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Charitable Gift Annuity: How To Accept
Once you're in conversation with a donor about supporting your organization through a CGA, there are several considerations you need to have in mind as you go forward in your communications:
- Strongly recommend that the donor seek outside counsel.
- Ask if the donor wants to consider a deferred payment CGA "(details about which can be found on the DPCGA page).
- Be certain the annuity meets the minimum size acceptable by your organization.
- Encourage the benefactor to do everything on the same day, such as write the check and mail it on the same day. If the assets for the gift are coming from more than one location, make sure all the assets meet the same date of gift.
- Have the donor sign the contract before your organization signs the contract.
- Be certain you have gathered all the information your gift planning office requires.
Things to avoid during the process:
- Never suggest a charitable gift annuity is a financial investment vehicle.
- Never describe the payments as being guaranteed.
- Don't indicate that the ACGA recommends the annuity rates (they only suggest rates).
As always, make sure to follow your organization's gift acceptance and policy and procedures manual when accepting any gift.