Charitable Gift Annuities

This agreement between you and The Met provides you with an annuity, an annual fixed payment for life, in exchange for irrevocably transferring assets to the Museum.

Gifts can be made with cash or marketable securities.
The fixed payment amount you receive will be determined by how much you contribute and your age at the time the gift is made.
Payments for life may be paid to one or two annuitants. The minimum age at which an annuitant can receive payments is 65.
A portion of the payment is tax-free.
A charitable deduction is available for a portion of your contribution on your income tax return in the year you make the gift.
It is possible to defer receiving payments for one or more years. This will result in higher annuity payments, higher tax deduction (available in the year you make the gift), allowing you to enjoy increased retirement income.
Use our Planned Giving Calculator. The calculator is designed to provide you with an illustration of the income and tax benefits to which you may be entitled if you establish a charitable gift annuity to benefit The Met. When using the calculator, please list charitable gift annuity when asked for "gift type."

Example 1

Mrs. Butler, who is 75 years old, establishes a $25,000 gift annuity for the eventual benefit of The Metropolitan Museum of Art. At her age, she will receive payments fixed for life at 6.6% ($1,650 per year) paid in quarterly installments of $412.50, some portion of which will be tax free, and can claim an immediate charitable deduction of about $12,089 on her federal income tax.

Example 2

Ms. Wise, who is 55 years old, establishes a $25,000 gift annuity that defers payments for ten years. She can claim an immediate charitable deduction of about $13,496 on her federal income tax. When she turns 65, she will begin to receive payments fixed for life at 8.6% ($$2,150 per year), some portion of which will be tax-free.

Ms. Wise can add significantly to her retirement income by establishing a new deferred-payment gift annuity each year for a number of years, creating a growing stream of income for her. She will be able to claim a charitable deduction on her income tax each year a new annuity is established.

Charitable Rollover Gift Annuity

As of January 1, 2023, donors who are 70 ½ or older can now make a Qualified Charitable Distribution (QCD) in exchange for a charitable gift annuity. Please be aware of the rules and limitations:

The transfer is a once per lifetime opportunity, up to $50,000 within a single year.
If both Spouses have an IRA, each can contribute up to $50,000 to establish one single joint-life charitable gift annuity for $100,000.
The entire payment you receive from your charitable gift annuity will be subject to income tax.
There is no income tax deduction for this contribution, although there is no tax on the QCD either.

Example

Consider Mr. Burke, a 72-year-old who is passionate about The Met and must withdraw his required minimum distribution (RMD) for the first time from his IRA. He decides that he would like to make a special contribution to support The Museum, a significant place that he visits every Tuesday. Mr. Burke loves The Met’s collection of paintings by American Impressionists and chooses to make a $50,000 QCD for the eventual benefit of the American Wing in exchange for a charitable gift annuity which will pay him $3,100 (6.2%) per year for the rest of his lifetime. Mr. Burke takes advantage of this one-time opportunity to secure a future stream of payments while satisfying his RMD and making a generous contribution to The Met.

The examples provided here are based on calculations as of January 2023 and are for illustration purposes only. The donors are composites and do not represent actual contributors to the Museum. Specific updated examples can be provided on request at no obligation.

Contact Us

For more information on how these gifts might work for you, please call Planned Giving at (212) 570 3796 or email us.

Planned Giving
Development Office
The Metropolitan Museum of Art
1000 Fifth Avenue
New York, NY 10028-0198