In a typical charitable gift annuity (CGA) transaction, an individual (the donor) transfers cash or appreciated marketable securities to a charity, and the charity agrees in return to pay the donor a life annuity. The annuity is called a gift annuity because the initial present value of the annuity (PVA) is less than the fair market value (FMV) of the asset transferred, and thus the transaction has a gift element.1
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