Ways of Giving
Gifts to worthy charitable institutions, including
the Flint Institute of Arts, are a great way to take advantage of the various options the government has allowed to reward benevolence and offset some of the tax burden you will encounter each April.
The following is a general description of four methods of donating immediate gifts to the FIA. Your gift is a way to combine your desire to help the Institute while garnering significant tax advantages.
Gifts of Cash
Cash is the most popular type of charitable gift given to the Flint
Institute of Arts. A charitable cash gift is considered made on
the date it is in hand, delivered or mailed, to the Institute. A
year-end contribution made by check, which is mailed in late December,
is deductible for that year's taxes even though it is not received
by the Institute until January.
Gifts of cash entitle you to a federal income tax deduction in the amount of the gift, up to 50 percent of your adjusted gross income.
Make checks payable to Flint Institute of Arts.
Gifts of Appreciated Securities
A gift of long term appreciated securities brings you immediate benefits. In addition to receiving a charitable deduction for the full fair market value of the gift, you are exempt from paying any capital gains tax on those securities.
Contact the Development Office at 810.234.1695.
Gifts of Tangible Personal Property
By contributing items such as jewelry, books, coins and automobiles to the Flint Institute of Arts during your lifetime, you may reduce your taxable estate and also reduce your taxable income in the year of the gift.
Because of changes in tax laws, please contact your tax advisor regarding this type of gift.
Gifts of Works of Art
Over the years many individuals have contributed to building the
Institute's permanent collection.
There are two ways this can be done: by donating funds to purchase
works of art and by donating works of art, which are fully tax deductible.
For tax purposes, funds donated for art purchases are treated
like any other cash donation.
Donating a work of art, however, has some special advantages.
Suppose you purchased or inherited a painting many years ago. It
is likely that the painting has increased in value, especially if
it was painted by an important artist. If you were to sell the painting,
you would have to pay a capital gains tax on the amount of the appreciation.
However, if you were to offer the painting to the FIA, and it was
accepted into the collection, capital gains tax would not apply.
In addition, the current fair market value of the painting
may be claimed as a charitable contribution. As with other types
of donations, the law provides the opportunity to spread the deduction
over more than one tax year.
If you are considering donating a work of art to the FIA, please
contact the Director, John Henry, at 810.234.1695.
The Institute follows specific
guidelines governing the selection of art work for the permanent
This is a transfer, by will or trust, of property such as cash, securities (stocks), or tangible property.