Charitable Gift Annuities
What is a Charitable Gift Annuity?
An exchange in which a donor transfers cash or securities to the VMFA Foundation, in return for the Foundation's guarantee to make fixed quarterly payments for as long as the annuitant(s) live.
How do Charitable Gift Annuities benefit VMFA and its friends?
Gift annuities:
• May be established with gifts of cash or securities valued at $10,000.00 or
more.
• May make payments to either one or two people.
• Are contracts, similar to a commercial annuity, except that part of the initial
transfer is a gift to the VMFA Foundation, for the benefit of VMFA.
• Make fixed payments based upon the age of the annuitant(s) when the annuity
is established. The older the annuitant(s) are, the higher the fixed percentage
payment rate will be. View the rate tables for one-life and two-life gift annuities.
• Are a wonderful way to help VMFA make art a part of all Virginians’ lives.
What about tax benefits?
• Gift annuities allow an immediate and significant charitable deduction from
income tax.
• There is no capital gain tax on appreciated property transferred in exchange to
the annuity.
"My gift to VMFA is part of what I live on." - George Glenn, Richmond, Virginia
Find out how. Read George's story below.
Giving Back . . .
George Glenn became a VMFA member as a teenager over 65 years ago, using his earnings from an after-school job. VMFA was “an early source of knowledge and inspiration to me, and remains so today,” thanks in part to its continuous expansion over the years.
Glenn, now in his 80s, has lived in Richmond all his life. Worldwide travel fueled his passion for art—and for VMFA’s collection of art and culture from around the world.
Glenn knew about gift annuities, but didn’t know how easy they were to create. When Glenn was reviewing his financial plans, he realized that some low-performing stock presented him with an opportunity.
“George Bryson at the Museum told me that using the stock for a gift annuity would probably increase my income, and he was right. I am getting almost 8% a year from my annuity, a significant boost to my retirement income. I liked this gift annuity so much I did another one!”
Both annuities count toward VMFA’s Building for the Future Campaign and “they have helped me contribute to this great place which has meant so much to me since I was a young man.”
Deferred Gift Annuities . . .
To receive even higher payments, you can initiate your gift annuity with a transfer occurring in advance of the start of the annuity. By delaying the start of the annuity by a few years, you can increase the income dramatically.
Deferred gift annuities are popular with people who have no immediate need for the income, perhaps because they are still working. They provide even greater benefit to VMFA, and a larger deduction to you, than do immediate gift annuities.
Birch and Ginny Douglasses' two deferred gift annuities provide a generous gift to VMFA as well as a sound form of retirement savings.
"Ginny and I selected a deferred gift annuity because we do not currently need the income from the annuity, and by deferring the starting date we received a larger charitable deduction and will get a greater annuity once payments commence."
Gift Annuity Calculator
This form can be accessed directly by clicking here.