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Methods of Giving

The adjoining information provides a synopsis of the methods one may use to make a tax-deductible contribution to the museum.

Gifts of Cash
Outright gifts of cash are the simplest way to give to the museum. These gifts are fully deductible for federal income tax purposes, subject to the limit of 50% of adjusted gross income in any one year. Checks may be made payable to The Auburn University Foundation for The Jule Collins Smith Museum of Fine Art at Auburn University.

Gifts of Securities
One of the most advantageous ways to support The Jule Collins Smith Museum of Fine Art is through a gift of long-term appreciated securities. This method offers a twofold tax benefit to the donor: avoidance of any tax on the increase in value of the stock since its purchase, and a tax deduction for the full fair market value of the stock at the time of the gift.

Gifts in Kind
Some donors choose to contribute personal property such as works of art, scientific equipment, machinery, computers, jewelry and even automobiles. In some cases, the gift to the museum may be sold and the money invested in endowments or used for capital and operating funds. In other instances, gifts of property—such as computers and furnishings—may be used immediately in the museum.

Gifts of Art
Whether you give a single work of art or an entire collection, a gift of art is a wonderful way to enhance the museum's permanent collection. In most cases, you will receive an income tax deduction for the full, fair market value of the art and avoid tax on any increase in the value of the work since its purchase.

Gifts of Real Estate
A residence, farm, summer home, commercial, improved or unimproved property may have appreciated in value such that the sale would result in a sizeable tax on the gain. If given outright to The Jule Collins Smith Museum of Fine Art, a donor avoids the tax and realizes a charitable deduction for the full fair market value of the real estate.

Bequests
Your will is one of the simplest ways to distribute your estate and can be a vehicle through which charitable gifts can be made. The Jule Collins Smith Museum of Fine Art can be named through a will or an amendment to a will. A planned bequest may provide you with significant estate tax savings and enable you to make a larger gift than might be possible during your lifetime. In addition, including the museum in your estate allows you to become a member of Auburn University's George Petrie Society, which recognizes planned giving donors.

Gifts of Life Insurance
Many people have policies that were established for specific purposes that no longer require funding. By giving an existing life insurance policy, a donor may receive an immediate charitable deduction approximately equal to the policy's cash surrender value at the time of the gift. The policy is also removed from a donor's taxable estate. Donors may also take out a new policy naming The Jule Collins Smith Museum of Fine Art as owner as well as beneficiary. In either case, additional premiums paid after the gift is complete are also tax deductible. Gifts of life insurance qualify donors for membership in Auburn University's George Petrie Society.

Life Income Plans
Utilizing a charitable trust allows a substantial gift to be made during a donor's lifetime while retaining income from the cash, securities or property contributed for income. Through this arrangement, an individual can receive earnings based on the full value of donated assets, take an income tax deduction at the time the gift is made for a portion of the gift, avoid paying income tax on any appreciated property used to fund the gift, and receive for his or her life (and/or the life of another designated beneficiary) the income earned by the gift. Depending on the form and type of trust established, donors have an excellent opportunity to reduce the gift or estate tax associated with passing assets to children or grandchildren. Donors making gifts to the museum through charitable trusts are also eligible for membership in Auburn University's George Petrie Society.

Matching Gift Programs
Many companies encourage their employees to participate in philanthropic opportunities by matching, doubling or even tripling each dollar employees contribute to charitable institutions like The Jule Collins Smith Museum of Fine Art. Contact your company's personnel office to find out if your firm has a matching gift program. If so, obtain the proper matching gift forms and send them with your check to The Jule Collins Smith Museum of Fine Art in care of the Auburn University Foundation. The Jule Collins Smith Museum of Fine Art will recognize a matching gift from your company in the total of your support.

The Jule Collins Smith Museum of Fine Art Founder's Wall
In gratitude for the generosity of its patrons, The Jule Collins Smith Museum of Fine Art will recognize those donors who have contributed $10,000 or more to the creation of the museum project and its gardens by permanently inscribing their names in the marble Founder's Wall located in the museum's beautiful main lobby. Benefactors who have created endowments or have dedicated museum spaces or galleries will also be recognized on this wall.

Names on the Founder's Wall are divided among the following levels of giving:
Founder $1,500,000
Grand Benefactor $1,000,000
Benefactor $500,000
Donor $250,000
Patron $100,000
Friend $50,000

We sincerely hope you will join the other alumni, friends, corporations and foundations who have already made the commitment necessary to have their name inscribed on The Jule Collins Smith Museum of Fine Art Founder's Wall.

For further information about partnering with The Jule Collins Smith Museum of Fine Art at Auburn University, please contact Cindy Cox at coxcynh@auburn.edu or phone (334) 844-3005.

 

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