A parishioner aged 80, gives $50,000 (minimum $10,000) in appreciated stock or cash to Trinity-by-the-Cove’s Endowment Fund via the Episcopal Church Foundation and enters into a contract for the Foundation to pay a fixed annual amount for life. The giver receives tax advantaged income based on his/her age of 7.1% or $3550 per year paid quarterly (based on rate as of Feb. 2009) and receives a tax deduction now.  At the time of death, the residual amount goes to the Endowment Fund.