Charitable Gift Annuity Sample Documents

For more information contact

Carol Hawk
Director of Development
Stark Community Foundation
400 Market Avenue North, Suite 200
Canton, Ohio 44702
Phone: 330-454-3426
Fax: 330-454-5855
chawk@starkcf.org

Stark Community Foundation
GIFT ANNUITY
One Life - Donor is the Annuitant
Immediate Payments

This Agreement is made between Jane Jakes of 111 First Street, Canton, OH 44711 (hereinafter "the Donor"), and Stark Community Foundation, of 400 Market Avenue North, Suite 200, Canton, OH 44702 (hereinafter "SCF").

1. Transfer of Property by Donor
SCF certifies that the Donor, as an evidence of her desire to support the work of SCF and to make a charitable gift, on August 15, 2008 contributed to SCF the property described in Schedule A attached hereto, the fair market value of which is $50,000.00.

2. Payment of Annuity
In consideration of the property transferred by the Donor, SCF shall pay an annual annuity of $3,100.00 from the date of this Agreement and shall pay such amount to the Donor so long as she is living.

3. Payment Dates; First Installment
The annuity shall be paid in quarterly installments of $775.00. The first installment shall be payable on September 30, 2008 in the amount of $395.92, prorated on the basis of the number of days in the initial payment period. Subsequent installments beginning on December 31, 2008 and continuing every quarter thereafter shall be in the full amount of $775.00.

4. Birth Date of Donor
The Donor's date of birth is November 11, 1937.

5. Irrevocability; Non-assignability; Termination
This annuity is irrevocable and non-assignable, except that it may be assigned to SCF. SCF's obligation under this Agreement shall terminate with the regular payment preceding the Donor's death.

6. Uses and Purposes of Gift
Upon SCF's satisfaction of its obligation under this Agreement, an amount equal to the residuum of the gift shall be used by SCF for for general purposes of Stark Community Foundation.

7. Entire Agreement; Governing Law
This Agreement, together with Schedule A attached hereto, constitutes the entire agreement of the parties. This Agreement shall be governed by the laws of the State of Ohio.

This Agreement is effective as of August 15, 2008.

DONOR: Stark Community Foundation:

_______________________________ By: ______________________________

Jane Jakes Carol Hawk, Dir of Dev

Gift Annuity Disclosure Statement

Description of a Gift Annuity
A gift annuity is a simple contract between the donor(s) and Stark Community Foundation (hereinafter "SCF"). In exchange for the donor's(s') contribution, SCF promises to make fixed, guaranteed payments for life to one or two annuitants (usually, but not necessarily, the donor(s)). The amount paid is based on the age(s) of the annuitant(s), in accordance with SCF's rate schedule.

Not a Commercial Investment
The act of establishing a gift annuity with SCF is not, and should not be viewed as, an investment. Rather, it is a way to arrange for annuity payments while making a charitable donation. In this respect, a gift annuity issued by SCF is different from a commercial annuity. However, the fact that you are making a charitable gift may result in tax benefits, including a current federal income tax charitable deduction (if you itemize your deductions), annuity payments which are partially tax-free, and future estate tax savings.

Gift Annuity Rates
Generally, the gift annuity rates paid by SCF are those suggested by the American Council on Gift Annuities, which is a national organization of charities that has been in existence since 1927. These rates have been calculated so as to provide attractive payments to the donor and/or other annuitant(s) and also to result in a significant portion of the contribution remaining for the charity. Because a charitable gift is involved, the rates are lower than those available through commercial annuities offered by insurance companies and other financial institutions.

Assets Backing Annuity
The annuity payments are a general obligation of SCF, and they are backed by all of our assets (subject to security interests). On December 31, 2007 our total invested funds exceeded $157,069,538, and they are invested in stocks, bonds, federal obligations, mutual funds, and alternative investments. Assets received by SCF for gift annuities are managed by Fifth Third Bank, in a conservative and disciplined manner. If SCF should ever fail financially, individuals entitled to receive annuities will qualify as general creditors of SCF.

Responsibility for governing SCF, which was established in 1963, is vested in a Board of Directors composed of nine (9) persons, who are elected by membership and by community appointing authorities. Common investment funds managed by our organization are exempt from registration requirements of the federal securities laws, pursuant to the exemption for collective investment funds and similar funds maintained by charitable organizations under the Philanthropy Protection Act of 1995 (P.L. 104-62). Information in this letter is provided to you in accordance with the requirements of that Act.

Points to Remember
-A contribution for a gift annuity is irrevocable. The principal you contribute cannot be returned to you.

-The right to annuity payments may not be assigned to any person or organization, other than SCF.

-The gift date is the date when you actually transfer assets. In the case of cash, it is the date you mail or deliver a check. In the case of an electronic transfer of securities, it is the date they are received into the account of SCF. If you have certificates, it is the date they are properly endorsed and mailed or delivered.

-The gift annuity is governed by applicable state laws.

For More Information
This disclosure statement is intended to provide basic information regarding the gift annuities issued by SCF. If you have additional questions concerning SCF's gift annuity program, please contact Carol Hawk, Director of Development, 400 Market Avenue North, Suite 200, Canton, OH 44702, 330-454-3426.

What makes Stark Community Foundation unique?