In 2010, Ginny attended a planned giving seminar presented by the Labette Health Foundation, Labette Community College Foundation, and Parsons Area Community Foundation. She was intrigued by information regarding Charitable Gift Annuities.
A CGA is a contract between a donor and a charity whereby the donor transfers cash or property to the charity in exchange for a partial tax deduction and a lifetime stream of annual income from the charity. When the donor passes away, the remainder of the gift will be used by the charity.
In Ginny’s case, the ability for her gift to eventually benefit multiple charitable causes through the community foundation, while providing a fixed income stream during her lifetime, was the perfect fit.