Charitable Gift Annuity
The Augustana College Charitable Gift Annuity Program is another way to make a gift to benefit Augustana College. Alumni and friends of the college make a gift of cash, securities, or other assets. Donors are then paid an annuity - a fixed percentage of the value of the gift - each year for life. After the lifetimes of the donors, the remainder of the gift is donated to Augustana.
A contract is made between the donor and the ELCA Foundation on behalf of the college. Donors receive their annuity payments through the Foundation. The foundation administers all annuities for Augustana, as well as other Lutheran churches and church-related organizations across the country.
The ELCA Foundation is one of the largest administrators of gift annuities in the country. Donors can be assured that the foundation is both stable and long-lasting.
For their gifts, donors can receive an immediate income tax charitable deduction, and a portion of the annuity payments will be tax-free. Gift annuities can be established to pay out for the lifetime of one beneficiary or for the joint and survivor lifetimes of two beneficiaries. There are other flexible payment arrangements that can be made, for example, to pay for a child's or grandchild's college education.