City Seminary's Gift Annuity Program
Receive safe, guaranteed payments for life while helping City Seminary train the next generation of pastors!
How can I help City Seminary and also receive lifetime income?
By far, the best way to accomplish that goal is to establish a "Charitable Gift Annuity."
Thanks to a generous provision of the tax code, you can continue to receive fixed monthly checks for life when you list City Seminary as the beneficiary of your charitable gift annuity.
Your payments are guaranteed, and never fluctuate for your entire lifetime, and they are significantly higher than the rates one would typically receive with an investment like a certificate of deposit.
Make no mistake, it is a charitable gift, as opposed to an investment. The "investment," ultimately, will be in the ministry you choose to support. When you and your spouse (if you choose a two-person annuity) die, the remaining funds go to support the work of City Seminary.
To qualify, you need to be 55 years of age, or older. The older you are, the higher the payments you will receive for life. As many other Christian colleges and ministries have done, City Seminary has selected Waterstone Christian Community Foundation as our "service provider."
City Seminary's gift annuity program fits every need, every lifestyle.
Use Our Gift Calculator
Deduction calculations are available for gift annuities, remainder
unitrusts, remainder annuity trusts and lead trusts. These calculations
are provided solely for educational purposes and are not professional
tax or legal advice. Individuals should consult a qualified
professional advisor about their specific situation.
Gift Calculator
An Example
Mr. Robert Schuman, a widower, is 75 years old and would like to support the scholarship fund of City Seminary, as well as other ministries. Currently, he has a $50,000 Certificate of Deposit that earns only 3.9% interest annually. Mr. Schuman uses that interest income to help meet current expenses. His financial advisor suggested using a charitable gift annuity to substantially increase his income, while helping this favorite ministry.
Mr. Schuman decided to gift the $50,000 to Waterstone in exchange for a 7.1% payout rate, calculated at the time of his gift and based upon his age category, fixed for life.
Mr. Schuman has dramatically increased his income, received a substantial tax deduction, reduced his eventual estate taxes and provided for a favorite ministry.
Questions & Answers
What charity may benefit from my gift annuity?
While you may recommend 100% of the charitable portion of your gift annuity to support a special fund at Waterstone for the mission of City Seminary, other beneficiary options are available for gift annuities over $50,000.
Will my gift annuity be included in my estate?
No, your charitable gift annuity is an irrevocable contract, and is therefore not subject to estate taxes. In fact, you will receive immediate tax benefits, along with fixed payments for life.
Will my annuity payments go down, if interest rates go down, or the economy changes?
No, one of the benefits of a Charitable Gift Annuity is that payments remain the same for the life of the donor and/or donor's spouse.
Are all gift annuity rates the same?
Charitable Gift Annuity rates are established by the American Council on Gift Annuities and are based on your age and/or the age of your spouse. Once a gift annuity is made, your payments are "locked in" for life, and will not change.
Is there a minimum amount required to establish a gift annuity?
Commonly, charitable gift annuities are established with a gift of $50,000, $100,000, or more, however, you may establish a gift annuity for as little as $10,000. Commonly, donors use funds currently invested in certificates of deposits or money market funds, in order to increase their income, while eventually benefiting favored Christian ministries.
How do I set up a charitable gift annuity?
It is very easy. Contact us to find out what your annuity payment rate will be. If you wish to include lifetime benefits for two persons, list both names and ages, along with the amount of the gift you are considering. You will receive an application form from Waterstone, our service provider, with a preliminary proposal detailing the amount of your annuity payments and deduction. (Most donors choose to receive their payments quarterly and direct deposit is available.)
Will my local church, or other beneficiary, know of my gift?
While it is a good idea to check with your estate attorney or CPA and discuss your decision to establish a charitable gift annuity, you may request that your gift remain anonymous.
Would you like to increase your annual income while supporing the msission of City Seminary or your other favorite ministries?
Please visit our contact page to send us an email or speak with us by phone.
Waterstone, a member of the Evangelical Council for Financial Accountability (ECFA), is a nonprofit, tax exempt 501(C)(3) public foundation specifically designed for the donor who desires more involvement and flexibility in his charitable activity. They may be reached at:
WaterStone™
2925 Professional Place, Suite 201
Colorado Springs, CO 80904-8136
phone: 719.447.4620
fax: 719.447.4700
email:
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Click here to go to the Waterstone Website
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