Arrange a gift while providing new income

Giving through a charitable gift annuity allows you to arrange a generous gift to Galesburg Community Foundation while providing yourself a new income source you can count on for the rest of your life.

How it works

  • You make a gift to Galesburg Community Foundation—you can give cash, appreciated stocks, real estate, or other assets.
  • We set up a contract with you that combines immediate annuity payments with a deferred charitable gift.
  • You receive a stream of income that is fixed, regardless of market conditions.
  • You may also receive an immediate tax deduction for the charitable portion of your gift.
  • Upon your death, we set up a fund in your name, in the name of your family or business, or in honor of any person or organization you choose.
  • We handle all the administrative details—issuing annuity payments to you during your lifetime and, afterward, issuing annual grant awards to charities in the name of the fund.
  • Your gift will be placed into an endowment that is invested over time. Earnings from your fund are used to make grants addressing community needs. Your gift—and all future earnings from your gift—is a permanent source of community capital, helping to do good work forever.

More benefits

Income from your charitable gift annuity may add up to more than the interest and dividends you earned from holding the assets. You can use this income to supplement your own lifestyle or that of someone else: a sibling, a dependent parent, a friend, or a former employee.

You or a loved one can start receiving annuity payments immediately or defer them to increase your charitable income tax deduction. A portion of the income may be a tax-free return of principal, while some is taxed as ordinary income or capital gains. The amount of annuity paid and the tax deduction received depends on the age of the recipient and the current annuity rate (as established by the American Council on Gift Annuities).

Sarah Grant

Let's connect

To learn more about how you can have a positive impact on the community while providing yourself a new income source you can count on for the rest of your life, call Sarah Grant, Director of Development, at 309.344.8898.

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Haley Sloss

Charitable Giving Coordinator

Short Bio

Haley provides support to enhance the function and success of the Charitable Giving and Affiliate Teams. She ensures donors receive a personal approach to philanthropy through outstanding customer service by supporting charitable giving for donors and fund holders across the state.