Charitable Gift Annuities

Description of a Gift Annuity

A gift annuity is a simple contract between the donor(s) and The Catholic Community Fund of the Archdiocese of Boston, Inc. (hereinafter "CCF"). In exchange for the donor's(s') contribution, CCF promises to make fixed, guaranteed payments for life to one or two annuitants (usually, but not necessarily, the donor(s)). The amount paid is based on the age(s) of the annuitant(s), in accordance with CCF's rate schedule.

Not a Commercial Investment

The act of establishing a gift annuity with CCF is not, and should not be viewed as, an investment. Rather, it is a way to arrange for annuity payments while making a charitable donation. In this respect, a gift annuity issued by CCF is different from a commercial annuity. However, the fact that you are making a charitable gift may result in tax benefits, including a current federal income tax charitable deduction (if you itemize your deductions), annuity payments that are partially tax-free, and future estate tax savings.

Gift Annuity Rates

Generally, the gift annuity rates paid by CCF are those suggested by the American Council on Gift Annuities, which is a national organization of charities that has been in existence since 1927. These

rates have been calculated to provide attractive payments to the donor and/or other annuitant(s) and also to result in a significant portion of the contribution remaining for the charity. Because a charitable gift is involved, the rates are lower than those available through commercial annuities offered by insurance companies and other financial institutions.

Assets Backing Annuity

The annuity payments are a general obligation of CCF, and they are backed by all of our assets (subject to security interests). On 6/30/2020 our total invested funds were $54,603,284, and they are invested in stocks, bonds and other investments. Assets received by CCF for gift annuities are managed by State Street Global Advisors, in a conservative and disciplined manner. If CCF should ever fail financially, individuals entitled to receive annuities will qualify as general creditors of CCF.

Responsibility for governing CCF is vested in the Roman Catholic Archbishop of Boston, a Corporation Sole. Common investment funds managed by our organization are exempt from registration requirements of the federal securities laws, pursuant to the exemption for collective investment funds and similar funds maintained by charitable organizations under the Philanthropy Protection Act of 1995 (P.L. 104-62). Information in this document is provided to you in accordance with the requirements of that Act.

Points to Remember

  • A contribution for a gift annuity is irrevocable. The principal you contribute cannot be returned to you.
  • The right to annuity payments may not be assigned to any person or organization, other than CCF.
  • The gift date is the date when you actually make the transfer of assets. In the case of cash, it is the date you mail or deliver a check. In the case of an electronic transfer of securities, it is the date they are received into the account of CCF. If you have certificates, it is the date they are properly endorsed and mailed or delivered.
  • Applicable laws of the State of Massachusetts and the requirements of the Code of Canon Law govern the gift annuity.

For More Information

This disclosure statement is intended to provide basic information regarding the gift annuities issued by CCF. If you have additional questions concerning CCF's charitable gift annuity program, please email: contact@sjs.edu