Charitable gift annuity,
Definition of Charitable gift annuity:
Arrangement under which a qualified charitable organization pays a fixed-sum annuity over the life of one or two persons in exchange for an irrevocable transfer of cash or property.
A charitable gift annuity is an arrangement between a donor and a non-profit organization in which the donor receives a regular payment for life based on the value of assets transferred to the organization. After the donor's death, the assets are retained by the organization.
The charitable gift annuity is a type of planned giving.
Meaning of Charitable gift annuity & Charitable gift annuity Definition