ArtEast

Madison County Arts Council

Nancy King, George & Laurie Milnor, Diane PetriPress Release:
Arts Council Announces Arts & Champagne Host & Hostess
 
George and Laurie Milnor will host the annual Arts & Champagne fundraising event for the Madison County Arts Council on Saturday, September 20, 2008.  Co-chairs Nancy King and Diane Petri selected the theme of a “Starlit Evening” where guests will enjoy live music, catering by Tony’s, champagne compliments of Chez Marilyn and a cash bar.
Celebrating our fourth year at the Jacoby Arts Center, the event will feature both live and silent auctions offering unique artwork donated by area artists.
 
Tickets are $50 per person. Last year’s event sold out and reservations are required so purchase your tickets early. For more information, to purchase tickets or make a donation please contact the Jacoby Arts Center, 627 East Broadway, Alton or call 618-462-5222.      RSVP FORM

Giving Opportunities
The Madison County Arts Council is largely supported by funds from private philanthropy. While every source of funding is important, support by private individuals is especially vital to MCAC’s activities. The MCAC welcomes many types of gifts, including outright gifts of cash, appreciated assets such as securities, or pledges payable over a number of years. Your gift may be unrestricted, or it can be designated for a particular use. Unrestricted gifts can be used in the area of greatest need and will allow MCAC the flexibility it needs to pursue important projects.

Outright Gifts
Cash gifts - The simplicity and ease of delivery make a gift of cash (or check) the most popular type of charitable gift. The majority of the MCAC’s gifts received are in the form of cash and are tax deductible. A gift of cash is considered made on the date it is hand-delivered or mailed and it is deductible in the year in which it is given. Gifts may also be made by credit card using MasterCard or Visa.

Gifts in Memory or Tribute - You may honor or remember a loved one or friend with a gift or memorial to the MCAC in his or her name. The donation or donations by check in the name of a deceased loved one may be sent either singly or in a group. Each donor will receive an acknowledgment card, regardless of the amount given, so we encourage you to include name and address information for this purpose. Again, these gifts may be directed to benefit a specific program.

Charitable Gifts of Appreciated Property - Charitable gifts of appreciated property - whether real estate or capital gain securities - can provide even greater tax benefits than a cash gift of equal value. You may take a charitable deduction for the full fair market value of the property, while avoiding capital gains taxes. The IRS currently allows you to deduct the full fair market value of the property up to 30% of your adjusted gross income for the year. Any amount over that ceiling can be carried forward for future deduction, for up to five years, subject to the same percentage limitations. Examples of appreciated property include stocks and other securities, real estate (subject to prior approval by our Board of Directors), and personal items such as art, antiques, rare books, coins and other collectibles.

Planned or Deferred Gifts
Gifts under a will or trust - One common form of a planned gift is a charitable bequest under a will or trust. A will or living trust should be prepared by your estate planning attorney. A simple way to support the MCAC is to make an unrestricted gift. The following is an example of wording for an unrestricted gift under a will or trust document:

    "Upon my death, I give the sum of $ ___________ [or, ______% percent of my estate or trust, as finally determined for estate tax purposes] to the Madison County Arts Council, an Illinois nonprofit 501(c)(3) organization located Alton, Illinois, to be used in furtherance of its general charitable purposes."

Insurance proceeds - You may wish to consider designating the MCAC as the beneficiary of a life insurance policy. If you name MCAC as both the sole owner and the beneficiary of the policy, then you are eligible to receive an immediate charitable deduction for the policy's fair market value or the net premiums paid, whichever is less. Any additional premiums paid may also be deductible.

Retirement Accounts - One of your largest assets may be your retirement account: your 401(k), 403(b), IRA, Keogh, or other such account. When considering your estate planning, it may seem most appropriate to designate a child or other relative as the beneficiary of the account after your death, and use other assets to make a charitable gift to MCAC. However, the dollars in your retirement account have never been subject to income tax, and are fully subject to income tax when withdrawn by a beneficiary other than a charity. The income tax is in addition to any federal or state estate tax on the retirement account balance. The result of this double taxation is that for estates fully subject to the estate tax, up to 70 percent of the value of the retirement plan can be consumed in taxes before your child, relative or friend receives it. However, if you name Madison County Arts Council as the beneficiary of your retirement plan, and use your other assets-assets that are not subject to income tax-to make gifts to your heirs, you will avoid income tax and estate tax on the retirement assets. Because the MCAC is a charitable organization, we will not pay income tax on the distribution (nor will the gift be subject to estate taxes). And your heirs will receive other assets of your estate without the burden of extra taxes.

If you are considering a gift from your retirement plan to the MCAC, keep the following in mind:

  1. Designate the MCAC directly as a beneficiary by using your plan's beneficiary designation form. This is preferable to including the account in your taxable estate, then giving it to us under your will.
  2. You may make the MCAC a partial beneficiary of your plan and direct the balance to your heirs.
  3. Unfortunately, the tax benefits of a lifetime gift from your retirement account are not nearly as favorable as those for a transfer at death. That is, under present law, the IRS will tax any withdrawals you make from your retirement account or IRA to fund charitable gifts, and you may not make a tax-free rollovers from your retirement account to the charity.

Other planning options:
Charitable Lead Trust - Charitable lead trusts pay the MCAC a fixed amount or percentage of an asset for a term of years. Thereafter, the assets are passed on to beneficiaries of your choice.

Charitable Remainder Trusts - With remainder trusts, you transfer assets irrevocably to a trust in exchange for payments to yourself or other beneficiaries. The amount of the payments are determined by the types of investments the trust makes. The remainder is distributed to MCAC after the death of the last surviving income beneficiary.

For more information, please contact the Madison County Arts Council at (618) 462-5222.
Thank you for your support!!

       The Jacoby Arts Center  627 East Broadway  Alton, IL    62002   (618) 462-5222

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