Your support of the Flint Institute of Arts, is a great way to take advantage of tax benefits allowed by the federal government and to reward your benevolence of helping the FIA!
The following is a general description of methods of donating to the FIA. Your gift is a way to combine your desire to help the FIA and realize significant tax advantages. For further information, please contact Kathryn Sharbaugh, Director of Development 810.234.1695 or by email.
Gifts of Cash are the simplest and easiest way for you to make a contribution to FIA. Make checks payable to Flint Institute of Arts.
Works of Art
Gifts of Works of Art to the FIA's permanent collection follow specific guidelines governing art work in the permanent collection.
Contributions to the collection can be made in two ways which are fully tax deductible.
- donating funds to purchase works of art
- donating works of art
For tax purposes, funds donated for art purchases are treated like any other cash donation. Donating a work of art, however, has some special advantages. Suppose you purchased or inherited a painting many years ago. It is likely that the painting has increased in value, especially if it was painted by an important artist. If you were to sell the painting, you would have to pay a capital gains tax on the amount of the appreciation. However, if you were to offer the painting to the FIA, and it was accepted into the collection, capital gains tax would not apply. In addition, the current fair market value of the painting may be claimed as a charitable contribution. As with other types of donations, the law provides the opportunity to spread the deduction over more than one tax year. If you are considering donating a work of art to the FIA, please contact Executive Director, John Henry, at 810.234.1695.
Tangible Personal Property
Gifts of Tangible Personal Property may include items such as jewelry, books, coins and automobiles to the Flint Institute of Arts during your lifetime, you may reduce your taxable estate and also reduce your taxable income in the year of the gift. Because of changes in tax laws, please contact your tax advisor regarding this type of gift.
Gifts of Appreciated Securities (stocks, bonds, or mutual funds) are excellent ways to support the FIA. Such gifts are easy to make and may provide a greater tax benefit than an equivalent gift in cash.
Planned Giving Options include making a bequest to the FIA is a simple way to leave a personal legacy in support of the museum’s mission. Bequests may be unrestricted or may be designated for specific use or endowment.
You may name the FIA as the beneficiary of a retirement plan is an easy, tax-efficient way to leave a gift. Unlike heirs, the FIA is not required to pay income taxes on the amount received upon death.
Life Insurance Policies can include naming the FIA as beneficiary of the policy with proceeds to be received upon the donor’s death or by transferring ownership of the policy to FIA during the donor’s lifetime.
Life Income Gifts such as charitable remainder trusts and charitable gift annuities are ways to make a gift to FIA while retaining an income stream during one’s lifetime. This is a great option to consider if you have a highly appreciated assets you do not wish to sell during your lifetime, and desire a predictable stream of income and want an immediate tax deduction for the charitable gift today.
When you visit the FIA galleries you will see many gifts of artworks received from individuals to enhance the permanent collection.
One can contribute to the FIA’s collection in three ways:
- Donating funds to purchase works of art
- Donating works of art
- Including the FIA in your estate plan to purchase or gift/donate a work of art.
For tax purposes, funds donated to purchase art are 100% deductible. Likewise, donating a work of art has deductible advantages. For example, if you purchased or inherited a painting years ago, it is likely the value has appreciated. If you were to sell it, you would have to pay capital gains tax on the amount of the appreciation. However, if you donate the painting to the FIA and it is accessioned into the collection, the capital gains tax would not apply. In addition, the current fair market value of the painting may be claimed as a charitable contribution. A gift for both you and the FIA!
If you are considering donating a work of art or have included the FIA in your estate plan please let us know. You will become a member of the FIA’s legacy group known as the Renaissance Society. For more information please contact Marissa Pierce at firstname.lastname@example.org.