Planned gifts allow donors to make significant gifts to Mark Arts, while also receiving tax exemptions. Many types of planned gifts include provisions for family members while at the same time supporting the mission of Mark Arts. Mark Arts encourages prospective planned gift donors to consult with their estate planning professional(s) to best understand which giving vehicles would be most appropriate for them.
Mark Arts has established funds for the following purposes:
- Scholarships – Provide opportunities and access for artistic enrichment for youth and adults who are otherwise limited by financial circumstances.
- Building & Capital Improvements – Provides improvements to Mark Arts property and building.
- Operations – Provides resources for Mark Arts to support its mission of being a vibrant arts hub in Wichita and the region by providing opportunities to appreciate and create art in at atmosphere of lifelong learning.
Planned gifts can be accomplished by naming Mark Arts as a beneficiary in a will, trust, retirement plan, or a variety of other methods. Unless directed otherwise, gifts of this nature will be designated to Mark Arts’ Board of Directors.
A bequest is the easiest and most flexible ways that you can leave a gift to Mark Arts that will have a lasting impact. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to mark Arts as part of your estate plan. Or, you can make a bequest using a beneficiary designation form.
Retirement Assets/IRA Rollover
Designate Mark Arts as the primary or secondary beneficiary of your 401(k), 403(b), IRA, or other tax-deferred retirement plan, and avoid paying taxes on the income from these assets as well as potential estate taxes. For those who are at least age 72 and have a traditional IRA, a donation can be made directly from your IRA to Mark Arts. This donation can qualify as part or all of your annual required minimum distribution, reducing your gross income for tax purposes.
Name Mark Arts as owner and beneficiary to a whole life insurance policy, providing a meaningful gift at relatively little cost. This can be accomplished by transferring ownership of an existing, unneeded policy, and both an income tax deduction and estate tax deduction are possible.
Gifts of Stock
Donating appreciated assets is a great way to make a gift to the Mark Arts. Donations of stock, mutual funds or other appreciated assets can provide significant tax benefits to any donor:
If you give stock directly to Mark Arts, you get a full donation instead of selling stock, paying broker fees and taxes, then donating the remaining proceeds to the organization.
If you maintain a brokerage account instead of actual stock certificates, it is a simple transfer from your account to ours. It also simplifies your income tax filing. If you have any questions, please consult your tax advisor or contact Mark Arts for more details.
Charitable Remainder Trust
For gifts of $100,000 and greater, you can create a charitable remainder trust, which can be created during your lifetime or through your estate. When you transfer assets and name Mark Arts at the beneficiary of the trust, donated assets will be invested for the length of the trust term. This gift option provides you or your loved ones with annual income, for the rest of your or your loved ones’ lifetime or a term of no more than twenty years. When the trust term is over, the remaining assets are designated by Mark Arts’ Board of Directors. This giving opportunity ensures future income for you and your family while supporting Mark Art’s mission.
The loss of a friend or loved one is always difficult, and we often seek ways to remember those we hold dear to our hearts. Contributing to a memorial fund is a special way to celebrate the life of someone you love. Your gift provides not only a thoughtful memorial, but helps advance Mark Arts’ mission to provide opportunities to create and appreciate art.
To discuss a planned gift, please contact Jaime Dupy, Development & Marketing Director, at (316) 932-1782 or [email protected].
Mark Arts thanks you for your thoughtful commitment to the future of our mission to provide opportunities for people to appreciate and create art in an atmosphere of lifelong learning.