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.
A charitable gift annuity provides regular payments and allows The University of Akron Foundation to further its educational mission. After making your gift to The University of Akron Foundation, you will receive a fixed annual dollar amount for life, along with an income tax deduction. The principal remaining at your death then passes on to The University of Akron Foundation. Your gift may be unrestricted or designated in support of an existing endowment or particular unit on campus.
The amount of your annual income payments will depend on your age at the time of the donation.
An Example of How It Works
Say that Robert, 80, and Helen, 78, want to make a contribution to the UA Foundation that will support our work for generations to come, but they also want to ensure that they have dependable income for the rest of their lives. They establish a $50,000 charitable gift annuity with the UA Foundation. Based on their ages, they will receive a payment rate of 6 percent, which means that they will receive $3,000 each year for the remainder of their lives. They're also eligible for a federal income tax charitable deduction of $20,979* when they itemize. Finally, they know that after their lifetimes, the remaining amount will be used to support our mission.
*Based on annual payments and a 3.2 percent charitable midterm federal rate. Deductions and calculations will vary depending on your personal circumstances.