Charitable Gift Annuity

Rhode Island Hospital donor wall

Planned Giving

For more information about planned giving, please contact John Garcia at 401-606-4615 or email  John.Garcia@lifespan.org.

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How It Works

Through a simple contract, you agree to make a donation of cash, stocks, or other assets to Rhode Island Hospital Foundation. In return, you or a loved one receive a fixed amount each year for the rest of your lifetime.

Below is an example based upon a donor 72 years of age establishing a $10,000 immediate payment charitable gift annuity with cash.

charitable gift annuity

Benefits

  • Immediate. Charitable income tax deduction of $4,240.
  • Annual. Annual payments of $540 for life of annuitant, age 72, $397 tax-free for the first 14.5 years.
  • Future. Rhode Island Hospital will receive remaining principal when annuity ends. May reduce estate taxes and costs.

In addition to providing a gift to Rhode Island Hospital Foundation and receiving fixed payments for life, you also receive these benefits:

  • You receive an immediate charitable income tax deduction for a portion of your gift.
  • Your charitable gift annuity payments are partially income tax–free throughout your estimated life expectancy.
  • Your payments are not affected by fluctuations in the economy.
  • The gift annuity can be for one or two people, so your spouse or another loved one can also receive payments for life.
  • If you use appreciated stock to make a gift, you can usually eliminate capital gains tax on a portion of the gift and spread the rest of the gain over your life expectancy.

Your Rate

Generally, the older you are at the start of your payments, the higher your payments.

These rates are the maximum rates recommended by the American Council on Gift Annuities and are adjusted periodically.

Your planned giving rates

If You Don't Need Extra Income Right Now...

Deferred Payment Charitable Gift Annuity

How It Works:

You make the contribution to us now, securing a current income tax charitable deduction. Starting at least one year after your gift, Rhode Island Hospital Foundation provides you or a loved one with fixed payments for life. This is especially advantageous if your tax bracket is higher now than it will be later when you retire. The rate depends on your age now and your age when the payments will begin. Because payments are deferred, the rate is considerably higher than with an immediate gift annuity. Your charitable deduction is larger, too, when you choose to defer the start of your payments.

In addition, for many people, contributions to IRAs, 401(k) plans and other retirement plans are limited. The deferred payment gift annuity is a good way to provide the additional retirement income you desire.

Below is an example based upon a cash gift of $10,000 for a donor 55 years of age who defers the start of his payments for ten years.

deferred annuity

Benefits

  • Immediate. Charitable income tax deduction of $3,597.
  • Annual. Annual payments of $650 starting in 2024 for life of annuitant, age 55, $322 tax-free for the first 19.9 years.
  • Future. Rhode Island Hospital will receive remaining principal when annuity ends. May reduce estate taxes and costs.

Your Rate 

Generally, the older you are at the start of your payments, the higher your rate.

Rates are recommended by the American Council on Gift Annuities. Actual calculations will vary based on the date of birth and the date of the gift.

Don’t know when you want payments to start?

Consider a Flexible Deferred Payment Charitable Gift Annuity

In exchange for your irrevocable gift of cash, securities, or other assets, Rhode Island Hospital agrees to pay one or two annuitants you name a fixed sum each year for life, with payments starting at least one year after your gift.  The annuitants may elect to start receiving payments on any one of a range of dates.  These dates and their corresponding payment amounts will be listed in your agreement.  The older the annuitants are at the time of the gift and the longer you elect to defer payments, the greater the fixed amount Rhode Island Hospital can agree to pay.  In most cases, part of each payment is tax-free, increasing each payment's after-tax value.