We appreciate your support! There are several options to choose from to make a gift to the Osage Arts Community:
One method of giving a gift to OAC is by offering cash, in the form of a personal or cashier's check. These gifts may be sent to OAC as an unrestricted gift for use where the organization’s need is greatest, or you may designate these funds to an area of the Museum in which you have a special interest: studios, animal sponsor, and direct support. Please send your checks payable to the Osage Arts Community at the address below. The Osage Arts Community, Inc. is a tax exempt 501(c)(3) public benefit organization. If you are considering a large gift, be sure to work with a good accountant, attorney, tax advisor or estate planner to maximize the tax advantages of your gift.
Giving stocks, mutual funds or bonds to OAC might save you from paying substantial capital gains taxes. Suppose you bought stock ten years ago for $10,000, and it is now valued at $25,000. If you sold that stock, you would pay about one-third of your profit to the IRS in capital gains tax. If you give the stock to the Osage Arts Community you can deduct the full $25,000 from your federal taxes as a charitable gift. Please see the directions below for making a gift of securities.
By making a gift of your principal residence to OAC, you may retain the right to live in it for the rest of your life or make a gift of your property outright. Either gift will provide a tax benefit. Other gifts of real estate, such as farms and vacation homes, can be of greater tax benefit to the donor if they are given to OAC directly than if they were sold and the cash donated to the organization.
Some gifts offer a lasting impact on OAC, as well as provide favorable income and estate tax advantages to you as a donor. A Charitable Remainder Unitrust may be established with a minimum gift of $250,000, and will pay income to you for life, yielding a specified percentage of the assets, re-valued annually. At the time of your death the remainder interest of the trust goes to OAC to meet the organization's greatest needs or you may designate that the income be used for a specific purpose at OAC. Real estate, stock, and other highly appreciated assets may be placed into such a professionally managed trust.
Another type of trust, the Charitable Lead Trust, provides OAC a percentage of the income for a certain number of years, after which time the assets may revert to you or pass to the recipient of your choice. This is a good way to shelter assets for a predetermined number of years, to reduce income and estate taxes, or to relieve your heirs of capital gains tax.
As you become older, you may find you have life insurance policies that are no longer needed. There are many reasons individuals become over insured later in their lives. For example, your home may now be paid for, therefore making policy provisions for home payments unnecessary. Also, your children now may be living comfortably on their own, reducing the need for insurance protection to secure their futures. You can name OAC as the beneficiary of a policy and deduct the amount of premium you pay each year as charitable tax deductions. You also can give a fully paid policy to OAC and deduct an amount equivalent to the cost of replacing it.
IRA's, Keogh Plans, corporate employee retirement programs, and group insurance plans also may be directed to pay any unused benefits to a qualified nonprofit institution, such as OAC. Talk with your personnel or benefits office or your financial advisor about what changes are needed to name OAC as final beneficiary.
Tangible Personal Property
Paintings, Jewelry, and other Tangible Personal Property: A gift of personal property is another way to benefit both yourself and OAC. Any piece of property which this organization can use in its collection or can sell for the benefit of OAC's programs is welcome.. Such gifts of property provide tax deductions at varying levels, and costs of appraisals, insurance and shipping also are tax deductible. Special tax forms must be filled out for gifts in-kind; consult your tax advisors. So that proper review and arrangements may be made, please inform the OAC’s Executive Director before sending such a gift.
Tributes and Memorials
Holidays, birthdays, weddings, and other special events provide excellent opportunities to honor children, friends, or relatives in a meaningful and lasting way. A gift of any size to the OAC *Tribute Fund* in the name of the honoree will provide great satisfaction to both the loved one and yourself. OAC will send a personal card to the honoree informing him or her that a Tribute Fund gift has been made in his or her name, but with no amount specified. You will receive an acknowledgment for your tax-deductible gift to OAC.
Memorial funds may be established bearing the name of the loved one to remember their special area of interest at OAC. Contributions from the family and a number of friends may be combined into a meaningful memorial at OAC.
Giving through Your Estate
Every individual should have a will, regardless of marital status, age, or financial position. If you do not make such decisions now, upon your death the state will do so -- often not in the way you would have chosen or in a way that might deeply hurt the ones you love most. A valid will can do more than dispose of your car, home or other property. It can be used to express, in a very personal way, your love and concern for special people and projects that have been important parts of your life. Your will can also provide helpful direction to those who are left, when they have to make some very difficult decisions. Reflect carefully on what you want your will to accomplish and put your thoughts into writing. Then call an attorney to draft the document for you. A will always should be prepared by an attorney to be certain it conforms with federal and state regulations.
Many persons see in their wills a chance to leave their mark on the future, by assisting important causes or institutions that have had meaning for them. Many of the assets discussed earlier in this document, such as real estate, cash, securities or works of art, may also be given to OAC through your will.
To assist you in making a bequest to OAC, suggested testamentary language is available at your request from OAC and the office of the Executive Director. If you decide to include a gift to OAC in your will, we would like you to inform our office so that we can express our gratitude to you now, as a member of the OAC Heritage Club family.
Through your will, a gift to OAC will make a definite, lasting statement as to the importance of the organization in your life and provide your continuing influence on the arts and cultural life of this region.
When to Give
Anytime can be the right time for a gift. The fiscal year at OAC runs from January 1 through December 31. For tax purposes, December 31 is the important date. When your taxes are being prepared, ask your accountant if increased giving would be helpful to your tax situation next year. A mid-year review may also be helpful.
If your employer or your spouse's employer offers a "matching program," your gift to OAC may be matched one-to-one or even four-to-one. Ask your personnel office about such a program. Some companies even match gifts made by retired employees or spouses.
Planning an estate is a highly personal and technical endeavor, and should be undertaken with professional counsel. The Osage Arts Community has an accountant and other specialists available, please let us know if you would like to contact any of them. If there is additional information you or your consultants may need from OAC, please call or write:
Osage Arts Community
89 Eagle Lane
If you wish to give a gift of stock to OAC, the best procedure is to write your transfer agent or broker, asking him/her to send written instructions to the organization’s broker:
Here are some numbers your agent will want to know:
OAC Federal Tax ID #: 23-7062028
OAC Acct. No. at …………: ………………
………………………'s DTC number: 0418
If you have any further questions, don't hesitate to contact Mark McClane.
We thank you and appreciate your support of the Osage Arts Community.