A charitable gift annuity is a contractual relationship between you and the Diocese that can benefit a parish, school, high school or other diocesan agency. When you make an irrevocable transfer of cash or property, the Diocese agrees to pay you and/or your designated beneficiary (usually a spouse) a fixed amount quarterly for the lifetime of one or two annuitants.
Through a special agreement in the gift annuity contract with the Diocese, you can designate a parish, elementary school, high school or diocesan agency to receive the remainder of the gift annuity after your lifetime(s).
The amount of the annuity payout is based on the age(s) of the income beneficiary and the amount or value of the gift to the Diocese. For example, if a one-life gift annuity for a person age 75 earns a payment rate of 6.3% for life, a charitable gift annuity for $10,000 would earn $630 in annual payments (for life). A portion of this income would be tax-free. In addition, a charitable income tax deduction of approximately $4,543 would be available. The minimum amount for a gift annuity is $5,000.00 and there is no maximum.