Ways to Give

Charitable gift annuities: Frequently-asked questions

One of the more popular options for contributing to Conception Abbey and Conception Seminary College is the Conception Charitable Gift Annuity. Here are a few of the most frequently asked questions about the program:

What is a charitable gift annuity?
A charitable gift annuity allows you to transfer your assets (cash, securities, etc.) to Conception Abbey while enjoying guaranteed periodic payments for life.

The payment amount is determined by the age of the annuitant when the annuity is initially funded. Once determined, the payment amount remains fixed for the annuitant's lifetime.

What is the minimum amount needed to fund a Conception Charitable Gift Annuity?
The minimum required is $5,000.

Can a charitable gift annuity have more than one annuitant?
Yes, it is possible to have two annuitants. In fact, joint annuities are quite common for people who want to ensure that one another will enjoy payments for life.

Why a Conception Charitable Gift Annuity?
Your contribution will help the monks of Conception Abbey and their apostolates. Some of the areas your contribution will go to include:

     Education of seminarians preparing for the priesthood;

     The Abbey Center for Prayer and Ministry (retreats, 
     pilgrimages, workshops)

     Maintenance of monastery and seminary buildings and           grounds.

How does the program work?
Suppose Grace, a 75-year-old woman wants to make a gift of $10,000 to Conception Abbey in exchange for payments of 7.1 percent for as long as she lives. (Note: payment rates are determined by the age of the annuitant.)

Federal tax laws allow Grace to deduct part of her annuity as a charitable gift in the year the gift is made. Based on her payment schedule, Grace will receive $710 each year for as long as she lives. When filing her income tax annually, she need only report part of her payments; the remaining part will not have to be reported as income. (Note: the length of time that payments are partially tax-free varies depending on your age when the charitable gift annuity is created.)

Upon Grace's death, Conception Abbey's obligation to make payments ends, and the remainder of the original gift amount continues to support the Abbey's work.

How do you make a Conception Charitable Gift Annuity?
We would like the opportunity to send a charitable gift annuity 
proposal which would outline how you can support the Abbey's work while providing income for yourself.

To receive your personalized proposal, please contact Fr. Allan Stetz, O.S.B., Conception Abbey, PO Box 501, 37174 State Highway VV, Conception, MO 64433-0501. You can reach Fr. Allan by telephone at (660) 944-2825, (660) 944-2821, or by e-mail at: allan@conception.edu.

For more information on contributing to Conception Abbey, please visit the Guide to Giving link on our Web site.