Deferred Charitable Gift Annuity
THE BENEFITS OF A DEFERRED CHARITABLE GIFT ANNUITY
Support Bates now, increase your future income

Financial priorities change with age and they should! If you are starting to think about retirement, one of the financial realities is that you will no longer have a steady income from employment once you retire. Financial advisors encourage clients to identify other sources of income to replace a steady paycheck. While you understand you need to commit more of your current resources to retirement income planning, you may also want to continue your support of favorite charities. You can do both. A deferred payment charitable gift annuity enables you to make a gift now to Bates, receive a charitable deduction to reduce current income taxes if you itemize, and to have an additional source of income when you choose to retire.

The benefits of deferring charitable gift annuity income payments

Establishing a deferred payment 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 beginning on a date you choose. You can set a firm date for payments

to begin when you establish the annuity, or you can decide at a future date when you want the payments to begin. The longer you defer the start of payments the more annual income you will receive. Once the payments begin, they never fluctuate and will not be affected by changes in the economy or financial markets. Bates will give you a simple agreement for your records. In return for your gift, you will get an income tax charitable deduction for a portion of your gift which will save you taxes if you itemize. In almost every case, your annuity payments will be partially tax-free for a time.
How to establish a deferred payment charitable gift annuity with Bates.

Once you decide to establish a deferred payment 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, including the date when you want payments to begin or the range of dates in the future when you want the option to start receiving payments.
  •  Send the Gift Annuity Application to the Gift Planning office at Bates.
  •  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.
  •  The annuity payments will terminate when the final annuitant passes away. Any remaining balance from your gift will be used by Bates to further our work.
Your priorities accomplished!
  •  You will have created a steady source of additional retirement income.
  •  You will have made a significant gift to Bates.