Life-income gifts include a variety of arrangements that pay the donor (or other designated individual) regular income while helping Curtis build a stronger endowment to support the education and training of exceptionally gifted musicians. These gifts ensure the continuation of full tuition scholarships for all Curtis students.
Benefits to donors
- Annual income in the form of regular fixed or variable payments.
- Avoidance or deferral of capital gains taxes when appreciated securities are donated.
- Reduced income taxes resulting from charitable deductions in the year(s) the gift(s) are made. The amount of the deduction depends on the age of the person receiving income and other factors, such as current interest rates.
- Reduced estate-settlement costs because a smaller "gross estate" lowers estate and inheritance taxes and estate administration expenses.
- Immediate recognition by Curtis as a member of the Founder's Society.
Types of life-income gifts
A charitable gift annuity is a contract between the donor and Curtis that obligates Curtis to pay a fixed amount (“the annuity”) at the end of each calendar quarter to one or more annuitants during their lifetimes. Payments from the annuity contract are for life and can begin immediately or can be deferred for a period determined by the donor and set forth in the annuity contract. At Curtis, charitable gift annuities may not be available to residents of some states. The minimum gift required by Curtis is $10,000 in cash or marketable securities, and the annuitant(s) must be sixty-five or older. Curtis can deposit annuity payments directly to you bank account, or make payments by check. Please contact the Curtis development office for current gift annuity rates, and a detailed explanation of our charitable gift annuity program.
Charitable-remainder trusts pay income to the donor (or a designate) for life, then distribute the remaining principal (the “charitable remainder”) to Curtis. The trust must pay the non-charitable beneficiary (usually the donor) either a fixed percentage of the value of the trust determined once-a-year (a unitrust) or a fixed amount based on the initial gift (an annuity trust). Charitable remainder trusts are the most flexible of all charitable life-income plans. For donors over the age of 55 who fund their trust with a minimum gift of $100,000, Curtis will serve as Trustee at no cost to the donor.
The Curtis Pooled Income Fund is a trust created by Curtis that pools and invests contributions and pays participants their share of income from the fund. A pooled income fund resembles a mutual fund in some ways, but following the death of the income beneficiary, his or her share of the fund is transferred to Curtis’s endowment. The Pooled Income Fund provides many of the benefits of a charitable remainder trust without the start-up expenses. The minimum initial gift to the Pooled Income Fund is $5,000, and minimum age of the income beneficiary is fifty-five. Donors may make additional gifts of $1,000 or more to the fund at any time. Please request "Information About the Curtis Pooled Income Fund" and a copy of the Fund's most current annual report.
This information is not intended to be legal advice. Curtis encourages donors to consult their attorney and financial advisors about the application of charitable annuities, bequests, and trusts to their particular situations.
Charles Sterne III, director of principal gifts and planned giving, (215) 717-3126.