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Charitable Gift Annuities
Through a charitable gift annuity, you can make a generous contribution ($10,000 or more) to The Genesee Community College Foundation, and you (or you and your spouse, or you and another individual) also receive income for life, sent to you each calendar quarter. You also receive a tax deduction for a portion of the initial gift, and a portion of your quarterly income is tax-free.
Useful information about GCC Foundation charitable gift annuities
Designating Your Annuity Gift
When you set up your annuity, you can designate your gift for the general benefit of the Foundation, or direct it toward a specific purpose, such as a named scholarship fund.
We have four types of gift annuities:
- Single-life current annuity – you begin receiving annuity payments for life immediately
- Two-life current annuity – you and another person (usually a spouse) begin receiving a fixed annuity payment that will last through your life and your spouse’s life
- Single-life deferred annuity – you begin receiving annuity payments for life beginning at a date in the future (for example, age 65 or age 70)
- Two-life deferred annuity – you and another person (usually a spouse) begin receiving a fixed annuity payment that will last through your life and your spouse’s life, beginning at a date in the future
We use rates recommended by the American Council on Gift Annuities. Your annuity rate varies by age; the older you are when you begin receiving annuity payments, the higher your rate will be. Once you establish your annuity, your rate is fixed and guaranteed for life. We can provide you with a rate estimate anytime.
Because a portion of your annuity gift is considered a charitable contribution, you receive a partial tax deduction when you make your gift. Generally, the older you are when you begin receiving annuity payments, the larger your tax deduction on the gift itself and the larger the tax-free portion of your annuity payments. We can estimate your tax benefits for you anytime.
A charitable gift annuity is considered a form of insurance, and is regulated by insurance law. The Foundation maintains a large reserve fund to guarantee the safety of gift annuities.
Although the charitable gift annuity provides you with lifetime income, your gift annuity is also an investment in Genesee Community College and our students beyond your lifetime. With your permission, we will recognize you and your gift on our Wall of Honor.
Call us at (585) 345-6809 with your questions, or to request an estimate of income and tax benefits.