Gift Planning

Planned gifts are deferred contributions which you can make through your will, retirement plan, trust, or other life-income plan, to name but a few options. They all offer attractive tax benefits, some of which can be immediate, particularly when you choose to fund your gift with appreciated securities, as you will reduce or eliminate capital gains tax.

Most important, planned gifts are added to Chautauqua’s endowment, ensuring that the programming quality experienced through all four of Chautauqua’s pillars – Arts, Education, Religion and Recreation, will continue for years to come.

Types of Gifts

Wills or Trusts

A popular way to make a planned gift to Chautauqua is by a bequest in your will or trust. Estate gifts demonstrate your support for Chautauqua Institution but do not require you to part with needed assets during your lifetime. You may eliminate or reduce state or federal estate taxes.

A bequest can be made in one of the following ways:

Specific Bequest: Name Chautauqua Foundation, Inc. as a beneficiary of your estate for a specified dollar amount.
Residuary Bequest: Once all estate obligations have been satisfied, i.e., taxes, debts, expenses, as well as other specific bequests, some percentage of what remains is given to Chautauqua.
Contingent Bequest: This type of bequest is conditioned on the occurrence of an event, i.e., one or more of your beneficiaries predecease you, in which case, Chautauqua becomes the beneficiary (of a Specific Bequest or a Residuary Bequest).

The following language may be helpful when arranging a bequest to CHQ:
Our legal name: Chautauqua Foundation, Inc.
The Tax Identification number is 16-6028421.

I give ($______ ) (or a specific asset such as securities, real estate or other property), or (___ percent of the rest, residue and remainder of my estate) to Chautauqua Foundation, Inc., in Chautauqua, New York, for permanent endowment for its general support of Chautauqua Institution.

If you would like to make a gift for a more specific purpose, contact Jenny Stitely, Director of Gift Planning, to discuss appropriate language and named fund agreements that will insure the proper application of your gift to meet your desired goals.

By making a bequest to CHQ, you are entitled to become a member of the Eleanor B. Daugherty Society.

* Please note that any type of planned gift you are considering should be discussed with your own professional advisors.

Retirement

Retirement Assets

For many individuals, most of our accumulated wealth may be in some form of retirement plan - an employer’s pension or profit-sharing plan, an IRA, or a Keogh plan are the most common. A gift through a retirement plan is the most tax-wise gift you can make, as these are the most heavily taxed assets at death because they are subject to both income and estate taxes. You may choose to name Chautauqua Foundation, Inc. as beneficiary for all or part of your retirement account, leaving less heavily taxed assets to children or other heirs.

By designating CHQ a beneficiary of your retirement plan, you are entitled to become a member of the Eleanor B. Daugherty Society.

Gift Annuities

Charitable Gift Annuities

A Charitable Gift Annuity is a contract between a donor and a charity. In exchange for a partial income tax deduction and a lifetime stream of income, the donor transfers cash, marketable securities or a variety of other assets to the charity. By using appreciated assets to fund the annuity, capital gains taxes may also be avoided.

The payments can begin immediately or can be deferred to a future date the donor chooses. You may also establish a gift annuity for someone else; however, the total number of annuitants associated with any one gift cannot exceed two. The arrangement terminates upon the death of the annuitant(s), at which point the Chautauqua Foundation receives the remaining funds to be added to its endowment. Chautauqua works in cooperation with the National Gift Annuity Foundation, Inc., a part of the Dechomai Foundation, Inc., to provide the annuity contract.

For example: Don (age 75); Gift ($100,000); Applicable Annuity rate 6.2% ($6,200 per year income paid); Tax Deduction ($45,754). You may request a personal illustration of the payments to you and tax benefits by contacting foundation@chq.org and providing the age(s) of the annuitant(s), an amount (minimum $20,000) and the tax basis of the gift if using appreciated securities or other appreciated assets, such as real estate.

(This is an illustration only and should not be relied upon as the rate paid and the deduction available will change based on the donor's age, date of the gift and other factors. Click here for a free charitable gift annuity calculator tool. NOTE: Calculator is intended to serve as only a general example, and does not constitute tax, financial or legal advice. Consult with your professional advisors to decide how a charitable gift annuity will work for you.)

By including a gift annuity in your plans, you are entitled to become a member of the Eleanor B. Daugherty Society.

To begin the process for the Charitable Gift Annuity Application, please contact Jenny Stitely (jstitely@chq.org / 716.357.6409). Upon submission of your application, the appropriate disclosure form (specific to your state of residence) will be provided. As part of your application, you will also be asked to submit a W-9 tax form.

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Life-Income Gifts

Life-income gifts offer you a stream of income for your life, and a family member or friend if you choose, in exchange for making an irrevocable gift. Your gift is invested and you, or the person you name, receive an income for life, and then the gift principal transfers to CHQ to be used as you have designated. Charitable remainder trusts and gifts to Chautauqua’s Pooled Life Income Fund are popular life-income gift options.

A life-income gift offers reduced income taxes, if you use appreciated securities to fund your gift, as well as a possible estate tax reduction.

We would be pleased to speak with you about a life-income arrangement that would best fit your personal and philanthropic goals, without obligation.

By arranging a life-income gift for the benefit of CHQ, you are entitled to become a member of the Eleanor B. Daugherty Society.

Real Estate

A gift of a personal residence or a vacation home, particularly if highly appreciated, can be a very beneficial way for you to make a significant gift to CHQ, while retaining the right to live in the home for the rest of your life.

If the gifted property is highly appreciated, there is potential for a sizeable charitable deduction and the avoidance of capital gains tax.

There are other types of real estate CHQ accepts as gifts, such as undeveloped land, farmland, and rental property. Each has its own tax advantages and you should consult your professional advisors about making a gift of this type.

We welcome the opportunity to speak with you about the potential for a gift of real estate.

By making a gift of real estate for the benefit of CHQ, you are entitled to become a member of the Eleanor B. Daugherty Society.

Charitable Lead Trusts

A charitable lead trust is an extremely tax-efficient way of ensuring that assets are passed to heirs while at the same time, making a significant contribution to CHQ. You as the donor, designates a trust term of years, whereby a stream of income funds the program(s) you are interested in supporting at CHQ, then at the end of that term, the principal goes to family members or friends that you have named.

A charitable lead trust enables you to make a significant deferred gift to heirs at a very low gift tax rate. It also reduces your taxable estate.

There are several types of lead trusts you might consider, and you should consult with your professional advisors to see if this type of gift makes sense for you.

By arranging a charitable lead trust for the benefit of CHQ, you are entitled to become a member of the Eleanor B. Daugherty Society.

Memberships

The Eleanor B. Daugherty Society

By making a planned gift to Chautauqua Foundation, Inc, you are entitled to become a member of the Eleanor B. Daugherty Society, a group of Chautauquans who have included Chautauqua Foundation in their will or other estate plans. Click here to learn more about membership benefits.