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Planned Giving: Charitable Gift Annuities

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Charitable Gift Annuities
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A charitable gift annuity is a simple contract between you (the donor) and Mount Washington Observatory, in which the Observatory pays you an amount for life based on the value of the gift. New Hampshire law requires that the rate of payment be set by the American Council on Gift Annuities. The rate also takes your age into account; the older you are, the higher the rate of interest you will receive. Your interest is a fixed amount for the rest of your life, paid quarterly, semiannually, or annually to you.

A portion of your gift is deductible in the year of your gift. You would have to report a portion of the annual annuity payment as income and/or capital gains in the year of receipt, depending on the nature of the asset given.

The benefit of a Charitable Gift Annuity is that it is simple and inexpensive to create, and may be used for relatively small gifts ($10,000). As with other techniques, it is a way to generate more income than you now receive from your investments. It can also be used to supplement other retirement plans or as a way to provide security for a relative or special friend. You can defer the commencement of payments until a specific date, such as your 70th birthday. The longer the deferral, the larger the annuity rate and annuity payment.

Mount Washington Observatory is a nonprofit organization under section 501(c)(3) of the Internal Revenue Code. Our tax ID number is 02-0225135. Please seek the advice of a professional estate planner to ensure that your interests are appropriately served.

For questions and comments, please contact the Mount Washington Observatory Development Office at (603) 356-2137, ext. 218.

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