Charitable Gift Annuity

Gifts That Pay You Income

There’s a way for you to support the Geneva Foundation of Presbyterian Homes, get an income tax deduction (when you itemize) and enjoy income for life. You can do this with a charitable gift annuity.

In exchange for a gift of $25,000 or more, the Geneva Foundation of Presbyterian Homes will send you lifetime payments at a fixed rate. You designate the Geneva Foundation of Presbyterian Homes to receive the first three to five years of payments. At the end of the term, and for the rest of your life, you receive the payments.

Any remaining balance again supports our cause. Imagine the good you could do now and in the future through this powerful gift.

This type of donation can provide you with regular payments and allow the Geneva Foundation to further our mission. You can also qualify for a variety of tax benefits depending on how you fund your gift.

If you fund your gift annuity with cash or appreciated property, you qualify for a federal income tax deduction if you itemize. In addition, you can minimize capital gains taxes when you fund your gift with appreciated property.

Now, if you are 70½ or older, you may make a one-time election for a qualified charitable distribution of up to $53,000 (without being taxed) from your IRA to fund a life-income gift. This gift provides you (and a spouse, if you wish) with stable lifetime income that is unaffected by the markets. After your lifetime, the remainder of the gift annuity becomes your legacy at the Geneva Foundation. Some limitations apply, so contact us for more details and a personalized illustration at no obligation.

Gifts That Pay

Your payments depend on your age at the time of the donation. If you are younger than 60, we recommend that you learn more about your options and download this FREE guide Deferred Gift Annuities: Plan Now, Benefit Later.

See How It Works

An Example of How It Works

Couple smiling Dennis, 75, and Mary, 73, want to make a contribution to the Geneva Foundation but they also want to ensure that they have dependable income during their retirement years. They fund a $25,000 charitable gift annuity with appreciated stock that they originally purchased for $10,000.

Based on their ages, they will receive a payment rate of 6.0%, which means that they will receive $1,500 each year for the remainder of their lives. They’re also eligible for a federal income tax charitable deduction of $8,792* when they itemize.

*Based on a 5.2% charitable midterm federal rate. Deductions and calculations will vary depending on your personal circumstances.

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Next Steps

Contact Lisa M. Schiro, CFRE at (847) 979-3922 or lschiro@presbyterianhomes.org for additional information on charitable gift annuities or to chat more about the personal benefits of creating an annuity with the Geneva Foundation.
Seek the advice of your financial or legal advisor.
If you include the Geneva Foundation in your plans, please use our legal name and federal tax ID.

Legal name: The Geneva Foundation of Presbyterian Homes
Address: 8707 Skokie Blvd., Suite 400, Skokie, Illinois 60077
Federal tax ID number: 71-0945228

Payments for Life

Learn more about the many benefits of a charitable gift annuity in our FREE guide Charitable Gift Annuities: Gifts That Give Back.