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 $250,000 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.
A minimum gift of $100,000 is required with the option to direct the support to one of three endowment opportunities: general support, art acquisition, or education.
- 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?
The creation of the Cleveland Museum of Art would not have been possible without the foresight and philanthropy of our founders, Hinman B. Hurlbut, John Huntington, Horace Kelley, and Jeptha H. Wade II. One hundred years later, their vision of creating a museum “for the benefit of all the people forever” is a reality and continues to inspire the next generation to leave a similar legacy. To honor this continued generosity of the community, we created the Legacy Society—a group of nearly 400 individuals who have chosen to support the museum by making a commitment to the institution in their wills or estate plans.
It is an honor to recognize all members of the Legacy Society with a sterling silver Cleveland Museum of Art logo pin; a subscription to the Lasting Legacies newsletter; invitations to exclusive events throughout the year, including the annual Legacy Society recognition event and program, and additional exclusive event invitations throughout the year; and acknowledgement in the annual Honor Roll of Donors.
- Why should I consider making a planned gift to the Cleveland Museum of Art?
The Cleveland Museum of Art is both a timeless and innovative artistic institution in Northeast Ohio. Your support helps us to enrich our community not only culturally, but also educationally and economically.Through the philanthropy of our friends, the museum continues to be locally engaged and internationally relevant, while ensuring the unmatched “Cleveland Quality” in our collection and new acquisitions.
- If I have more questions regarding planned or endowment giving at the Cleveland Museum of Art, who should I call?
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