Charitable Gift Annuity

Charitable Gift Annuities (CGAs)

A Charitable Gift Annuity is a popular planned giving option that allows you to make a charitable gift to the George Snow Scholarship Fund and receive fixed payments for life. With a CGA, you can enjoy several advantages:

Steady Income: CGAs provide you with regular fixed payments, ensuring financial security for the rest of your life.
Tax Benefits: You may qualify for an immediate charitable income tax deduction when you create a CGA. Furthermore, a portion of your annuity payments may be tax-free.
Supporting Education: By establishing a CGA with us, you directly contribute to our scholarship programs, helping bright and talented students access higher education.

How It Works

You make a gift (usually cash or appreciated securities) to the George Snow Scholarship Fund.
We, in turn, guarantee you fixed annuity payments for life.
After your lifetime, the remaining balance of your CGA becomes a charitable gift to the George Snow Scholarship Fund.

Sample Benefits of a Charitable Gift Annuity

Let's take a look at a hypothetical example to illustrate the potential benefits of a Charitable Gift Annuity:

John, aged 70, contributes $50,000 to create a Charitable Gift Annuity with the George Snow Scholarship Fund. In return, he receives an annual annuity payment of $2,500 for the rest of his life. He also benefits from a charitable income tax deduction of approximately $20,000. After John's lifetime, the remaining CGA balance supports the scholarship program.

New QCD for rollover to Life Income Plans

Beginning in 2023, the Act expands the definition of (QCD) Qualified Charitable Distribution’s to include one-time distributions to create life income plans, specifically charitable gift annuities (CGAs) and charitable remainder unitrusts or annuity trusts (collectively, CRTs). This new type of QCD is a one-time maximum transfer of $50,000 to a qualified CRT, or in exchange with a charity for a CGA. Therefore, the new QCD can only be done once during the lifetime of the IRA owner. Consider a transfer from an IRA to George Snow Scholarship Fund to start a Charitable Gift Annuity, with this one-time charitable investment.

Charitable Gift Annuities (CGAs):

CGAs are structured based on a combination of your age and the prevailing IRS-approved annuity rate at the time of the gift. The specific rates may vary due to the date of the gift. Below, we provided a sample age and rate table for a charitable gift annuity based on the American Council on Gift Annuities rates that were applicable as of January 1, 2023. However, please note that these rates are for illustrative purposes only, and actual rates may differ:

Sample Charitable Gift Annuity Age and Rate Table

Single Life Suggested Maximum Gift Annuity Rates

Age	Rate
5-18	3.5
19-27	3.6
28-33	3.7
34-38	3.8
39-42	3.9
43-45	4
46-47	4.1
48-50	4.2
51-52	4.3
53	4.4
54-55	4.5
56	4.6
57-58	4.7
59	4.8
60	4.9
61	5
62	5.1
63	5.2
64	5.3
65	5.4
66	5.5
67	5.6
68	5.7

Age	Rate
69	5.8
70	5.9
71	6
72	6.2
73	6.3
74	6.4
75	6.6
76	6.8
77	7
78	7.2
79	7.4
80	7.6
81	7.8
82	8.1
83	8.3
84	8.5
85	8.7
86	8.9
87	9.1
88	9.3
89	9.5
90+	9.7

Two Lives - Joint and Survivor Suggested Maximum Gift Annuity Rates

Younger Age	Older Age	Rate
5	5 - 95+	3.3
6	6 - 95+	3.3
7	7 - 95+	3.3
8	8 - 95+	3.3
9	9 - 95+	3.3
10	10 - 95+	3.3
11	11 - 95+	3.3
12	12 - 95+	3.3
13	13 - 95+	3.3
14	14 - 95+	3.3
15	15 - 95+	3.3
16	16 - 95+	3.3
17	17 - 95+	3.3
18	18 - 95+	3.3
19	19 - 95+	3.4
20	20 - 95+	3.4
21	21 - 95+	3.4
22	22 - 95+	3.4
23	23 - 95+	3.4
24	24 - 95+	3.4
25	25 - 95+	3.4
26	26 - 95+	3.4
27	27 - 95+	3.4
28	28 - 95+	3.5
29	29 - 95+	3.5
30	30 - 95+	3.5
31	31 - 95+	3.5
32	32 - 95+	3.5
33	33 - 95+	3.5
34	34 - 95+	3.6
35	35 - 95+	3.6
36	36 - 95+	3.6
37	37 - 95+	3.6
38	38 - 95+	3.6
39	39 - 95+	3.7
40	40 - 95+	3.7
41	41 - 95+	3.7
42	42 - 95+	3.7
43	43 - 95+	3.8
44	44 - 95+	3.8
45	45 - 95+	3.8
46	46	3.8
46	47 - 95+	3.9
47	47 - 95+	3.9
48	48 - 52	3.9
48	53 - 95+	4
49	49 - 50	3.9
49	51 - 95+	4
50	50 - 95+	4
51	51 - 54	4
51	55 - 95+	4.1
52	52 - 53	4
52	54 - 95+	4.1
53	53 - 58	4.1
53	59 - 95+	4.2
54	54 - 56	4.1
54	57 - 62	4.2
54	63 - 95+	4.3
55	55	4.1
55	56 - 60	4.2
55	61 - 95+	4.3
56	56 - 59	4.2
56	60 - 64	4.3
56	65 - 95+	4.4
57	57	4.2
57	58 - 62	4.3
57	63 - 67	4.4
57	68 - 95+	4.5
58	58 - 60	4.3
58	61 - 65	4.4
58	66 - 95+	4.5
59	59	4.3
59	60 - 63	4.4
59	64 - 68	4.5
59	69 - 95+	4.6
60	60 - 62	4.4
60	63 - 65	4.5
60	66 - 70	4.6
60	71 - 95+	4.7
61	61 - 64	4.5
61	65 - 68	4.6
61	69 - 72	4.7
61	73 - 95+	4.8
62	62 - 63	4.5
62	64 - 66	4.6
62	67 - 69	4.7
62	70 - 74	4.8
62	75 - 95+	4.9
63	63 - 64	4.6
63	65 - 67	4.7
63	68 - 71	4.8
63	72 - 75	4.9
63	76 - 95+	5
64	64 - 66	4.7
64	67 - 69	4.8
64	70 - 72	4.9
64	73 - 76	5
64	77 - 95+	5.1
65	65	4.7
65	66 - 67	4.8
65	68 - 70	4.9
65	71 - 73	5
65	74 - 77	5.1
65	78 - 95+	5.2
66	66	4.8
66	67 - 69	4.9
66	70 - 71	5
66	72 - 74	5.1
66	75 - 77	5.2
66	78 - 95+	5.3
67	67	4.9
67	68 - 70	5
67	71 - 72	5.1
67	73 - 75	5.2
67	76 - 78	5.3
67	79 - 95+	5.4
68	68	5
68	69 - 70	5.1
68	71 - 73	5.2
68	74 - 75	5.3
68	76 - 78	5.4
68	79 - 95+	5.5
69	69	5.1
69	70 - 71	5.2
69	72 - 73	5.3
69	74 - 75	5.4
69	76 - 78	5.5
69	79 - 95+	5.6
70	70	5.2
70	71 - 72	5.3
70	73	5.4
70	74 - 75	5.5
70	76 - 78	5.6
70	79 - 95+	5.7
71	71 - 72	5.4
71	73 - 74	5.5
71	75 - 76	5.6
71	77 - 79	5.7
71	80 - 95+	5.8
72	72	5.5
72	73 - 74	5.6
72	75 - 77	5.7

Younger Age	Older Age	Rate
72	78 - 80	5.8
72	81 - 83	5.9
72	84 - 95+	6
73	73	5.6
73	74 - 75	5.7
73	76 - 78	5.8
73	79 - 80	5.9
73	81 - 83	6
73	84 - 95+	6.1
74	74	5.7
74	75 - 76	5.8
74	77 - 78	5.9
74	79 - 80	6
74	81 - 83	6.1
74	84 - 95+	6.2
75	75	5.8
75	76 - 77	5.9
75	78 - 79	6
75	80 - 81	6.1
75	82 - 83	6.2
75	84 - 86	6.3
75	87 - 95+	6.4
76	76	5.9
76	77	6
76	78 - 79	6.1
76	80 - 81	6.2
76	82 - 83	6.3
76	84 - 85	6.4
76	86 - 88	6.5
76	89 - 95+	6.6
77	77 - 78	6.1
77	79	6.2
77	80 - 81	6.3
77	82 - 83	6.4
77	84 - 85	6.5
77	86 - 87	6.6
77	88 - 90	6.7
77	91 - 95+	6.8
78	78	6.2
78	79	6.3
78	80 - 81	6.4
78	82	6.5
78	83 - 84	6.6
78	85 - 86	6.7
78	87 - 88	6.8
78	89 - 91	6.9
78	92 - 95+	7
79	79	6.4
79	80 - 81	6.5
79	82	6.6
79	83 - 84	6.7
79	85	6.8
79	86 - 87	6.9
79	88 - 89	7
79	90 - 92	7.1
79	93 - 95+	7.2
80	80	6.5
80	81	6.6
80	82	6.7
80	83	6.8
80	84	6.9
80	85 - 86	7
80	87	7.1
80	88 - 89	7.2
80	90 - 92	7.3
80	93 - 95+	7.4
81	81	6.7
81	82	6.8
81	83	6.9
81	84	7
81	85	7.1
81	86	7.2
81	87 - 88	7.3
81	89	7.4
81	90 - 91	7.5
81	92 - 95+	7.6
82	82	6.9
82	83	7
82	84	7.1
82	85	7.2
82	86	7.3
82	87	7.4
82	88	7.5
82	89	7.6
82	90 - 91	7.7
82	92 - 93	7.8
82	94 - 95+	7.9
83	83	7.2
83	84	7.3
83	85	7.4
83	86	7.5
83	87	7.6
83	88	7.7
83	89	7.8
83	90 - 91	7.9
83	92	8
83	93 - 95+	8.1
84	84	7.4
84	85	7.5
84	86	7.6
84	87	7.8
84	88	7.9
84	89	8
84	90	8.1
84	91	8.2
84	92 - 95+	8.3
85	85	7.7
85	86	7.8
85	87	7.9
85	88	8.1
85	89	8.2
85	90	8.3
85	91	8.4
85	92 - 95+	8.5
86	86	8
86	87	8.1
86	88	8.2
86	89	8.4
86	90	8.5
86	91	8.6
86	92 - 95+	8.7
87	87	8.3
87	88	8.4
87	89	8.6
87	90	8.7
87	91 - 95+	8.9
88	88	8.6
88	89	8.8
88	90	9
88	91 - 95+	9.1
89	89	9
89	90	9.2
89	91 - 95+	9.3
90	90	9.4
90	91 - 95+	9.5
91	91 - 95+	9.5
92	92 - 95+	9.5
93	93 - 95+	9.5
94	94 - 95+	9.5
95+	95+	9.5

Please note that the rates mentioned above are fictional and for illustrative purposes. CGA rates can vary significantly depending on the issuing organization, the current economic environment, and other factors. It’s crucial to contact the George Snow Scholarship Fund to obtain the most up-to-date and accurate information on CGA rates and options.

Additionally, two types of CGAs are mentioned: Single Life Annuity and Two-Life (Joint) Annuity. Single Life Annuity provides payments for one individual’s lifetime, while Two-Life (Joint) Annuity provides payments for two individuals (e.g., spouses) and continues payments until the second individual passes away.

When considering a Charitable Gift Annuity, it’s essential to consult with the organization offering the CGA, as they will provide you with the most current rates and personalized information based on your circumstances. These tables serve as a general reference but should not be used for any financial planning or charitable giving decisions without consulting a qualified financial advisor.

For more information, please contact Jay Brandt, Vice President of Development at the George Snow Scholarship Fund 201 Plaza Real, Suite 260 Boca Raton, FL 33432

P: 561-347-6799 x 112
E: jbrandt@scholarship.org