Sample Charitable Gift Annuity
Annuity
No. XX-X
The John F. Kennedy Center for the Performing Arts
Charitable Gift Annuity Agreement For XXXXXX
This One Life Agreement is made on DATE between XXXXXX (hereafter the "Donor") and a qualified exempt charitable organization, known
as The John F. Kennedy Center for the Performing Arts, 2700 F Street,
NW, Washington, DC 20566 (hereafter "The Kennedy Center").
1. Property Transfer. The Donor, as an evidence of his/her desire to support the work of The Kennedy Center and National Symphony Orchestra and to make a charitable gift, has this day contributed to The Kennedy Center the property described in Schedule A attached hereto, the fair market value of which is $X. This gift will be used to benefit The Kennedy Center's general endowment.
2. Payment of Annuity. In consideration of the property transferred by the Donor, The Kennedy Center shall pay to the Annuitant XXXXXX for his/her life an annual annuity of $X in equal quarterly payments of $1/4X at the end of each period. The first pro rata payment of $X shall be paid on DATE and all future payments shall be one quarter thereafter. The obligation of The Kennedy Center to make annuity payments shall terminate either without payment if the Annuitant dies before the first payment or with the payment prior to the death of the Annuitant.
3. Birth Date, Age, Social Security Number and Address. The birth date, age to the nearest year, social security number and address of XXXXXX are DATE , AGE, SSN and ADDRESS. If any birth date or age shall be at any time found incorrect, then any underpayment or overpayment due to misstatement or other error, with interest as may be specified in Treasury Regulations, shall be corrected by prompt distribution to the Annuitant or by charge against current or future payments, as may be applicable.
4. Annuity Provisions. This annuity is irrevocable and nonassignable, except that it may be assigned to The Kennedy Center. This Agreement and attached Schedule constitute the entire agreement of the parties.
5. State Law Provisions. This Agreement shall be governed by the laws of the District of Columbia.
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XXXXXX and The Kennedy Center agree that this annuity may, at The Kennedy
Center's sole option and choosing, be insured with a commercial insurance
company licensed to do business in the District of Columbia. Upon the
issuance of a Certificate of Insurance, the principal balance of the assets
comprising this Agreement, after deducting the single premium cost of
said insurance, will be distributed free of all trust to The Kennedy Center
and used to benefit The Kennedy Center's general endowment.
This annuity agreement shall be interpreted in a manner that is in compliance with applicable existing state law. The annuity payments to be made under this gift annuity agreement are backed solely by the full faith and credit of The Kennedy Center and are not insured or otherwise guaranteed by any government entity.
In addition, to the extent an amendment does not conflict with federal law, the agreement may be amended by mutual agreement of the parties solely for the purpose of compliance with state law.
IN WITNESS WHEREOF The Kennedy Center and the Donor have executed this Agreement on the date first stated above.
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Donor: __________________________________
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The Kennedy Center: By:_________________________________
Attest By:____________________________
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On this __ day of _______, 200X, before me personally came______________
. He/She is known to me to be the individual who executed the foregoing
instrument.
_________________________
Notary Public
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SCHEDULE "A"
CHARITABLE GIFT ANNUITY AGREEMENT
DATE
BETWEEN
XXXXXX
AND
THE JOHN F. KENNEDY CENTER FOR THE PERFORMING ARTS
ASSET
The John F. Kennedy Center for the Performing Arts