<< Return to Foundation Focus Page The Bakkes & Dulyeas use Charitable Gift Annuities: An Opportunity To "Give Back" Wayne and Joyce Dulyea For those who would like to "give back" to their community creating a Charitable Gift Annuity (CGA) is a wonderful option, according to Muskegon area residents Wayne and Joyce Dulyea and Jerry and Linda Bakke. Both couples have recently finalized CGA agreements with the Community Foundation for Muskegon County and find the arrangement fulfilling since it benefits both their community and themselves. A CGA is a contract between the donor and the Community Foundation in which the donor transfers assets, cash or appreciated stock to the Foundation in exchange for a commitment by the Foundation to secure a fixed guaranteed payment for themselves for the remainder of their lifetime. Whitehall resident Wayne Dulyea, retired co-owner of Viking Tool and Engineering, and his wife Joyce say the arrangement is perfectly suited for their lifestyle and their desire to benefit their community through philanthropy. "We decided to give something back to the community," says Wayne Dulyea. "We have gifted some money and received an annuity, and feel that this is good and effective way to address our charitable interests." The Bakkes, of Muskegon, agree that for retired people in particular, a CGA may be the perfect form of philanthropy. Leon (Jerry) Bakke, retired from State Farm Insurance, and his wife Linda, a former teacher, appreciate that a CGA combines the components of both a charitable gift and a financial investment; one benefit of a CGA is that the gift annuity transfer entitles donors to a charitable income tax deduction. "Being retired, we liked the idea of tax incentives," says Jerry Bakke. "It's a great way to lessen the tax impact while at the same time doing something good for the community. "We like the work the Community Foundation does so we really liked this idea. It's a wonderful idea for older or retired people. << Return to Foundation Focus Page