Frank Rasmus is a man of extraordinary energy and generosity. He speaks with great passion about the 147 charitable gift annuities (CGA) he’s established with organizations in the Philadelphia area and around the country, and about one of his highest philanthropic priorities – medical research.
A CGA is an arrangement in which an individual makes a gift to a charitable organization. In return, the donor receives an immediate tax deduction and then collects regular income payments for his or her lifetime. After the donor’s lifetime, the balance of the gift is retained by the charity.
Of the causes closest to his heart, Rasmus says, “Most of the CGAs I establish now are related to medical research.” Rasmus has CGAs set up that benefit pediatric cancer, cardiovascular disease in memory of his grandmother, and Alzheimer’s research in memory of his mother and uncle. Rasmus also supports Alzheimer’s research at Drexel University College of Medicine with rollover gifts from his Individual Retirement Account (IRA).
For Rasmus, CGAs are the perfect combination of future income planning and immediate impact. It’s why he’s established so many. He says, “I get to support what's important to me while I’m still alive and get money back in retirement. CGAs give me financial freedom with guaranteed lifetime income, money directly deposited into my checking account every month. And setting them up is really simple.”
He continues, “I could have set up an annuity with a commercial insurer – you see ads for them all the time – but with a CGA, you get to support a charity you love instead of a corporate bottom line.”
Witnessing the impact of his giving is important to Rasmus. He says, “You get to see your gift at work making a difference in people's lives. The whole idea of supporting this cutting-edge medical research is to improve medical care and quality of life, here in the Delaware Valley and around the world. We have to do what we can so that people don’t suffer as much in the future. It’s really gratifying to see my CGAs at work. It’s motivation to give.”
Rasmus is a true champion of CGAs, and to others, he says, “Don't wait until you're dead. Watch your gift in action now.”