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Imogene Hanawalt and Ora Lea Bowers are sisters. Their mother, Blanche Porter, was a resident at Hillcrest for nine years, and lived at Woods Health Services for three. She died at 103, leaving her daughters, among other things, a CD from which she had been earning a regular income.
Imogene and Ora Lea felt that using this gift from their mother to not just benefit themselves, but also other less fortunate Hillcrest residents, would be a fitting tribute to her. So they cashed out the CD, divided it in half and bought two Charitable Gift Annuities.
Gift Annuities provide guaranteed income for the rest of the donor's life, not just for a term of months or years... like a CD. Imogene will earn 7.7.1% on the original principal amount, and Ora Lea will earn 7.1%. That's not all. Some of the income from a Charitable Gift Annuity is tax free. To get the same after-tax income from a CD as they are getting from the Gift Annuity, they would have to earn 10.5% and 11.4%, respectively.
On top of it all, they get to be major donors toward helping Hillcrest residents who outlive their financial resources. When they are gone what is left in the annuities will go into one of Hillcrest's benevolent funds or endowments.
If you have a CD coming due and would like to see how a Charitable Gift Annuity could help you and Hillcrest, Reggie Ingram (909/392-4320) would be glad to answer any of your questions.
