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Charitable Gift Annuities |
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On 3 October 2003, the MOBC became a member of the Community Foundation of Tampa Bay.
Through the auspices of this organization, the MOBC is now in the position to offer
charitable gift annuities to those who might be interested. It is a wonderful way in
which to provide income for yourself and your spouse for life while leaving the remainder
to the Community Foundation with the annual income going to the MOBC when no longer needed.
In today's market, such an annuity will most likely increase your return for each dollar
invested.
In essence, a charitable gift annuity is a combination of a gift and an investment.
The basic concept works like this: In exchange for a gift of $10,000 or more (either
in the form of cash or readily marketable securities), you can receive a fixed sum on a
regular basis from the Community Foundation throughout your lifetime.
The benefits you may receive from a gift annuity are substantial:
- Guaranteed life income - a portion of which is tax-free
- Charitable contribution deduction
- Capital gains tax savings
- Estate tax savings
- Establishment of a charitable legacy
The annuity payout is based on the age(s) of the annuitant(s), with older donors receiving
a higher payout than younger donors. Part of your income will be tax-free. The tables for
July 1, 2003 show the following as an example:
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| Age | Rate |
| 70 |
6.5 |
| 75 |
7.1 |
| 80 |
8.0 |
| 85 |
9.5 |
| 90+ |
11.3 |
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| You can also claim a charitable deduction in the
year of the gift for the portion of the gift's value that exceeds
the value of the annuity you receive.
For more information on this planned giving strategy, please
contact Mr. Dave Fisher, Director, Community Foundation of Tampa
Bay, 813/282-1975, or Mr. Don Edwards, President MOBC, at 813/634-4675.
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