Charitable Gift Annuity Disclosure

July 2017

DESCRIPTION OF A GIFT ANNUITY

A charitable gift annuity is a simple contract between you (the donor) and the American Committee for the Weizmann Institute of Science (ACWIS).

In exchange for your (donor’s) contribution, ACWIS promises to make fixed payments during the donor’s lifetime to one or two annuitants (usually, but not necessarily, the donor). The amount paid is based on your (the annuitant’s) age(s), in accordance with ACWIS’s rate schedule.

NOT A COMMERCIAL INVESTMENT

The act of establishing a charitable gift annuity with ACWIS is not, and should not be viewed as, an investment. Rather, it is a way to arrange for annuity payments while making a charitable donation. In this respect, a charitable gift annuity issued by ACWIS is different from a commercial annuity. While both types of annuities make payments that are usually partially tax-free, the charitable donation aspect of establishing a gift annuity may result in additional tax benefits that are not available when purchasing a commercial annuity. These tax benefits include a current federal income-tax charitable deduction (if you itemize your deductions) and possible future estate-tax savings.

GIFT ANNUITY RATES

The charitable gift annuity rates paid by ACWIS are those suggested by the American Council on Gift Annuities, a national organization of charities that has been in existence since 1927. These rates have been calculated so as to provide attractive payments to you (the donor and/or other annuitant) and also to result in a significant portion of the contribution remaining for ACWIS. Because a charitable gift is involved, the rates are lower than those available through commercial annuities offered by insurance companies and other financial institutions.

ASSETS BACKING ANNUITY

The annuity payments are a general obligation of ACWIS, and they are backed by all of our assets (subject to security interests). As of June 30, 2017, the market value of our total invested funds exceeded $574,000,000, and they are managed by the Weizmann Global Endowment Management Trust—except as described here.

We also maintain gift annuity reserve funds valued at more than $17,000,000 in accordance with the laws of the states in which we offer gift annuities. Assets received by ACWIS for gift annuities are managed by State Street Bank & Trust Company in a conservative and disciplined manner.

GOVERNANCE

Responsibility for governing ACWIS, which was established in 1944, is vested in a Board of Directors composed of 38 persons—who are elected as well as ex-officio members. Common investment funds managed by our organization are exempt from registration requirements of the federal securities laws, pursuant to the exemption for collective investment funds and similar funds maintained by charitable organizations under the Philanthropy Protection Act of 1995 (P.L. 104-62). Information in this statement is provided to you in accordance with the requirements of that Act.

POINTS TO REMEMBER

  • A contribution for a charitable gift annuity is irrevocable.
  • The right to charitable gift annuity payments may not be assigned to any person or organization, other than ACWIS.
  • The gift date is the date when you actually transfer assets. In the case of cash, it is the date you mail or deliver a check. In the case of an electronic transfer of securities, it is the date they are received into the account of ACWIS. If you have certificates, it is the date they are properly endorsed and mailed or delivered.
  • The charitable gift annuity is governed by the laws of the state in which you reside at the time the gift annuity agreement is signed.

FOR MORE INFORMATION

This disclosure statement is intended to provide basic information regarding the gift annuities issued by ACWIS. If you have additional questions concerning ACWIS’s Charitable Gift Annuity program, please call or e-mail at 800.242.2947 or cpp@acwis.org.

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