As a 501(c) 3 non – profit organization, the Barbara Ingram School for the Arts Foundation Inc. (Barbara Ingram Foundation) relies on charitable contributions to fulfill its mission. Barbara Ingram Foundation, in soliciting or accepting gifts, shall clearly represent the organization’s policies and mission which might pertain to this exchange and honor all statements about the use of the contribution. Barbara Ingram Foundation shall always disclose to potential donors important and relevant information. Every gift will be promptly acknowledged, and donors will be informed of how the gift will be recognized. Specific requests about acknowledgment will be honored consistent with the Barbara Ingram Foundation practices and policies. The Barbara Ingram Foundation reserves the right to refuse a gift if it is determined to be in conflict with the organization’s mission.
Due to the Barbara Ingram Foundation’s inability to hold, manage and liquidate certain types of assets, in general, we are limited to accepting cash and in-kind donations that are generally classified as liquid assets –those gifts that can be readily converted to cash in a short period of time.
Liquid assets include:
• Bank investments to include: checking, savings, CD’s, money market accounts
• Investments that can be sold through a brokerage firm or directly through the company where it is held. This includes but is not limited to publicly traded stocks, bonds, unit investment trusts (UIT), exchange-traded funds (ETF), closed-end funds (CEF), open-end mutual funds, certain limited partnerships, etc.
• Government savings bonds
Non-liquid assets that we would be unable to accept, but not limited to
• Real estate, vehicles, furniture
• Privately held or closely held stock
• Collectibles, art, jewelry/gems, coins
• Precious metals that cannot be easily sold
• Computer and office equipment
Types of Acceptable Giving:
Outright Gifts: gifts that can be made by check or in-kind securities (see above)
Charitable Bequests: in the form of a distribution from your estate to The Barbara Ingram School for the Arts Foundation through your last will and testament; or Trust document.
Beneficiary designations: by listing Barbara Ingram School for the Arts Foundation on your bank accounts, investment accounts, IRAs, annuities, life insurance, etc.
Charitable Remainder Trust (CRT): lets you make a substantial charitable gift now while retaining a defined income stream from the donated assets. The CRT is primarily a charitable-giving strategy with an added benefit — it lets you sell appreciated assets in the trust without incurring immediate capital gains taxes. Because you made an irrevocable gift to charity, you are entitled to an income tax deduction in the year you make the donation. The deduction is based on the “present value” of the future gift to charity. After the last income beneficiary’s death, any remaining principal is distributed to the charity or charities that you selected. You can retain a right to change the charitable beneficiary. Because trust assets pass to a charity, their value is effectively removed from your taxable estate.
There are two principal types of CRT; each uses a different method for determining the payout to the donor: (1) Charitable Remainder Annuity Trust- the payout to the donor is a fixed dollar amount each year determined as a percentage of the original contribution to the trust. (2) Charitable Remainder Unitrust (“unitrust” or “CRUT”), the payout is a fixed percentage of the fair market value of trust assets determined as of a particular day each year (usually the first or last day of the year). This means that the payout will vary each year as the trust assets increase or decrease in value. A donor may make additional contributions to a unitrust.