may be established for others as a lifetime gift or as a testamentary gift through a will or living trust.
Gifts That Pay
Your payments depend on your age at the time of the donation. If you are younger than 60, we recommend that you learn more about your options and download this FREE guide Plan for Retirement With a Deferred Gift Annuity.View My Guide
Calculate Your Benefits
Submit a few details and see how a charitable gift annuity can benefit you.
Payments for Life
Learn more about the many benefits of a charitable gift annuity in our FREE guide Strengthen Your Future With a Charitable Gift Annuity.View My Guide
- Contact Bill Robb at 320-589-6387 or firstname.lastname@example.org for additional information on charitable gift annuities or to chat more about the personal benefits of creating an annuity with UMN Morris.
- Seek the advice of your financial or legal advisor.
- If you include UMN Morris in your plans, please use our legal name and federal tax ID.
Legal Name: University of Minnesota Foundation
Address: 200 Oak Street SE, Suite 500, Minneapolis, MN 55455
Federal Tax ID Number: 41-6042488
See How It Works
An Example of How It Works
Dennis, 66, and Mary, 65, want to make a contribution to UMN Morris but they also want to ensure that they have dependable income during their retirement years. They establish a $20,000 charitable gift annuity.
Based on their ages, they will receive a payment rate of 3.9%, which means that they will receive $780 each year for the remainder of their lives. They're also eligible for a federal income tax charitable deduction of $4,878* when they itemize. Finally, they know that after their lifetimes, the remaining amount will be used to support our mission.
*Based on a 1.2% charitable midterm federal rate. Deductions and calculations will vary depending on your personal circumstances.
Not Sure How to Begin Planning?Download My FREE Personal Estate Planning Kit
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.