Receiving lifetime income payments while supporting Bible translation

Did you know there is a way to make a significant gift to Bible translation while receiving lifetime income payments? A charitable gift annuity does just that. It was the perfect solution for Wycliffe donor Mary Stringfellow.

Mary, who is 86 years old, wanted to support the ministry of Wycliffe Bible Translators in a significant way, but she felt she couldn't give a large principal gift without adversely affecting her income. She was concerned about outliving her income, so she avoided taking risks to increase her returns and income. As a result, she had a good portion of her assets in highly-liquid, but low-yielding investments like savings accounts, certificate of deposits (CDs) and money market funds.

Mary had a $50,000 certificate of deposit. Her bank was offering her a 1 percent rate on the renewal, which would yield $500 in annual income. But Mary needed an additional $3,000 to comfortably make ends meet and still have a little extra for things like her grandkids' birthday gifts. So she thought about spending down the principal of her investment.

Mary spoke to a Wycliffe Foundation Gift Planner and he proposed that she make a gift of $40,000 into a charitable gift annuity with Wycliffe. This would pay Mary an 8* percent rate, or $3,200 per year. Mary consulted her CPA and attorney, both of whom agreed this was an excellent plan and would help meet both Mary's income and financial security needs, while fulfilling her desire to support the work of Bible translation.

Not only does Mary now receive an additional $3,200 in annual income, but $2,800 of it is tax-free. And Mary can now claim an income tax deduction of $23,000. She takes great comfort in knowing that she can never outlive this income, and great joy in furthering the mission and ministry of Wycliffe through her gifts.

If you would like to learn more about advancing Bible translation through a charitable gift annuity or another gift-planning option, please contact the Wycliffe Foundation at 877-493-3600 or email [email protected]

Under federal rules your benefits may be different from this example. Please contact us for your specific benefits. The names and images shown here have been changed to respect donor privacy.