A charitable gift annuity transfers cash or property to Hospice of Marion County in exchange for our guarantee to provide fixed payments to one or two life annuitants. This type of annuity consists of 2 elements:
Payments can either begin immediately or be deferred for a period determined by the donor and declared in the contract. The payment period can be measured by one annuitant’s life (usually the donor) or by the lives of two joint and survivor annuitants (usually husband and wife). Charitable gift annuities are not issued for a fixed term of years.
The annual income is a percentage of the original gift and is based on the age of the donor at the time of the contribution. At the end of the annuitant’s life, the remaining principal benefits Hospice of Marion County.
It is important to note that unlike charitable remainder trusts, where the obligation to make payments is limited solely to the contributed assets, a charitable gift annuity is considered a general obligation of Hospice. These annuities take on many of the same characteristics as commercial annuities with Hospice acting as the insurer.