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Gift Annuities
GIFT ANNUITY
CTAC provides administration for both existing and new Charitable Gift Annuity Programs. Existing programs can submit their program initiation documents for a full review.
PROGRAM INITIATION
- Presentation and procedure manual
- Administration set-up and structure
- Assistance in proper registration of gift annuity program
OPERATIONAL SERVICES
- Implementation assistance of gift annuity agreement with the donor
- Tax deduction calculation for donors and their advisors
- Maintain individual donor sub-accounts, including: donor gift annuity agreement information, gift annuity investments, donor contributions, and gift annuity distributions to annuitants and charitable organizations
CLIENT COMMUNICATION
- Produce gift annuity charitable contribution receipt letters and process charitable remainder distributions
- Monitor and report gift annuity income and disbursement activity, including check distribution if desired
- Prepare quarterly consolidated gift annuity reports
- Assist in development of marketing pieces to encourage participation
WEBSITE ACCESS
- Current and archived documents can be selected for viewing at the entity level
TRUST FEDERAL, STATE & ATTORNEY GENERAL REPORTING SERVICES
- Prepare and file federal and state tax returns (1096 and 1099) for the charitable organization gift annuity annuitants
- Prepare gift annuity annual reserve and other required calculations for charitable organizations
- Prepare and file IRS 8282 when required
ROLES OF CTAC
CTAC is responsible for assistance in marketing, materials, implementation, tax reporting, compliance, monitoring and administration. These services have all been integrated with the nonprofit organization's selection of money manager for the separate gift annuity managed account.
ROLE OF ADVISOR
The nonprofit organization chooses the money manager. The selected money manager will invest the money with the organization's objectives and assumptions under the gift annuity table. This should help to enhance the ultimate amount of the remainder to the nonprofit organization.
ROLE OF THE NONPROFIT ORGANIZATION
The role of the nonprofit organization is to appoint an individual responsible for marketing the gift annuity program. CTAC will work closely with this person to ensure successful results. The nonprofit organization should also recruit volunteers to assist in the marketing. CTAC will provide training materials for the volunteers.
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