Gifts That Pay You Income
There’s a way for you to support Mayo Clinic and feel confident that you have dependable income in your retirement years. You can do this with a charitable gift annuity.
Establishing a charitable gift annuity with Mayo Clinic allows you to provide a gift to the area of your choosing while also receiving fixed payments for life. You can also qualify for a variety of tax benefits, including a federal income tax charitable deduction when you itemize.
After making a lifetime of payments to you, Mayo designates the remaining funds — 90 percent of the original gift, on average — to the area of your choice. That means if you give $10,000 today, Mayo Clinic will pay you every year for life and then designate almost $9,000 to the area you are most passionate about, such as cancer or Alzheimer’s disease research.
Mayo Clinic is prudent and wise with our investments, allowing us to achieve a 90 percent residual on charitable gift annuities and outperform the targeted national standard of 50 percent. We have a proven track record, a successful investment strategy and a tenured team who manages our endowment and gift annuity programs. Benefactors have confidence knowing that Mayo Clinic is maximizing their contributions and charitable impact.
You trust Mayo Clinic with your health. You can always trust Mayo Clinic with your philanthropy.
Benefits of establishing a charitable gift annuity:
- You receive fixed, steady income for life.
- Part of the income is tax-free.
- You may qualify for a federal income tax charitable deduction when you itemize.
- If funded with appreciated securities, no upfront capital gains tax is due.
- You can defer the payments until sometime in the future — such as when you reach retirement.
- You can be confident knowing Mayo Clinic will be a good steward of your gift.
Here’s an example of how a $100,000 charitable gift annuity can benefit you and Mayo Clinic.
|Assets used to fund annuity||$100,000|
|Age at time of gift||70|
|Annual payment received||$4,700|
|Estimated gift to Mayo||$90,000|
*Based on annual payments and a 1.2 percent charitable midterm federal rate.
** Past performance is not a guarantee of future results. Actual residual value will be dependent on future investment returns.
See How It Works
An Example From Mayo Clinic
Alzheimer's disease is an area close to Gordon Gunnerson's heart, as both of his late parents lived with the condition and he had previously operated an assisted living facility serving patients with the disease. When he sold the facility, he wanted to continue making a difference in the lives of those with dementia. So he turned to Mayo Clinic.
Gunnerson first encountered Mayo Clinic as a young man seeking help for his blind brother. He remembers teams of experts focusing on his brother, trying to help. Through the years, Gordon turned to Mayo time and again. Each time, he came away grateful for the kindness and care shown to him and his family.
Gordon decided to establish a $1 million charitable gift annuity to advance Mayo Clinic's Alzheimer's disease research. A charitable gift annuity pays back in cash a percentage of a philanthropic gift.
"I want Mayo Clinic to have money to do more experiments to solve more problems and help more people, especially people with Alzheimer's. The only thing I'm hoping for is a solution for Alzheimer's."
A CGA is way of giving that supports Mayo's patient-centered mission while at the same time offering Gordon a regular income for life. Gordon's belief in the kindness of strangers has never failed him. Now it's his turn to help strangers in need, through his generous gift to advance Alzheimer's research.
- Contact Mayo Clinic Office of Gift Planning at email@example.com or 1-800-297-1185 for additional information on charitable gift annuities or to chat more about the personal benefits of creating an annuity with Mayo Clinic.
- Seek the advice of your financial or legal advisor.
- If you include Mayo Clinic in your plans, please use our legal name and federal tax ID.
Legal Name: Mayo Clinic
Address: 200 First Street SW, Rochester, MN 55905
Federal Tax ID Number: 41-6011702
Calculate Your Benefits
Since the contract is funded with cash, the charitable deduction is normally subject to 60% of adjusted gross income (AGI). In 2020, under the CARES Act, this 60% limitation has been suspended, raising the limitation to 100%. Currently there are split opinions among experts, but the CARES Act may allow for 100% of AGI deductibility of a cash-funded CGA. Please consult with a tax advisor.
Not Sure How to Begin Planning?Download our FREE Personal Estate Planning Kit
Get Your Free KitLearn more about the many benefits of a charitable gift annuity in our FREE guide Strengthen Your Future With a Charitable Gift Annuity.
Make a Distribution to Mayo Clinic Through Your Donor Advised Fund
If you have a donor advised fund with another provider, please consider making a distribution to Mayo Clinic or listing us a final beneficiary. You may request an immediate distribution utilizing the tool below.
Contact the Mayo Legacy
Jess Nelson LeMay
TML Phone: 1-844-330-5855
TML E-Mail: TheMayoLegacy@mayo.edu
Information contained herein was accurate at the time of posting. The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Mayo Clinic policies may impact gift acceptance, gift structure, and options available. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.