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There is a way for you to support Cal Poly and feel confident that you have dependable income in your retirement years. You can do this with a charitable gift annuity.
With a charitable gift annuity you agree to make a gift to Cal Poly and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life. The balance is used to support our work.
This type of donation can provide you with regular payments for life and allow Cal Poly to further our mission. You can also qualify for a variety of tax benefits depending on how you fund your gift.
If you fund your gift annuity with cash or appreciated property, you qualify for a federal income tax deduction if you itemize. In addition, you can minimize capital gains taxes when you fund your gift with appreciated property.
And now, you can fund your gift using your. If you are 70½ and older, you can make a one-time election of up to $50,000 to fund a gift annuity. While your gift does not qualify for an income tax deduction, it does escape income tax liability on the transfer and count toward all or part of your required minimum distributions.
Your payments depend on your age at the time of the donation. If you are younger than 60, we recommend that you learn more about your options and download this FREE guide Deferred Gift Annuities: Plan Now, Benefit Later.
Dennis, 75, and Mary, 73, want to make a contribution to Cal Poly but they also want to ensure that they have dependable income during their retirement years. They fund a $25,000 charitable gift annuity with appreciated stock that they originally purchased for $10,000.
Based on their ages, they will receive a payment rate of 5.7%, which means that they will receive $1,425 each year for the remainder of their lives. They are also eligible for a federal income tax charitable deduction of $10,306* 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.
Input a few details and see how a charitable gift annuity can benefit you.
Legal name: California Polytechnic State University Foundation
Address: Heron Hall, Building 117, San Luis Obispo, CA 93407-0444
Federal tax ID number: 20-4927897
Learn more about the many benefits of a charitable gift annuity in our FREE guide Charitable Gift Annuities: Gifts That Give Back.