Financial security and support for Bates
Life is full of competing priorities. Often the things we want to do don't coordinate with what we know we need to do. If you are in or approaching retirement, you know that one priority is making sure you have enough income. Yet, you may also want to continue your support of favorite charities such as Bates. Saving and charitable giving don’t have to be competing priorities. Enter the Bates charitable gift annuity! Consider achieving two of your priorities at once - both income and charitable support.
A charitable gift annuity is simple. You make a gift to Bates of cash or appreciated securities, and Bates agrees to pay up to two individuals a fixed income for life. The payments never fluctuate and are not affected by changes in the economy or financial markets. Bates will give you a simple agreement for your records. Then just wait for the payments. In return for your gift, you will get an income tax charitable deduction for a portion of your gift. In almost every case some of your annuity payments will be partially tax-free for a time.
How to establish a charitable gift annuity
Once you decide to move forward to establish a charitable gift annuity with Bates College, here is the process. We will guide you every step of the way.
- Contact the Gift Planning office to ensure that the age(s) of the annuitant(s) meet the gift annuity policies at Bates.
- If you have not received a financial illustration for the gift you are considering, request the illustration from the Gift Planning office.
- Request a Gift Annuity Application form from the Gift Planning office.
- Complete the information on the application.
- Send the Gift Annuity Application to the Gift Planning office at Bates College.
- If you are using a check to fund the gift, enclose your check with the application.
- Shortly after your application is received you will be sent a Charitable Gift Annuity Agreement, along with tax reporting information for when you file your income taxes.
- You'll need to sign the Charitable Gift Annuity Agreement and return it to Bates. Bates will provide a fully signed agreement to you.