Make a Charitable Gift Annuity
A charitable gift annuity is a contract between a donor and Summit with the following terms: As a donor, you make a sizable gift to Summit using cash, securities or possibly other assets. In return, you become eligible to take a partial tax deduction for your donation, plus you receive a fixed stream of income from Summit for the rest of your life.
How does a charitable gift annuity work?
First, you make a donation to Summit. Then, the gift is set aside in a reserve account and invested. Based on your age(s) at the time of the gift, you receive a fixed monthly or quarterly payout (typically supported by the investment account) for the rest of your life. At the end of your life (as well as your spouse’s, if you’re giving as a couple), Summit receives the remainder of the gift.
In addition to the income stream, you may also be eligible to take a tax deduction at the time of the original gift, based on the estimated amount that will eventually go to Summit after all the annuity payments have been made. A portion of the payments you receive may also be tax-free for a period of time based on your statistical life expectancy.
Please note: The Summit Country Day School is not in the business of offering legal or tax advice. It is strongly recommended that you speak with your own financial/legal advisor prior to making a planned gift.