Frequently Asked Questions
- What is a planned gift?
A planned gift is a charitable gift that an individual decides to give at some future date—either a number of years from now or at the time of their death. A planned gift can also come to the museum over a period of years, whereby the donor takes a partial tax deduction for the gift and then receives an income stream for a specified term of years in return for the gift to the museum.
- What is an endowment?
An endowment fund is a permanent, self-sustaining source of funding. Endowment assets are invested and a portion of the value of the fund is paid out to support the fund’s purpose each year. Any earnings in excess of this distribution remain in the fund to help build the fund’s market value. An endowment fund can grow and provide support for its designated purpose in perpetuity. Through an endowment fund you can create a permanent legacy of support for the museum.
A minimum gift of $50,000 establishes a named endowment fund for general support or a restricted program purpose as directed by the donor in accordance with the museum’s institutional funding priorities.
Contact us to learn more at legacy@clevelandart.org or 216-707-2158.
- Can I create income with my gift?
- I am unable to make a current gift, but I’d still like to support the Cleveland Museum of Art in the future. Any ideas?
Through various types of bequests to the museum, you may secure a charitable estate-tax deduction for the value of the gift. Best of all, you will know that your generosity will support our mission for years to come.
You may prefer to state in your will or trust a sum of money or a percentage of your estate that you wish to give to the museum.
Whatever form of bequest you choose, it is not subject to federal estate taxes and so significantly reduces the tax burden of an estate. The value of the bequest may be deducted when the taxable estate is determined, and there is no limit to the deduction.
- What asset should I use to make my gift?
Through various types of bequests to the museum, you may secure a charitable estate-tax deduction for the value of the gift. Best of all, you will know that your generosity will support our mission for years to come.
Do you have a specific asset that you would like to give and want to know the gift vehicles and benefits that apply? Click on one of these links to start: cash, retirement funds, securities, closely held business stock.
- Can I direct how the Cleveland Museum of Art will use my gift?
Yes! If there is a particular area of the museum that interests you, you can designate your planned gift toward support of this area. Please don’t hesitate to contact us should you have any questions about how best to do this.
- How will the Cleveland Museum of Art recognize my gift?
We would like to invite you to join the Cleveland Museum of Art Legacy Society if you have decided to support CMA through a gift in your will or another planned gift.
Members of this esteemed group will have their names listed as Legacy Members unless they choose to remain anonymous. They will also be invited to a yearly event at the museum and will have access to planned giving educational information through Lasting Legacies.
Contact us for additional ways to recognize unique gifts at legacy@clevelandart.org or 216-707-2158.
- If I have more questions regarding planned or endowment giving at the Cleveland Museum of Art, who should I call?
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