The Cleveland Institute of Art has continued to grow and sustain the excellence of its academic and artistic programs over 125 years because of the generous and loyal support of alumni and friends. The Institute is very grateful to those many individuals whose vision and commitment is reflected in the generous contributions they have made to the Institute. Established in 1982, the Heritage Circle recognizes those individuals who have made provision for The Cleveland Institute of Art in their will or estate plan or other planned gift.
The Advantages of Planned Giving
Planned giving allows you to make a charitable gift that is structured to meet your personal financial, tax and estate planning objectives. There are a variety of techniques and vehicles that maximize the value of your gift by helping you reduce income tax, estate tax and/or capital gains tax liabilities. In addition, charitable gift annuities and charitable remainder trusts are structured to provide a life income benefit.
Planned gifts enable you to make a meaningful contribution to The Cleveland Institute of Art while helping you accomplish one or more of the following:
- Reduce estate tax liability for heirs
- Pass assets intact to heirs
- Increase current and future retirement income
- Avoid or defer capital gains on appreciated property
- Increase income tax deductions
- Create a tax-free income stream
- Increase the return on an existing investment
- Make a more substantial gift to the Institute than current income permits
The Institute has trained staff who can provide you with detailed information about the various charitable gift options. For more information about the advantages of planned giving, please call Margaret Gudbranson, Esquire at 216.421.8016, or email mgudbranson@cia.edu.
Please Remember The Cleveland Institute of Art in Your Will or Estate Plan
The simplest way to establish a planned gift is through a will commitment or by making a provision for The Cleveland Institute of Art in your estate plan. Many alumni and friends who are committed to the Institute’s mission have made planned gifts. For these individuals, bequeathing assets is an important way to ensure their legacy by establishing a permanent endowment to support a named scholarship or award.
Gift Annuities
A charitable gift annuity provides you with a life income option. In exchange for a $10,000 minimum gift of cash or securities, or in some cases other readily marketable assets, you (or you and a spouse) receive a guaranteed amount of money each year for the rest of your life (or both your lives). You also receive a current year income tax deduction and may be able to reduce your estate taxes. For more than two decades, The Cleveland Institute of Art has been offering gift annuities, which are invested and administered by a major financial institution.
Trusts
A charitable trust is another popular income option that may be established with a gift of cash or other asset. Charitable trusts are best suited for larger gifts and should be tailored to your specific financial planning objectives and considerations. You transfer assets to an irrevocable trust in exchange for income for life or a fixed term of years. The two most common types of trusts are the Charitable Remainder Trust and the Charitable Lead Trust.
- Charitable Remainder Trust (CRT)
A CRT pays you (or a designated beneficiary) income during your lifetime, with the remaining trust assets passing to the Institute. You are generally entitled to an income tax deduction, and may qualify for an estate tax deduction in an amount equal to the value of the remainder interest that passes to the Institute. There are two basic types of CRTs: the Charitable Remainder Annuity Trust (CRAT) and the Charitable Remainder Unitrust (CRUT).
- Charitable Remainder Annuity Trust (CRAT)
A CRAT provides your or the beneficiary with a fixed payment amount, which does not change from year to year.
- Charitable Remainder Unitrust (CRUT)
A CRUT provides your or the beneficiary with annual payments (or deferred payments) equal to a fixed percentage of the annual value of the trust. These payments typically vary from year to year, depending on the market value of the trust assets.
- Charitable Lead Trust (CLT)
The cash flow of a CLT is the inverse of the CRT. A CLT “leads off” by distributing income to the charity first. At the end of the term, the remaining trust assets are distributed to you or a designated beneficiary. A CLT is often used as a means of transferring assets with appreciation to heirs. If the CLT beneficiary is someone other than you or your spouse, the value of the remainder interest is subject to gift tax upon creation of the trust.
A Gift of Securities
A gift of appreciated securities provides distinct advantages over cash. For example, you are eligible to take a federal income tax deduction equal to the fair market value of the stock on the date of the gift for up to 30% of your adjusted gross income. In addition, you will not have to recognize the appreciation as capital gain, thereby minimizing your capital gains tax liability. Securities may also be used to establish a charitable gift annuity or charitable remainder trust, which may provide additional advantages by further minimizing income and estate taxes.
For more information about how to transfer securities, please call the Office of Institutional Advancement at 216.421.7414.
More Information on the Gift of Securites
Information for your broker:
If you have any questions regarding these instructions, please contact the Office of Institutional Advancement at 216.421.7414.
Your broker should transfer the stock through:
DTC #221 for credit to account #LD-04731-3A- The Cleveland Institute of Art at:
UBS
600 Superior Avenue East
26th + 27th Floor
27th Floor
Cleveland, OH 44114
216.696.5900
Please instruct your broker to include your name with the stock transfer to ensure prompt crediting of the gift.
Notification of the stock gift should be sent to:
Mr. Michael Cole
Senior Vice President for Institutional Advancement
The Cleveland Institute of Art
11141 East Boulevard
Cleveland, OH 44106-1710
Phone: 216.421.7413
Fax: 216.754.3650
Information for you:
If you have the stock certificates in your possession or if you would like to make arrangements to have someone pick up the certificates, please call the Office of Institutional Advancement at 216.421.7414. Otherwise, please send the certificates via registered mail or deliver the unendorsed certificates to:
The Cleveland Institute of Art
Office of Institutional Advancement
11141 East Boulevard
Cleveland, OH 44106-1710
We appreciate your generous support of The Cleveland Institute of Art.