Couple Funds Charitable Gift Annuity to Foundation

Dr. & Mrs. Adrian Cairns

"In service to the healthcare community, I've learned that the public is often unclear about hospitals' unique financial needs," Adrian B. Cairns, Jr. MD, chairman of the Board of Trustees of the St. Tammany Hospital Foundation, said.

Adrian and Cher Cairns, longtime hospital supporters, recently funded a charitable gift annuity to benefit St. Tammany Hospital Foundation endowment. The concept of a charitable gift annuity is simple. It is a contractual agreement between a donor and a charitable organization in which the donor transfers assets in exchange for the organization's promise to pay an annuity. The donor receives an income from the donated assets, in most cases, for life. "What's remarkable about this type of gift is that it continues to give even after death. When making this gift, my wife and I decided that at the end of our lives the foundation will receive the remaining portion of our annuity for its endowment. This is an opportunity to participate in the future of the foundation, St. Tammany Parish Hospital and to provide something for the community's future," Dr. Cairns said.

"We learned in Hurricane Katrina that we must prepare for the worst. We must take care of ourselves," Mrs. Cairns added. "We give to the foundation to secure our own hospital in our own area so that we are not beholden to outside resources that may not understand our needs."

Rates are regulated by the American Council on Gift Annuities and are often higher than certificates of deposit rates. The rate is based on the donor's age when the gift is made. There are considerable tax advantages including nearly 50% of the gift is tax deductible and just over 60% of the annuity payment is tax free.

For information on charitable gift annuities or to discuss how a gift annuity can work for you, contact Nicole Suhre, CFRE, executive director, at 985-898-4171 or or nsuhre@stph.org.