The donor transfers to LSSU a specific sum of cash, securities or other property. In consideration of this gift LSSU will pay to the donor, or the donor's spouse or to others designated by the donor a guaranteed fixed annual income for life. The annual income LSSU pays (rate of return) is based upon the rates established and accepted by the American Council on Gift Annuities.
The Charitable Gift Annuity (CGA) is a combination of a gift to LSSU Foundation and an annuity. A contract is created between the donor and the Foundation. The donor makes as gift to the Foundation. The Foundation agrees to pay the donor a set amount each year. The income is a fixed amount for the lifetime of the donor. Part of the income is tax free until life expectancy. When the donor passes away, the balance of the annuity goes to the University for charitable purposes. A CGA can also be created for two lives usually spouses.
The annuity is backed by the full faith and credit of the Foundation.
The end result is a mutually beneficial situation in which donor receives a income for life and the Foundation receives a major gift in the future.
The Lake Superior State University Foundation was founded in 1983 and makes its home at the Lukenda Alumni House, one of the original Fort Brady Row Houses at the eastern end of campus. The Foundation oversees a vast amount of scholarship activities, events and other philanthropic activities to help educate the public on various ways to give to Lake Superior State University.
Lake Superior State University Foundation
650 W. Easterday Ave
Sault Ste. Marie, MI 49783
