Gifts to the Cleveland Museum of Art can be made in a variety of ways and can be tailored to reflect your specific artistic and philanthropic interests. The museum appreciates and welcomes all forms of generosity.
Gifts of Cash or Securities
A gift of cash is a popular and straightforward way to support the museum. Such donations are fully deductible for tax purposes (subject to annual limitations). Gifts of cash may be pledged and paid over a period of up to five years. Readily marketable appreciated securities (stocks, certain bonds, or mutual funds held for more than 12 months) are also convenient ways to donate. Securities owned for more than 12 months and donated to the museum allow for an income tax charitable deduction for the full fair market value of the gift. If you donate appreciated securities, you may also avoid the accumulation of any capital gains tax on that appreciation.
Wills and Bequests
Gifts made through a will have always been tremendously important to the Cleveland Museum of Art. Your bequest allows you to retain full control of your assets while giving you the pleasure of knowing the museum will benefit from your generosity. Because a bequest is not subject to estate or inheritance taxes, it can significantly reduce the tax burden of an estate. Our planned giving staff can assist with specific bequests, residuary bequests, contingent bequests and codicils. Our staff can also craft the language of a bequest in a manner that fulfills your wishes and is meaningful to you.
Annuities and Trusts
Charitable gift annuities are one of the simplest ways to make a gift to the Cleveland Museum of Art. In return for your gift of $10,000 or more, you will enjoy guaranteed fixed payments, a charitable tax deduction and tax savings. Charitable remainder trusts are a flexible and popular alternative to an outright bequest. They provide either fixed or variable income and can be tailored to fit your specific financial and philanthropic goals.
Gifts of Art
Gifts of art are an important part of the Cleveland Museum of Art’s permanent collection. Past gifts from individuals have ranged from a single painting to entire collections. If you are considering a donation of art to the museum, whether during your lifetime or through a bequest, please call the Office of Planned Giving at 216-707-2585 and we will arrange a personal meeting with a curator.
There are a number of ways in which collectors can give works of art, including:
Recognition for Gifts of Art
Donors are recognized in the credit line of the work of art when on view at the Cleveland Museum of Art, when on loan to other institutions, and when used in publications or on the museum website.
Gifts of Life Insurance and Retirement Assets
Giving your policy to the Cleveland Museum of Art can allow you to make a substantial gift. You may give a fully paid policy you already own and get a deduction for an amount roughly equivalent to the cash surrender value. Alternatively, you may purchase a new policy designating the museum as the owner and beneficiary, and your annual premium payments will become tax deductible. Naming the museum as a beneficiary of all, or a specified percentage, of your plan’s assets eliminates both income and estate taxes. These assets can also be placed in a remainder trust, providing income to your heirs for life, or a term of years, with the remainder interest passing to the museum.
A donor–advised fund (DAF) is a type of giving program that allows you to combine the most favorable tax benefits with the flexibility to easily support your favorite charities. An increasingly popular charitable vehicle, DAFs are an excellent way to both simplify your charitable giving and facilitate your strategic philanthropic goals. For more information on donor-advised funds and to make a gift to the Cleveland Museum of Art from your DAF click here [1].
Links:
[1] http://www.clevelandart.org/support/individual-giving/ways-to-give/how-to-give/donor-advised-funds