When making their long-term financial plans, David Delo, former president of The University of Tampa, and his wife, Estelle, naturally wished to include a gift to the university. There were many options from which they could choose, but they ultimately decided to set up a charitable gift annuity, or CGA. This type of gift allowed the Delos to make a substantial gift to the university and receive a steady stream of income for the rest of their lives.
Although David Delo passed away in 2004, Estelle continues to celebrate his life through her wonderful memories and experiences at The University of Tampa. She recognizes that through her husband's careful planning, he has provided financial security for her and ensured that UT students will realize their dreams for generations to come.
The Delos established their CGA a number of years ago, but with today's uncertain economy, this type of giving vehicle is even more appealing. The idea of fixed and stable income may seem impossible to those watching their investments fluctuate wildly, but establishing a CGA really can provide some peace of mind. An 80-year-old UT alumna, for example, could receive a 7.5 percent return—ensured for the rest of her life—while also making a generous gift to her alma mater.
How a CGA Could Work for You
Like the Delos, you can set up a charitable gift annuity with a simple contract between you and The University of Tampa. You make a donation and we, in turn, agree to pay you a fixed amount each year for the rest of your life. The rate of payment you receive doesn't fluctuate with the stock market, interest rates or inflation. It is firmly set at the time of your gift and never changes. After your lifetime, the remaining balance will be used to ensure that future UT students have the same amazing experience you remember.
What Are the Benefits of a CGA?
You can potentially increase your disposable income.
You will receive an income tax deduction on a portion of your gift.
A portion of the payments you receive are income tax-free throughout your estimated life expectancy.
If you use stocks to make your gift, long-term capital gains income can be spread out over several years in most cases.
After your lifetime, the remainder of your gift will benefit the students at the University of Tampa, ensuring they have the same great educational experiences that you did.
Interested in setting up a charitable gift annuity? Feel free to contact The Office of Planned Giving at 813-258-7373 or email@example.com with any questions you might have and to discuss the payment rate you could receive.
Delay Your Payments Until You Need Them Most
If you don't need your payments today, you can set up a deferred gift annuity. This allows you to delay receiving payments until a later date—such as when you reach retirement. You make the contribution to us now, securing a larger current income tax charitable deduction, and we agree to pay you fixed payments for life starting at any date you select, usually five or 10 years from now. This is especially advantageous if your tax bracket is higher now than it possibly will be later when you retire. Another advantage is the payment rate will be considerably higher when the payments begin.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.