I recently had the opportunity to visit with Clara about opportunities available to her to make a gift tot he Church. Clara's husband died several years ago. She has been investing some savings that she accumulated in a Certificate of Deposit, and she has need of some income to meet daily living expenses.

I spent time talking with Clara about the Charitable Gift Annuity Program operated by the Catholic Diocese of Wichita.

A charitable gift annuity is truly a unique way to provide for your future and that of a loved one, where providing for the future of a ministry within the Diocese.

A charitable gift annuity is an arrangement under which you make a contribution to the Church and receive, in turn, guaranteed annuity payments for life. It is a way of giving that allows you to make a significant gift that benefits you now and the Church later.

The benefits to you are:

• You receive a charitable deduction in the year the gift was given.
• Your annuity payments are guaranteed for life.
• A portion of your annuity payment is tax-free.
• You have the satisfaction of knowing that you assisted the Church in its mission.
• Your gift annuity can start paying you once you make your contribution.

The benefit to the charity is:

• The amount of your gift that has not been paid out to you is, upon your death, paid out to the charity.

Most charitable gift annuities are funded with cash or marketable securities. And, while donors usually name themselves as beneficiaries, a relative friend could be named as well. Typically married couples provide for payments to be made over both of their lives. When the first spouse dies, the payments continue at the same level to the survivor.

The amount of the annual payments will depend on the kind of gift (cash or marketable security), amount transferred, the age of the beneficiary and the annuity rate schedule in effect at the time of the gift.

For example, if Clara, age 68, donates $10,000 to the Diocese for a gift annuity, she receives:

• Income tax deduction $2,888.00
• Annual annuity payments for life $550.00
• Fixed rate of return 5.5%
• Tax-free portion of annual annuity payments $406.45
• Effective rate of return 6.5%

Clara then designates that 50% of the residual amount of the annuity left upon her death go to her parish, with the balance paid to the Priests Retirement and Education Fund for the benefit of the education of seminarians.

For more information about a Charitable Gift Annuity, contact Mike Wescott at 316-269-3915 or e-mail him This e-mail address is being protected from spambots. You need JavaScript enabled to view it