Charitable Gift Annuities
If you are seeking guaranteed income, you might want to consider the Charitable Gift Annuity. This is essentially a contract between you and Vassar, backed by the assets of the College. In exchange for your gift of cash and/or securities, Vassar agrees to pay you (or someone you care for) a fixed dollar amount annually for life. The amount of income will not change. At your death the remaining proceeds from the gift come to Vassar to be added to its general endowment or to support whatever purpose you had designated at the time of the gift. The amount of your income payment is dependent upon your age (or the age of the named beneficiary) and the size of the gift. The older you are, the higher the corresponding payout rate is.
| Income for Life | $ 4,000 per year (some is tax-free) |
| Payout Rate | 8.0 % |
| Charitable Deduction * | $24,527 |
| Immediate Capital Gains Tax | Avoided |
| Reduce Taxable Estate by | $50,000 |
At Vassar, a beneficiary must be at least 60 years old and the minimum gift amount is $10,000. (Existing gift annuity donors who wish to make additional gifts may do so with just $5,000.)
Listed below are the most current rates offered by Vassar (as set by the American Council on Gift Annuities.) Please note that these rates assume a single annuitant. Rates for more than one annuitant, such as a husband and wife, will be slightly lower.
| Charitable Gift Annuity Rates* | |||
| Age | Payout Rate (%) | Age | Payout Rate (%) |
|---|---|---|---|
| 60 | 5.7 | 76 | 7.2 |
| 61 | 5.8 | 77 | 7.4 |
| 62 | 5.9 | 78 | 7.6 |
| 63 | 5.9 | 79 | 7.8 |
| 64 | 6.0 | 80 | 8.0 |
| 65 | 6.0 | 81 | 8.3 |
| 66 | 6.1 | 82 | 8.5 |
| 67 | 6.2 | 83 | 8.8 |
| 68 | 6.3 | 84 | 9.2 |
| 69 | 6.4 | 85 | 9.5 |
| 70 | 6.5 | 86 | 9.9 |
| 71 | 6.6 | 87 | 10.2 |
| 72 | 6.7 | 88 | 10.6 |
| 73 | 6.8 | 89 | 11.0 |
| 74 | 6.9 | 90 | 11.3 |
| 75 | 7.1 | 91+ | 11.3 |
| * American Council on Gift Annuities rates effective as of July 1, 2003 | |||