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Planned Giving - Ways to Give |
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Outright Gift One of the easiest ways to donate is by giving an outright gift. In addition to accepting checks or cash, secure donations by credit card via the telephone are also accepted. Assets that have appreciated in value and have been held for more than a year, such as stocks or real estate, are an excellent source of outright giving. You can deduct the fair market value of the asset donated to the organization and pay no capital gains tax on the increased value. An outright donation is not only personally fulfilling, but offers potential tax benefits as well. We would be happy to discuss how such a gift might work in your situation.
Bequests
Charitable Trusts A life income gift is often made
through a trust arrangement called a "unitrust" or an "annuity trust." With
a unitrust, you and/or your spouse (or another beneficiary) receive annually
a fixed percentage of the fair market value of the assets in the trust. The
income received will vary from year to year, based upon how the trust’s
investments perform. With an annuity trust, you and/or your spouse (or
another beneficiary) receive a fixed amount from the trust each year. This
amount is agreed upon when you create the trust; it stays constant, no
matter what happens with the stock market or interest rates. Once the endowment gift is established, we will set up the fund and pay a fixed percentage of its annual value to the designated recipient or project each year, reinvesting additional earnings and building up the fund over time. Because use of the fund is restricted to a small portion each year, the fund can last in perpetuity—forever. Endowment funds are often named after the donor, but
they can be named in honor or memory of any individual. If you decide to set
up an endowment fund with the Art League, we will work with you to create a
fund that will serve your needs and ours. Together, we will determine the
purpose of the fund, develop a personalized fund description, describe the
ideal recipient or project to benefit from the annual payments from the
fund. We will also devise a backup plan to be used in the event that the
fund’s original purpose becomes impractical or obsolete. There are many different ways we can recognize your memorial gift. Your honoree might be named in a report or program, or the name might be inscribed on a plaque. Scholarships to deserving individuals could be awarded in memory of your loved one. For a larger gift, your honoree’s name might be placed
in a room, a gallery, studio, or even a building. The form of recognition
will depend on the nature of your gift, your personal wishes and
circumstances. We are dedicated to ensuring that opportunities are available for today’s students to achieve their dreams of growing, learning and making a difference. Providing scholarship awards, based on both financial need and outstanding artistic performance is an integral part of this goal. Providing scholarships based on excellence attracts both top students and top faculty and rewards students for their hard work and dedication. Providing scholarships for students with financial need allows students with diverse backgrounds and experiences to come together in the common pursuit of artistic education. In order to make a difference we must continue to develop a variety of scholarship programs that guarantee an education to all deserving students. More than half of our students receive some sort of financial aid. For many of these students, a scholarship isn’t a luxury; it is a necessity. As local schools continue to reduce their art departments, the need for quality arts experiences provided by the Art League rises. Without our help, the expense of quality arts education is off-limits to more and more qualified students. There are many ways you can establish a scholarship. You can give to existing scholarship funds in any amount you wish. If your gift is large enough, you can set up a new scholarship fund in your name—or in memory of a deceased loved one—or as an endowed scholarship named for a special individual. And you can help set the guidelines for selecting these scholarship recipients. In this way, your values, goals and interests are perpetuated through your gift. |
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