Continuum of Care, Inc.’s mission is to enable people who are challenged with mental illness, intellectual disability, and/or co-occurring substance use disorder, to rebuild a meaningful life and thrive in the community.
Charitable Gift Annuity
A Charitable Gift Annuity to Continuum of Care, Inc. is a contract between you and Continuum of Care, Inc. To establish the Charitable Gift Annuity, you transfer assets to Continuum of Care, Inc. in return for Continuum of Care, Inc.’s promise to pay a specific annuity amount to you (and/or to another person) for life. By making this gift, you are doing two things: purchasing an annuity for life and making a gift to Continuum of Care, Inc.
There are two basic kinds of Charitable Gift Annuities:
Immediate Gift Annuities
Immediate Gift Annuities are payments to the annuitants that begin no later than one year after the date of the gift. Cash or securities are transferred to Continuum of Care, Inc. and Continuum of Care, Inc. then pays you or up to two annuitants you name, a lifetime annuity. The remainder passes to Continuum of Care, Inc. when the contract ends.
The advantage of this type of annuity is that you receive an immediate income tax deduction for a portion of your gift. Your payments are treated as part ordinary income, part capital gains income and part tax-free income. The gift benefits you now and Continuum of Care, Inc. later.
Deferred Gift Annuities
The Deferred Gift Annuity starts payments more than one year after the gift to build retirement earnings for the future. This type of annuity is recommended for younger donors. Beginning on a specified date in the future, Continuum of Care, Inc. begins to pay you, or up to two annuitants you name, fixed annuity payments for life. The principal passes to Continuum of Care, Inc. when the contract ends.
The benefits from this type of annuity are that the deferral of payments permits a higher annuity rate and generates a larger charitable deduction. You can also target your annuity payments to begin when you need them, such as retirement. The longer you defer payments, the higher the effective rate you will receive.
We recommend that you consult your tax advisor to determine additional tax benefits to which you may be entitled.
For more information, please contact Continuum of Care, Inc.'s Vice President of Development at 203.562.2264 x236.