Charitable Gift Annuity
A Mercy Health Foundation Charitable Gift Annuity is a contract through Wheaton Franciscan Services, Inc. (WFSI) that benefits Mercy Medical Center, another Affinity Health System program or a community health outreach project.
Annuity holders may direct their CGA gift for unrestricted use or to support an area of personal interest. The contract is a legal obligation that requires WFSI, on behalf of Mercy Health Foundation, to make fixed payments for the duration of one life or two lives, at a rate determined by the donor's age. Donors may choose to receive income from the CGA in quarterly, semi-annual or annual payments.
The charitable gift annuity value depends on internal revenue code at the time of contract. We treat a portion of the value as a current charitable gift for income tax deduction purposes. There is also a partial bypass of gain if the donor uses appreciated property (securities, etc.) to establish the CGA. Highly appreciated, low yield assets are an excellent choice for funding this type of gift.
Due to the nature of charitable gift annuities, the Mercy Health Foundation board of trustees asks donors for a minimum gift of $10,000. Detailed information for your financial and legal advisors is available.
For more information about the Mercy Health Foundation Charitable Gift Annuity program or other options for charitable gifting, call Vicki Schorse, executive director, at (920) 223-0520.
