Ways to Give
Philanthropy is a highly personal endeavor, and you have many options when planning a gift to support the Indianapolis Symphony Orchestra.
- Cash: Write check or use credit card. Easy to make; income tax charitable deduction for full amount of gift.
- Securities: Typically transfer to charity an appreciated asset (stocks, bonds) held for more than one year. Income tax charitable deduction for full fair market value; no capital gains tax payable on asset’s appreciated value
- Closely Held Stock: Business owner gives stock to charity, then corporation may repurchase same stock. Fair market value of stock deductible as charitable contribution, no capital gains tax.
- Tangible Personal Property: Donate real estate or personal property to charity. Income tax deduction for full fair market value if gift property used by charity for its exempt purposes (otherwise, deduction limited to adjusted cost basis). Qualified appraisals often necessary.
Life Income Plans
- Charitable Gift Annuity: Assets (usually cash or securities) donated to charity in exchange for fixed annuity payments. Current income tax charitable deduction for gift portion of donation; part of payments may be tax-free return of principal; capital gains tax on transfer spread over donor’s life expectancy if donor is the annuitant.
- Charitable Remainder Anuity Trust (CRAT): Set up trust that pays specific annual benefit for life of beneficiary(ies), or for a period up to 20 years; trust property transferred to charity when benefits end; usually funded with cash or securities. Income tax charitable deduction; possibly avoids capital gains when funded with long-term appreciated property.
- Charitable Remainder Unitrust (CRUT): Similar to CRAT, expect income amount varies each year as trust assets are revalued; may be funded with cash, securities, and other assets. Same benefits as CRAT plus allows different funding and payout options.
- Bequest: Use will to direct property to a charity at your death. Estate tax charitable deduction for value of gift; donor retains lifetime use and control of property intended as bequest gift; convenient and popular for planned gift.
- Revocable Living Trust: Set up trust that directs disposition of assets; including gifts to charity; trust can be revoked or change. Minimizes costs and delays of probate; facilitates transfer of assets; plan is private; not public (unlike a will); continuity of asset managment in the event of death or disability.
- Retirement Plan Assets: Charity named as beneficiary of retirement plan assets (other arrangements also possible). May have estate planning benefits, because income in respect of a decedent (IRD) is taxable to heirs, but not to charities.
- Donor Advised Fund: Donor makes irrevocable contribution to a restricted fund maintained by charitable organization. Income tax charitable deduction for full amount of gift; donor may advise regarding fund distribution, but donor may not place material restrictions on fund. Learn more here.
- Retained Life Estate: A real estate gift in which donor retains right to live in the property for remainder of his or her life. Income tax charitable deduction based on present value of the remainder interest that will eventually go to charity.
- Charitable Lead Trust (CLT): Charity receives annual trust income; trust principal reverts to donor or beneficiaries at end of trust term. Qualified CLT may qualify for a gift tax or estate tax charitable deduction, or qualify for an income tax charitable deduction depending on type of CLT.
- Life Insurance: Give life insurance policy to charity, or designate charity as beneficiary of policy, or use policy as wealth replacement tool in tandem with a CRAT or CRUT. Income tax charitable deduction can be utilized for donated policy.
Other Ways to Donate
Donate Your Tickets
Another way to support the ISO during his time is to consider donating your unused tickets back to the Indianapolis Symphony Orchestra. Your donation is fully tax deductible and will help to offset the costs associated with cancelling these concerts. If you would like to donate your tickets, please fill out the form here.
Gifts of Appreciated Stock
Now is a great time to donate appreciated stock to the Indianapolis Symphony Orchestra. If you have owned the shares for a year or more, you can maximize your tax savings by donating appreciated stock. More information about the tax savings of donating securities instead of a cash gift is available here. Contact your broker and instruct him or her to send the shares to the Indianapolis Symphony Orchestra and provide the following information:
Raymond James / 1310 E 96th Street / Indianapolis, IN 46240
Account Number: 14494375
Attention: Kathy Richardson / 317-573-1777
Please have your broker specify that the donation comes from you so we can properly say thank you. If you have any questions, please contact Stephanie Hays-Mussoni at the Indianapolis Symphony Orchestra at 317-731-3342 or firstname.lastname@example.org.
IRA Charitable Gift
If you have an Individual Retirement Account (IRA) and are 72 years old or older by December 31, 2021, you may potentially avoid paying taxes* on your Required Minimum Distribution (RMD) from your IRA by instructing your financial planner to make a gift to the ISO directly from your IRA.
For those 70 1⁄2 and older, you may make a tax-free* “Qualified Charitable Donation” to the ISO by instructing your financial planner to send a gift from your account, directly to the ISO.
*Please consult your tax professional to determine what specific benefits may be available to you.