Planned Giving and other Donor Opportunities
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Investing in Leadership, Innovation, and Learning
CAA is pleased to offer members the opportunity to make planned gifts, both large and small, to the Association through a bequest or other estate planning options. Whatever your estate preparation objectives, CAA can share gift planning ideas that will benefit the donor as a non-taxable gift and an investment in the Association’s future, providing a lasting legacy to the field of visual arts. CAA supports the visual art community through advocacy, intellectual engagement, and a commitment to the diversity of practices and practitioners. A legacy or other gift helps CAA achieve these goals. CAA also appreciates other tax-deductible gifts through a variety of giving options listed following the planned giving section.
Options for Estate Planning – Planned Gifts That Provide Funds for the Future
What are some of the most commonly used assets for funding planned gifts? Certain assets may be considered for a charitable gift plan, which can be designed to further personal estate planning goals and support nonprofit organizations such as CAA. A planned gift often allows the donor to make a contribution larger than might otherwise be possible through gifts during the donor’s lifetime and can result in significant tax benefits for the purposes of estate planning. The following planned giving ideas are some suggestions to consider.
One of the simplest ways to support CAA is a will bequest that provides a gift for the organization. If a will currently exists, an attorney can prepare a codicil to the current will or living trust.
For those who might be interested in including CAA in their wills and estate plans, the following language can be included in written materials: “I give, devise, and bequeath to CAA, a 501(c)(3) tax-exempt organization (tax identification number 13-1671148), located at 50 Broadway, 21st Fl, New York, NY 10004, the sum of $_______ or _______ % percentage (of cash, real or personal property herein described) to be used for the general purpose of CAA at the discretion of its Board of Trustees in advancing CAA’s purpose.” *
Life Insurance Policies
By naming CAA as a beneficiary of a life insurance policy, any premiums paid qualify for charitable income tax deductions. Naming CAA as a beneficiary of a life insurance policy is one of the most cost-effective ways of making a gift and will protect those assets from both income and estate taxes.
Other Retirement Plan Assets – Charitable Gift Annuity
Donors may name CAA as the beneficiary of an IRA (Individual Retirement Account) or other retirement annuity such as 401(k), 401(b) profit sharing and Keogh plans. A charitable gift annuity is an agreement between the donor and CAA that provides the donor with regular fixed payments annually for life in exchange for transferring assets to the foundation. The donor will get a charitable deduction in the year of the gift and for a certain number of years a portion of the donor’s income will be tax-free.
Specialized Donor Recognition
While a gift at any level is much appreciated, donating with a membership renewal at the Sustainer ($300), Patron ($600), or Lifetime ($5,000) level entitles the donor to become part of CAA’s Donor Circle. This designation includes annual invitations to CAA special events (generally convened at CAA’s Annual Conference) and listing on the website and/or CAA literature, unless anonymity is preferred. CAA has also created a Legacy Circle for planned gifts.
More Ways to Give
Support for CAA can take many forms and is invaluable in sustaining and improving the Association’s research, professional development, and other programs on behalf of the visual arts. CAA encourages donors to find ways to give that reflect their own interests and preferences. CAA also encourages memorial and honoring gifts. CAA considers it a privilege to serve as a means of honoring those who are and have been important in one’s life, school, community, and/or one’s art education program. Consider recognizing the achievement of a friend or colleague who has received a CAA award through a donation to the Association. Another option is to give through a donor advised fund, such as the New York Community Trust, Jewish Communal Fund, or Schwab Charitable. A donor advised fund (DAF) is a centralized charitable account. Charitably inclined individuals, families, and businesses can make tax-deductible charitable donations of cash, publicly traded stock and, in some cases, certain illiquid assets to a public charity that sponsors a DAF program. For more information or to make a charitable donation, please visit DAF Direct.
Donations of Cash, Securities, and Matching Gifts Outright gifts of cash are fully tax-deductible. Gifts may be made by check made payable to CAA or charged to a Visa, Mastercard, or American Express. Please include a note stating whether the gift is to support the Operating Fund (unrestricted) or one of CAA’s specific grant categories, such as the publications fund or the travel fund. Unrestricted contributions are preferable so that CAA can apply those funds where most needed.
Gifts of Securities When securities are donated to CAA, a deduction equal to the fair market value of on the date of the donation. Please check with a tax advisor. To make a gift of securities, stock, or for information on how to complete the transaction, donors should contact Chief Financial Officer Robert Tofolo at email@example.com or write to him at CAA, 50 Broadway, 21st Fl., New York, NY 10004.
Employer Matching Gifts The impact of a donation may be doubled or even tripled if an institution has a matching gift program. Many employers will match charitable contributions to CAA with an equal or higher amount to that of their employee, retiree, or employee’s spouse. CAA is a 501(c)(3) tax-exempt New York not-for-profit organization, an important qualification for many companies’ matching gifts programs. If a matching gifts program is available, please request a matching gift form from the company. Mail the completed forms and contribution to CAA.
CAA welcomes any support through gifts to the Operating Fund, in addition to those made at the time of membership renewal. These important contributions help to build CAA and secure a strong and vibrant future for our work and community. The Operating Fund provides resources for CAA’s grant programs. It also nurtures the Association’s growth, empowering CAA to reach out in exciting new ways to its community and beyond. While sometimes behind the scenes, these efforts are critical to ensuring the Association’s efficient operation, as well as to offering the visual arts community the opportunity for personal enrichment and lifelong learning. Tax-deductible gifts may be directed to the general fund or to the areas of greatest need within the Association, as designated by the donor. No matter the size of the gift, it will play an invaluable role in the future of CAA. Gifts to the Operating Fund can also be a meaningful way to honor or memorialize someone important in one’s life. CAA will acknowledge the contribution with a note informing the selected family member or friend of a contribution to CAA.
Thank you for considering CAA in your estate planning and in your annual charitable giving. For more information, please contact: Robert Tofolo, Chief Financial Officer, at firstname.lastname@example.org or by writing to him at CAA, 50 Broadway, 21st Fl., New York, NY 10004. All inquiries are confidential and without obligation. Note: CAA does not provide tax or legal advice. Please consult an attorney or tax advisor prior to entering or formalizing any estate planning agreements.
The College Art Association is a New York not-for-profit 501(c)(3) tax-exempt organization. CAA's most recent Form 990 may be viewed or downloaded from https://www.guidestar.org/
* Planned gifts of real or personal property will be accepted only at the discretion of the Association, so these gifts should be discussed with CAA in advance.
50 Broadway, 21st Fl. • New York, NY 10004 • 212-691-1051 • www.collegeart.org