Frequently Asked Questions
What is a charitable gift annuity?
A charitable gift annuity (CGA) is a formal contract between Bideawee and the donor. When a donor initiates a CGA, he/she makes an irrevocable gift to Bideawee and in turn is guaranteed to receive a payment stream for the remainder of one or two lives. A CGA can also be set up to make payments for a fixed period of years.
Who can be an annuitant?
You can establish an annuity for yourself, yourself and a partner, or for one or two other people. You may only assign your right to receive payments to Bideawee.
How is the payment rate determined?
Rates are determined by the age of the annuitant(s). Bideawee follows the annuity rates suggested by the American Council on Gift Annuities, a national tax-exempt association of charitable organizations.
How are my payments guaranteed?
State insurance laws require that we maintain a reserve fund to ensure future payments. In addition, the promise to pay the annuity is a general obligation of Bideawee, backed by all of its assets.
What type of paperwork do I need to complete?
You only need to complete a one page Annuity Information Form for Bideawee. Once the gift and form is received by Bideawee, we will prepare a CGA agreement for your signature.