Gift Annuities

Charitable Gift Annuity

A charitable gift annuity is a simple contract between you and Coriell. In exchange for your irrevocable gift of cash, securities or other assets, Coriell agrees to pay one or two annuitants you name a fixed sum each year for life. Gift Annuity payments are based on rates recommended by the American Council on Gift Annuities. The payments are guaranteed by the general resources of Coriell, and backed up by a reserve account. Minimum initial gift is $10,000.

Benefits for you

  • Receive dependable, fixed income for life in return for your gift.
  • In many cases, increase the yield you are currently receiving from stocks, CDs or savings accounts.
  • Receive an immediate income tax deduction for a portion of your gift.
  • A portion of your annuity payment will be tax-free.

How it works

  • You transfer cash or securities to Coriell.
  • Coriell pays you, or up to two annuitants you name, fixed income for life.
  • It is recommended that beneficiaries be at least 65 at the time of the gift.
  • The remaining balance passes to Coriell when the contract ends.

charitable-gift-annuity-diagram

Deferred Gift Annuity

This version of the charitable gift annuity is especially designed for younger donors. Deferred gift annuity makes fixed annual payments to you and/or another beneficiary for life, with payments commencing at a future date. Because of the income deferral, Coriell can offer a higher income rate for these annuities than for annuities with payments that start immediately, and you may receive a larger charitable income tax deduction than you could get from any other life-income gift plan. These two features make the deferred gift annuity quite attractive to donors in high-earnings years who are concerned about securing both current tax deductions and additional sources of retirement income.

How it works

  • You transfer cash or securities to Coriell.
  • Beginning on a specified date in the future, Coriell begins to pay you, or up to two annuitants you name, fixed annuity payments for life.
  • It is recommended that beneficiaries be at least 65 to begin receiving payments.
  • The remaining balance passes to Coriell when the contract ends.

Benefits for you

  • Deferral of payments permits a higher annuity rate and generates a larger charitable deduction.
  • You can target your annuity payments to begin when you need them, such as retirement or when a grandchild needs help with college tuition payments, etc.
  • The longer you defer payments, the higher the effective rate of return you will receive.

deferred-gift-annuity-diagram