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Donor Addresses Climate Change by Giving MOFGA a Charitable Gift

June 2017

By Chris Hamilton, MOFGA Associate Director

"With the current political climate in Washington, I wanted to do my little part to address climate change," an anonymous donor recently told me. "I am so happy to donate Exxon Mobil stocks to MOFGA and to know that you will put it to work in fossil-free investments."

A long-time MOFGA member recently asked if she could establish a Charitable Gift Annuity (CGA) with MOFGA. I enthusiastically told her she would be establishing MOFGA's first such fund and we were grateful for her leadership. Within a few weeks the fund was set up and she transferred her gift.

A charitable gift annuity is when a donor provides a gift (cash, securities or property) to a nonprofit. In exchange the nonprofit agrees to make a specific annual payment to the donor and/or the donor's beneficiary for the donor and/or the beneficiary's life. Annuity payments can be made to the donor and one other person. The donor may receive a charitable deduction and other tax benefits.

"The CGA works beautifully," said the donor. "It provides me income for the rest of my life. It allows me to make a significant gift to MOFGA. And I get to address climate change. It is so clean, so simple and so worry free. I only hope others will consider following my lead."

In this case, the 76-year old woman donated $100,000 of appreciated stocks as a CGA gift.  MOFGA agreed to pay her $6,000 a year (6 percent) for the rest of her life. The Partridge Challenge in Honor of Polly Guth will match her gift – making it twice as meaningful.  

MOFGA's CGA program is managed by Bar Harbor Trust Services. The annual rate of payment follows the recommendations of The American Council on Gift Annuities (ACGA) based on actuarial tables considering the donor/beneficiary's age and number of income recipients. Payments are provided quarterly.

If you would like more information about establishing a CGA with MOFGA, please contact Chris Hamilton at 207-568-4142 or at [email protected].

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