Groves Foundation

A Charitable Gift Annuity is a gift to Groves Hospital Foundation that also guarantees you an income for life.

When you buy a Charitable Gift Annuity, the money is invested to produce a fixed annual income guaranteed for your lifetime. The size of the annual payment depends on the size of your gift and on your age when you make it.

What are the benefits of a Charitable Gift Annuity?
•  Security -- You get a contract sealed by Groves. Groves’s integrity stands behind it.
•  Guaranteed Income -- From the day you buy your Charitable Gift Annuity, your annual income rate never changes, no matter what happens with the economy or the stock market.
•  Tax Advantages -- Sixty to 100 per cent of the income you receive is tax-free.  You may also qualify for a tax credit the year you make your gift.
•  Flexibility -- You can buy your Charitable Gift Annuity with cash, stocks and bonds (credited with their full market value), appreciated securities or many other items of value.  You may give anything from $1,000 and up.
•  Permanent -- Your annuity is an irrevocable agreement. It cannot be contested when you die.
•  Purchasing a Charitable Gift Annuity gives you the satisfaction of continuing to support your community through Groves.

How does a Charitable Gift Annuity differ from a Gift Plus Annuity?
A Charitable Gift Annuity is issued by Groves. The gift is put to work to provide you with an annuity for life.  When you die, the rest of the gift goes to benefit Groves Memorial Community Hospital.

With a Gift Plus Annuity, Groves uses part of your gift to buy an annuity from a licensed insurance company. Groves then either invests the remaining 25 to 50 per cent to accumulate to the original value of the gift, or spends it on current work -- you decide which. Tax benefits are the same for both annuity plans.
 
Your Gift to Groves Hospital Foundation
A representative of Groves Hospital Foundation will be pleased to explain the Charitable Gift Annuity in more detail and to answer your questions.  If you wish, we will prepare a personalized illustration showing the annuity and tax consequences from whatever contribution you are considering. We encourage you to review the illustration with your financial and tax advisors.  When you are ready, we will help with the arrangements.