Charitable Gift Annuity
Imagine supporting University of the Cumberlands while knowing you’ll receive reliable income for life. A charitable gift annuity makes that possible.
With this option, you make a meaningful gift to the University, and in return, you receive fixed, dependable payments for the rest of your life. Plus, you may enjoy valuable tax advantages.
How It Works
Steady Income in Retirement: You lock in payments you can count on—no matter what the markets do.
Tax Savings:
Fund with cash or appreciated property to qualify for a charitable income tax deduction if you itemize.
If you use appreciated assets, you can also reduce or avoid capital gains taxes.
Special Option for IRA Owners:
If you’re 70½ or older, you can make a one-time election of up to $54,000 from your IRA to fund a gift annuity. This counts toward your required minimum distribution and avoids income tax on the transfer. (This option does not include a charitable deduction.)
Your gift helps students thrive while giving you peace of mind in retirement.
Subject to University approval and discretion.
An Example of How It Works
Dennis, 66, and Mary, 65, want to make a contribution to Cumberlands but they also want to ensure that they have dependable income during their retirement years. They establish a $20,000 charitable gift annuity.
Based on their ages, they will receive a payment rate of 5.1%, which means that they will receive $1,020 each year for the remainder of their lives. They’re also eligible for a federal income tax charitable deduction of $6,402* when they itemize. Finally, they know that after their lifetimes, the remaining amount will be used to support our mission.
*Based on a 5.2% charitable midterm federal rate. Deductions and calculations will vary depending on your personal circumstances.
Location
6191 College Station Drive Williamsburg, KY 40769
Payments for Life
Learn more about the many benefits of a charitable gift annuity in our FREE guide Strengthen Your Future With a Charitable Gift Annuity.
Next Steps
- Contact Tyler Smith at 606-539-3571 or [email protected] for additional information on charitable gift annuities or to chat more about the personal benefits of creating an annuity with Cumberlands.
- Seek the advice of your financial or legal advisor.
- If you include Cumberlands in your plans, please use our legal name and federal tax ID.
Legal Name: University of the Cumberlands, Inc.
Address: 6191 College Station Drive, Williamsburg, KY 40769
Federal Tax ID Number: 61-0470593