October 23, 2008

(Newport, RI) The Preservation Society of Newport County is now offering charitable gift annuity agreements, becoming the newest charitable organization in Rhode Island to offer this option for philanthropic giving, which makes payments-for-a-lifetime back to the donor.

“Charitable support is increasingly important to the Preservation Society and we are thrilled to offer this popular option for people who believe deeply in the importance of maintaining the historic Newport Mansions, with their irreplaceable collections and breathtaking landscapes” said Trudy Coxe, CEO and Executive Director.

A charitable gift annuity agreement is a simple contract between a donor and the Preservation Society.  In exchange for an endowment gift, the Society will provide for lifetime payment of a fixed annuity for one or two people.  The annuity amount is based on the age of the donor or donors when the gift is made and never varies.  The annuity is paid on a consistent date, usually twice a year, and a portion of the annuity is free of income tax for a period of years.  A charitable deduction for the gift portion of the agreement is allowed in the tax year the gift is made.

“A gift annuity allows a person to ‘do well by doing good.’  A person or a couple can make a wonderful major gift to the Society at an amount they may have thought was impossible without the annuity,” added Coxe. 

Jim Roehm, the Preservation Society's Legacy Giving Officer, said the idea of receiving a fixed payment on a regular date can be attractive. “A gift annuity agreement can be funded with long-term appreciated securities that would replace a variable income stream with a fixed one. It is a charitable gift that easily allows for a wider diversification of the sources of one’s retirement income,” explained Roehm.

There are no fees to set up a gift annuity and the Preservation Society strongly encourages individuals to always review their major giving decisions with their tax or legal advisors.  The Preservation Society gift annuities program follows the uniform annuity rates recommended by the American Council on Gift Annuities, since 1927 the nationwide organization that establishes common operating standards. 

The Preservation Society of Newport County welcomes confidential inquiries.  For more information about charitable gift annuity agreements, please contact Jim Roehm in the Development office, (401) 847-1000 extension 142 or by e-mail jroehm@newportmansions.org.

Learn more about charitable gift annuities.