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Charitable gift annuities are the most popular way for donors to take advantage of the Montana Endowment Tax Credit (METC). With this option, you can maximize your tax benefits while providing lasting impact for one or more of your favorite charities through their endowment fund at MCF. Annuity gifts that offer deferred payments (DGAs) and immediate payments (CGAs) both qualify for the METC and provide donors with flexible options for receiving annuity income, or deferring all income entirely, based on their financial and charitable goals.
There is a way for you to support the Montana Community Foundation and one or more of the endowment funds we manage and feel confident that you have dependable income in your retirement years. You can do this with a charitable gift annuity.
With a CGA you agree to make a gift to MCF and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life or until you no longer desire to receive income.
This type of donation can provide you with regular payments for life and allow MCF to further our mission. You can also qualify for a variety of tax benefits, including the Montana Endowment Tax Credit and a federal income tax charitable deduction if you itemize. Choose from hundreds of endowment funds at MCF to designate as the beneficiary of your CGA.
If you are younger than 60 and don't need to receive payments immediately—or would prefer to never receive payments—but want to qualify for the Montana Endowment Tax Credit, you can set up a deferred gift annuity. A DGA allows you to delay receiving payments until a later date, such as when you reach retirement, or even defer them out to your life expectancy in order to maximize tax benefits such as the METC.
Please contact us to learn more about the flexible options and benefits CGAs and DGAs provide, including the Montana Endowment Tax Credit.
Dennis, 66, and Mary, 65, want to make a contribution to MCF to benefit the endowment of their local food bank but they also want to supplement their income during retirement years. They establish a $20,000 charitable gift annuity.
Based on their ages, they will receive a payment rate of 4.8%, which means that they will receive $960 each year for the remainder of their lives. Because they are Montana taxpayers, their gift also qualifies for a Montana Endowment Tax Credit of and a federal income tax charitable deduction of $7,649* when they itemize. Finally, they know that after their lifetimes, or when they no longer desire to receive income, the remaining amount will help build a permanent base of support to address food security issues in their community through their local food bank’s endowment at MCF.
*Based on a 5.2% charitable midterm federal rate. Deductions and calculations will vary depending on your personal circumstances.
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Legal name: Montana Community Foundation
Address: 33 S. Last Chance Gulch, Ste. 2A Helena, MT 59601
Federal tax ID number: 81-0450150
Learn more about the many benefits of a charitable gift annuity. Contact us today.Contact Us