Charitable Gift Annuity
- Make a gift of cash or securities to Berkeley. The annuity can be established with $20,000 or more.
- We will pay you — or one or two individuals that you name — fixed annuity payments for life.
- When the contract ends, the remainder of the annuity is used to support the Berkeley programs you designate.
- Charitable gift annuities shall be issued for the lives of, at most, two individuals at least 70 years old at the time annuity payments commence.
- Receive an income tax charitable deduction at the time of the gift. (We can provide sample deduction calculations.)
- Your lifetime payments are backed by a reserve and the general assets of Berkeley.
- Get favorable tax treatment for a portion of your annuity payments, including a tax-free portion for gifts of cash.
- Diversify your assets.
*For appreciated assets such as stocks/bonds held more than one year
NEW TAX LAW (SECURE ACT 2.0) EFFECTIVE JANUARY 1, 2023
IRA qualified charitable distributions (QCDs) may be used to create a charitable gift annuity
- Must be 70 ½ or older at time of transfer.
- Elect to distribute up to $50,000 to create a charitable gift annuity.
- Election available only once in an IRA owner’s lifetime.
- Only the IRA owner and/or his/her spouse may receive the annuity payments.
- Distribution can satisfy all or part of the required minimum distribution (RMD).
- Donors are encouraged to consult with their advisors as there are additional limitations.