Updated Information About CGAs and QCDs

There has been a recent update regarding the opportunity to set up a Charitable Gift Annuity (CGA) with the WMU Foundation.

Two important events have happened recently that are beneficial to setting up a CGA in 2023: the passing of the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the raising of rates for Charitable Gift Annuities.

The SECURE Act expanded the definition of a Qualified Charitable Distribution (QCD) from your IRA that now allows for you to take a one-time distribution in a single year, with a maximum transfer of $50,000, to create a Charitable Gift Annuity (certain rules and restrictions apply).

If you have not yet considered a CGA as part of your overall financial or estate plan, here are some benefits in doing so:

  • You can make a sizable gift using cash or securities (minimum $10,000 to open a CGA).
  • You become eligible to take a partial tax deduction for your donation.
  • You will receive a fixed stream of income from the WMU Foundation for the rest of your life (a portion of the payments you receive may also be tax-free for a period of time).
  • You can designate one of the many WMU Foundation funds or endowments to receive the remainder at your death.

In other good news, the Charitable Gift Annuity payout rates were raised as of January 1, 2023.

To get started setting up a gift that will give to you and your missions passion, contact us at [email protected] or (205) 408-5525 for a free, no-obligation proposal. You can also click here to learn more about planned giving.