Goal of the Fund — A Charitable Gift Annuity (also known as a “CGA”) involves the transfer of money or other property to the CCFMM in exchange for the Foundation’s irrevocable promise to pay a fixed amount each year for life to one or two persons. (The CCFMM follows rates set by the American Council on Charitable Gift Annuities.) Upon the death of the donor(s), the remainder of the gift (which is usually at least 50% of the original gift) will be used in the manner chosen by the donor. In many cases, the donor has created an endowment that is funded with the remainder of the CGA upon the death of one or both beneficiaries of the fund. The endowment is the donor’s opportunity to fund a ministry or parish, the diocese, or a Catholic school or agency that was important to them during their lifetime.
Existing Endowments — The CCFMM currently has four Charitable Gift Annuities; one based on the life of two donors and one based on one donor’s life.
How Disbursements are Used — No disbursements are being made.
TOTAL Charitable Gift Annuities (as of 06-30-16): $413,663