How to Make a Gift
Making a gift during life or at death is easy. What follows are guidelines and suggestions for naming the Easton Choral Arts Society, Inc. (ECAS) or the Easton Choral Arts Society, Inc. Endowment Fund (ECAS Endowment) to receive a gift during your life or upon your death. Here you will find basic information about different kinds of gifts, including sample language you may use. For more information, please contact Marcia Fids at (301) 318-3220 or firstname.lastname@example.org.
Charitable Tax Status
ECAS is a corporation that is exempt from federal income tax under section 501(a) of the Internal Revenue Code as an organization described in section 501(c) (3).
ECAS Endowment Fund is an endowment fund created to provide on-going financial support to ECAS. It is exempt from federal income tax and is managed by the Mid-Shore Community Foundation located in Easton, Maryland.
For income and estate and gift tax purposes, bequests, legacies or other transfers to ECAS or to ECAS Endowment Fund are tax deductible in accordance with IRS rules. Consult your tax advisor for specific information about your situation.
Gifts during Life
Whether you are giving to ECAS or ECAS Endowment Fund, there are many ways to make gifts. The following is a discussion of some types of gifts you may consider.
Gifts of cash are easily made by writing a check to ECAS and mailing to Easton Choral Arts Society, Box 13, Easton, Maryland 21601.
Make Online Gift to ECAS - Sustaining
Make Online Gift to ECAS
- Endowment Fund
Make Gift by Mail Submit Donation
Click here to download the form
To make a non-cash gift, see information on giving Other Types of Assets. Additionally you can make Gifts At Death by executing the proper estate planning documents. You can make Gifts for a Specific Purpose by specifying at the time of the gift. Particularly with noncash gifts it is important to consult with your tax advisor about the tax consequences of the gift.
Other Types of Assets
In addition to a charitable deduction for the amount of a cash gift, there may be additional estate and income tax benefits from giving non-cash assets. Your tax advisor can provide you specific information about these benefits as they may apply in your particular situation.
You can give a specific asset or collection of assets including securities, real estate or other property. Gifting appreciated securities or other appreciated property to a charity, rather than selling the property and gifting cash, may provide you enhanced tax advantages. Subject to the IRS rules, you may receive an income deduction for the full value of the asset without paying income tax on the capital gain in the appreciated asset.
Retirement Benefits or Life Insurance
Giving these assets may be appropriate for donors who no longer need the asset but would like to benefit charity and receive an income tax deduction. A gift of life insurance may be made by transferring ownership of the life insurance policy to ECAS or ECAS Endowment Fund. You can also make transfers from your IRA to charity. You should consult your tax advisor before making a transfer from an IRA or gifting a life insurance policy.
Contact Marcia Fidis at (301)318-3220 or email@example.com if you are interested in gifting non-cash assets.
Gifts at Death
You can make gifts that take place at your death through your will (or your revocable trust if you are using it as the centerpiece of your estate planning). You must include the correct language in your will or trust and the tax consequences should be discussed with your advisor. Please share the following suggested language with your lawyer to assist in drafting a document that will achieve your charitable estate plans:
General or Residual Bequest
I give ____% of my residual estate to the Easton Choral Arts Society Inc., a charitable corporation located in Easton, Maryland [to be used for its general purposes] OR [to be added to its Endowment Fund].
I give [$ amount] , or [ ____shares of the stock of ____________] or [my real estate located at (description of property)] to the Easton Choral Arts Society Inc., a charitable corporation located in Easton, Maryland, [to be used for its general purposes] OR [to be added to its Endowment Fund].
You can also plan to give all or a portion of your estate to a contingent beneficiary in the event that a named beneficiary is not alive when you die. If your will or trust does not name a contingent beneficiary in the event your first named beneficiary dies, the gift may be distributed to persons not of your choosing.
Use of a Codicil To Add a Specific Bequest To Your Will
A codicil is essentially an amendment to a will. Many times adding a specific bequest to your estate planning can easily be done by executing a codicil which includes a bequest as described above. If you are using a revocable trust for your planning, an amendment to the trust can accomplish the same result. Again, consult your lawyer for the appropriate form, but a codicil or trust amendment is sometimes a simple way to add a bequest to ECAS to your estate plan without redoing your entire will or trust.
Use of a Trust to Make Charitable Gifts
There are many types of trusts that can be established during your life or upon your death to make charitable gifts and at the same time obtain income and estate tax advantages for you or your estate. Use of certain trusts which include charitable gifts maybe particularly attractive because they may reduce estate or inheritance taxes and/or provide an immediate income tax deduction when they are set up. Because the tax rules are complex, the establishment of a trust to make charitable gifts should be done in consultation with your estate planning lawyer.
Gifts for a Specific Purpose or in Honor or Memory of an Individual
Some donors may want to give to a ECAS for a specific purpose. Some examples include a gift to support one or more young choral scholar positions in the ECAS during the season or a gift to sponsor a specific concert. Below is some sample language, but if you wish, ECAS can help you craft language that will ensure your gift will do what you want it to do.
Sample Bequest for Specific Purpose
I give [$ amount, description of property] to the ECAS for the following purpose: [describe the purpose]. If at any time in the judgment of the ECAS Board of Trustees it is deemed impossible or impracticable to carry out this purpose, the Trustees shall in their sole discretion, determine a purpose as near as possible to that described above.
A donor may also want to give to celebrate a certain individual. When you make a gift in excess of $50, you may specify that it is in honor or memory of a person or persons you designate. Acknowledgment of the donation in our programs will reflect that name and if you provide us a name and address, an acknowledgment of the gift in honor will be sent to that person and a gift in memory will be acknowledged to the deceased person’s family.