A gift annuity is a simple legal agreement in which you irrevocably transfer cash, real estate, or marketable securities to The Baptist Foundation of Oklahoma on behalf of Oklahoma Baptist Homes for Children, Inc. The annuity is simple to establish and can be set up to provide income for one or two lives. An annuity can provide income for a specific period of time, up to twenty (20) years. A charitable deduction is allowed for the amount by which the cost of the annuity exceeds its present value. A portion of the income payments may be tax free as a return of principal.
A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with that department.