If the interest earned from fixed assets no longer meets your needs or if volatility in markets is affecting your income, you may consider a Charitable Gift Annuity (CGA). A CGA is a gift made to the Seminary that can provide you with a secure source of fixed payments for life.
A charitable gift annuity is a way to make a gift to support Mount St. Mary's Seminary & School of Theology.
If you decide to fund your gift annuity with cash, a significant portion of the annuity payment will be tax-free. A gift of appreciated securities also can fund a gift annuity and help you avoid a portion of the capital gains tax. Please contact us to inquire about other assets you might be able to use to fund a CGA.
If you have any questions about charitable gift annuities, please contact us. We would be happy to assist you and answer your questions.
Current charitable gift annuity (payments begin within one year). With a current gift annuity, you may transfer cash or property in exchange for our promise to pay you fixed payments beginning as early as this year. You will receive an income tax charitable deduction this year for the value of your gift to Mount St. Mary's Seminary & School of Theology.
Deferred charitable gift annuity (for payments at future date). Perhaps you are not ready to begin receiving payments until a future date, such as when you retire. With a deferred gift annuity, you establish the gift annuity today, receive a charitable income tax deduction this year, but defer the payments until a designated date sometime in the future. Best of all, because you deferred the payments, your annual payments will be higher when the payments start than they would have been with a current gift annuity.
Flexible deferred charitable gift annuity (gives you flexibility as to when the payments will start). With a flexible deferred gift annuity, you retain the flexibility to decide when the annuity will begin making payments. As with a deferred gift annuity, you establish the annuity today and receive a charitable deduction this year, but the payments are deferred until such time as you elect to begin receiving the payments.