Charitable Gift Annuities

Modifying Charitable Gift Annuity Payments

In light of large investment losses in the past year, CMF was asked by members:

  • to clarify whether a charitable gift annuity contract may be modified and
  • if so, what affect does that have on the donor's original tax deduction?

This topic was recently the focus of a conference call held July 14, 2009 (listen to audio below).

We are pleased to provide the following resources (available below to CMF members) for foundations to use as they analyze their ability to meet future CGA obligations:

  1. A memo provided by Clark Hill, PLC, CMF legal counsel, on the options available to community foundations, along with sample agreements to document any modifications
  2. FAQ's on Charitable Gift Annuity Reinsurance by Bryan K. Clontz, President and Co-Founder of Charitable Solutions, LLC — a charitable gift annuity risk management, gift annuity reinsurance brokerage and non-cash asset consulting firm.

Please contact Dave Lindberg, Vice President, Finance & Administration, at 616.842.7080 with questions.

Materials