The simplest and most convenient way of participating in the endowment is through cash gifts, which may take the form of pledges over a period of years. All such gifts qualify for maximum income tax deductions. We stress the importance of unrestricted endowment funds. These contributions, without stipulations attached, give the Arts Council of Moore County (ACMC) the flexibility to serve a culturally diverse community. We welcome gifts of all sizes. Gifts over $5,000 can be named in honor of individuals or a group.
APPRECIATED SECURITES OR REAL ESTATE
Gifts of appreciated securities and real estate may provide important tax advantages to donors who have held assets for a long period of time. The full fair market value of such gifts may be deductible as a charitable contribution. In the case of restricted or closely held stock, real estate or other unusual assets, the proposed gift may require an appraisal and approval of the ACMC Board of Trustees.
There are many ways to remember ACMC in a will. After providing for relatives and friends, a donor may specify that some or all of the remaining assets be given to ACMC, thereby achieving a lasting purpose and reducing the taxable portion of an estate. ACMC may be named as the residuary beneficiary, as the recipient of a specified gift or contingent bequest, or as the ultimate recipient of the assets of a charitable remainder trust.
ACMC may be named as the owner and beneficiary of a previously existing or new life insurance policy. The donor receives an immediate tax deduction, which is usually approximately equal to the policy’s cash surrender value. All premium payments made by the donor thereafter are also deductible.
THE CHARITABLE REMAINDER TRUST
A donor may wish to make a contribution to charity but needs all of his or her income for current expenses. The donor can leave property to ACMC at death or give the assets now, subject to a retained income interest. Through deferred giving techniques, a donor can satisfy charitable goals now and continue to receive needed income. Payments from such a trust can be made to a donor, donor’s spouse, or some other beneficiary after the donor’s death. Eventual distribution to your fund takes place only at the death of the last individual beneficiary. This trust is sheltered from current income taxes. The donor only pays federal income tax on the portion distributed to him or her by the trust.
For a brochure, additional information or to send your tax-deductible contribution, please contact ACMC at 910-692-ARTS (2787) or email.