The concept of a gift annuity is simple. A person wishing to support our work makes a gift of cash or marketable property to Minnesota State Mankato Foundation. We reinvest the assets and agree to make fixed annual payments to the donor for life (and, if desired, for another beneficiary's lifetime). Upon the death of the last beneficiary, the funds are available for our use.
The transaction is partly a charitable gift and partly the purchase of the income interest. The annuity rate you receive is related to the ages of the recipients. The contract specifies the frequency of payments (typically quarterly or semiannual installments) and the date of the first payment.
