Indianapolis Art Center

A charitable gift annuity is a contract between the donor and the Indianapolis Art Center. The Art Center will pay the donor and a beneficiary (usually a spouse or partner) a fixed income for life in exchange for cash or appreciated securities. The level of income depends on the age of the beneficiaries and the size of the gift. The Art Center adheres to rates set by the American Council of Gift Annuities. Beneficiaries must be 65 or older. When the gift annuity ends, the remaining assets transfer to the Art Center’s endowment. For example, if a 72-year old male donor gives $10,000 to the Art Center for a gift annuity, the maximum rate for this gift is 6.7 percent. Therefore, the donor will receive annual payments of $670, which can be paid annually or in quarterly installments. In addition to receiving a charitable income tax deduction, a portion of the income from the annuity payment will be tax free.

A deferred gift annuity is similar, except that the donor agrees to defer receipt of annuity income until some future date (usually retirement). This type of gift often appeals to younger donors who may want the benefit of a current tax deduction, but are also interested in providing for future income needs. The Art Center will accept deferred gift annuities from donors age 50 and over as long as the annuity payments do not begin before age 65. The minimum amount to establish a gift annuity is $10,000.

Planned gifts of $25,000 will be recognized in the Art Center’s Planned Giving group: the Renaissance Society.

Please contact Kelly Lamm at 317.255.2464, ext. 260 if you would like additional information.