New Charitable Gift Annuity Program

Mystic Seaport Museum ins pleased to announce it is offering its members and philanthropic partners the opportunity to establish a Charitable Gift Annuity with the Museum.

A mariners compassMystic Seaport Museum is pleased to announce it is offering its members and philanthropic partners the opportunity to establish a Charitable Gift Annuity with the Museum. In September of this year, the Museum retained Glenmede Trust Company, N.A., to provide endowment management and philanthropic advisory services, including administrative support of our Charitable Gift Annuity Program.

Charitable Gift Annuities are well suited to those looking to enhance or secure current income, move appreciated assets out of their estate, receive preferential tax treatment, and safeguard the operation of Mystic Seaport Museum for future generations.

A Charitable Gift Annuity is based on a contract between the donor and the Museum. In exchange for an irrevocable transfer by the donor of cash, securities or other tangible property to the charity, a promise will be made by the Museum to the donor to pay a fixed payment (annuity) on a pre-arranged schedule throughout the donor’s and/or other annuitant’s lifetimes.

Charitable Gift Annuities can play an important role in financial and estate planning. This type of life income gift provides for a steady stream of income to the annuitant, based on the age of the annuitant(s) and at a rate of return established by the American Council of Gift Annuities. The annuitant may be eligible to claim a tax deductible charitable contribution equal to the difference between the value of the property transferred and the value of the annuity received. Annuity payments may have both a taxable and non-taxable component.

The Glenmede Trust Company, N.A., was created as an independent trust company more than 60 years ago. Today, with $40 billion of assets under management, Glenmede provides investment and advisory services to endowments, foundations and institutional clients as well as high-net-worth individuals and families. Each of Glenmede’s nonprofit clients—private schools, colleges, museums, religious institutions, long-term care facilities, and social service agencies—benefits from a robust and agile investment platform and a deep understanding of the unique needs of these organizations.

To request your personal Charitable Gift Annuity illustration, contact Chris Freeman, director of Development & Legacy Giving at chris.freeman@mysticseaport.org/ or 860.912.3121.

Mystic Seaport Museum is not providing financial or legal advice. A gift annuity is not an investment and is different from a commercial annuity. The payments made to the annuitants are not dependent on income earned by an invested asset. The annuity payments are a general obligation of Mystic Seaport Museum and are backed by the general assets of the charity, including operating revenues and physical plant, subject to security interests. As with any such decisions regarding your personal philanthropy, estate, and tax planning, please consult with your family and your own financial and legal advisors before making your final decisions. A copy of the Gift Annuity Disclosure Statement is available upon request. Some restrictions may apply depending on state of residency.