Cash Gifts

Cash gifts can be made at any time and in any amount. Cash gifts are the simplest way to give. You can deduct cash gifts up to 50% of your adjusted gross income for the taxable year in which you give, and any excess deduction may be carried over. Checks should be made payable to the “Centre for the Arts at Mizner Park” and should be mailed to the following address:

Centre for the Arts at Mizner Park
433 Plaza Real, Suite 339
Boca Raton, Fl 33432

Gifts of cash can also be made by participating in the Centre for the Arts engraved paver program and/or membership program. Furthermore, gifts of a certain level may entitle you to a naming opportunity as the Centre for the Arts expands. For more information on the paver and/or membership programs, please click on the link below:

Membership Has Its Rewards

Engraved Pavers

Gifts of Marketable Securities

Appreciated stocks are a wonderful way to give to charity. By donating your appreciated stock to the Centre for the Arts at Mizner Park, you will get a current charitable deduction. You will not pay any capital gains tax on the stock because if the stock is to be sold, it will be sold by the Centre for the Arts after receipt. These gifts may be made outright to the Centre for the Arts at Mizner Park and can be transferred directly from your existing brokerage account into the brokerage account for the Centre for the Arts. You may make a gift of stock or bonds by one of two ways:

• Stocks or Bonds Held by Your Broker
  You may inform your broker or banker that you wish to donate stock to Centre for the Arts at Mizner Park. Your broker/banker should contact:

Centre for the Arts at Mizner Park
433 Plaza Real, Suite 339
Boca Raton, Fl 33432
Phone: 561-368-8445
Email: info@centre4artsboca.com

The stock transfer is then handled by the broker/banker and the Centre for the Arts at Mizner Park. The date of your gift is established on the day the stocks electronically arrive in the Centre for the Arts at Mizner Park's account..

• Stock or Bond Certificate in Your Possession
  You may mail the stock certificate registered in your name to the Centre for the Arts at Mizner Park. Either endorse the back of the certificate or sign an accompanying stock power. You may use our printable stock/bond power available on the website or obtain blank powers from the Planned Giving and Endowment Committee, your bank, or your broker. Be sure to sign the power exactly as you're listed on the face of the certificate. Enclose a dated letter (you may use our sample) which identifies the stock, states the program/project to which proceeds are to be allocated, and includes your signature exactly as it appears on the certificate and/or power. Send the certificate by registered mail (and return receipt requested if you would like to receive proof of its delivery) and the stock power, if any, under separate cover by first class mail to the address shown above. Upon receipt, your stock gift will be recorded and the certificate sent to the Centre for the Arts at Mizner Park’s broker for immediate disposition. For your tax reporting purposes, the date of your gift is determined by the postmark found on the envelope received last.

Gifts of Real Estate

The Centre for the Arts at Mizner Park may also accept gifts in the form of land or interests in real estate at the discretion of the Planned Giving and Endowment Committee. If you own land or real estate interests outright that has appreciated in value, and outright gift may well be the simplest solution. You will receive a tax deduction for the fair market value of your gift and avoid paying any capital gains. Furthermore, the value of the real estate will be removed from your taxable estate. Although the Centre for the Arts prefers gifts of real estate that are readily saleable, the Centre for the Arts will consider all gifts of real estate presented for donation and retains discretion as to the ultimate acceptance of such gift. For more information on gifting land or interests in real estate, please contact:

Centre for the Arts at Mizner Park
433 Plaza Real, Suite 339
Boca Raton, Fl 33432
Phone: 561-368-8445
Email: info@centre4artsboca.com

Gifts of Closely Held Stock

If you are a business owner or founder, you may be holding onto company assets that are greatly appreciated. Many times the basis in these assets can be practically zero.

A gift of closely held stock usually represents a minority block of the total outstanding shares. After obtaining a qualified appraisal of the shares (required if the gift's value is above $10,000) that takes into account a discount for the minority interest, the desired gift is made

As a charitable organization, the Centre for the Arts at Mizner Park does not normally invest in closely held corporations. Any decision to accept a gift of closely-held stock is at the discretion of the Centre for the Arts’ Board of Directors. We may accept the gift as long as there are no preconditions on what we will or will not do with the stock. The such corporations normally do not welcome outside stockholders and it is likely that the corporation may offer to redeem the stock at its appraised per share valuation, and preferring to have cash to invest, we likely would sell.

The only cost to the donor is the after-tax income realized had the cash come from the company as dividends or salary, minus the tax savings from the deduction. This can net out at about one-fourth of the value of the gift to us. There can be no prearranged contract or agreement for the Centre for the Arts at Mizner Park to sell the stock or for the corporation to buy it if the donor wishes to avoid being taxed on the gain.
For more information on the donation of closely-held stock, please contact:

Centre for the Arts at Mizner Park
433 Plaza Real, Suite 339
Boca Raton, Fl 33432
Phone: 561-368-8445
Email: info@centre4artsboca.com

DEFERRED GIFTS

Gifts by Will or Trust

A gift may be made upon your death to the Centre for the Arts at Mizner Park by naming us as a beneficiary in your will or trust. Any such bequest should be payable to:

Centre for the Arts at Mizner Park
433 Plaza Real, Suite 339
Boca Raton, FL 33432
Phone: 561-368-8445
Tax ID # 65-0748038

Such gifts may be made outright or may be made in the form of a charitable lead trust or charitable annuity trust. It is important to discuss your charitable intent with your CPA or estate planning attorney in order to determine which option is right for your particular situation. Any gift to the Centre for the Arts at Mizner Park upon your death will qualify for a deduction against any estate tax due.

Revocable Living Trust

Revocable living trusts are a type of will substitute that provides many advantages. This kind of trust provides flexibility in asset management during the lifetime of the grantor. By its very nature, it is revocable during the lifetime of the grantor and allows the grantor to amend or revoke the trust in part or in entirety. A revocable living trust is treated as a pass through entity for tax purposes and therefore any taxable events within the trust are treated for tax purposes as happening to the grantor. (IRC '676) Gifting may be done from the trust on behalf of the grantor so as to take advantage of annual exclusion gifts, lifetime exemption gifts, and charitable gifts.

Revocable living trusts provide protection in the event of incapacity of the grantor and, if all assets are titled in the name of the revocable trust, could avoid the need and expense of a guardianship. If an individual were to become mentally or physically ill and were unable to manage their affairs, a guardianship would need to be established to manage their assets unless an appropriate durable power of attorney had been given. In most cases, if an individual is incapacitated the court will have total discretion as to the individual or corporate trustee designated to serve as guardian of the property. When all assets are titled to a revocable trust, typically the grantor would serve as their own trustee until such time as they die or become incapacitated, at which time the successor trustee designated in the trust document takes over. In the event that the grantor regains capacity, the grantor will resume their role as trustee. This avoids the court costs and attorney=s fees involved with the establishment and administration of a guardianship, and allows for the individual=s assets to be managed by someone of their choosing.

Another advantage of a revocable trust is the ability to avoid probate at the death of the grantor. Probate is a process whereby the decedent=s will is filed with the court and its validity is established. Wills are filed with the court and become part of the public record. Trusts are private and do not become public information. There is a fairly complex procedure involved in probating a will, including the filing of an inventory of every asset held in the decedent=s name. Assets that would not be included in the probate estate would be as follows:

Assets held in joint tenancy with right of survivorship;
Assets held in trust;
Assets that pass by means of a contract or beneficiary designation, such as proceeds of life insurance (assuming the decedent was not the owner and the estate was not the beneficiary), Individual Retirement Accounts, Employee Benefit plan assets, annuities, etc.

A revocable living trust provides for all assets to be titled in the name of a common document. The grantor has the ability to hire professional money managers while retaining ultimate control over the trust assets.

Finally, revocable living trusts are most commonly used as a will substitute. The trust will contain all of the dispositive provisions that the grantor would have otherwise put in their will. The revocable trust can be used to fund credit shelter amounts for purposes of the federal estate tax. The trust may also be used to create a credit shelter trust and a marital trust upon the death of the grantor, as well as trusts for children, grandchildren, and split interest trusts. In conjunction with the execution of a revocable living trust, a pour over will is also executed so that any assets that remain outside of the trust at the time of the grantor=s death are then Apoured over@ into the trust estate and are subject to the administrative and dispositive terms of the trust.

Last Will and Testament

Everyone should have a will. A will is a means of disposing of your assets upon your death. A will can also provide for your wishes regarding guardianship of minor children should both parents decease, as well as providing for care for elderly parents or relatives currently in your care, or even family pets.

The probate process governs the distribution of assets after someone’s death. If you die with a will, you are considered to have died testate. If you die without a will, you are considered to have died intestate. If you die intestate, the State of Florida or your state of residency will determine who your heirs will be. The results might surprise you. The probate process also ensures that all known creditors of the decedent are given the opportunity to make a claim against the estate for any outstanding debts.

Wills are an important means of ensuring that your wishes are carried out after your death. This includes monies left to your spouse, your children, and others. You can leave money to your heirs outright or by way of a trust created in your will. This is referred to as a testamentary trust. Testamentary trusts can be created to provide for spouses, children, grandchildren, friends, pets, and charities. The trust will be administered according to the terms you have expressed. A trust for a spouse is generally referred to as a Marital Trust, while trusts for children or grandchildren are sometimes referred to as Generation Skipping Trusts. Florida also now allows for money to be left in trust to care for pets and horses. And of course charitable remainder trusts and charitable lead trusts can also be created through your will.

A will requires certain formalities to be observed during its execution in order to be considered valid in the State of Florida. It is important to consult with an estate planning attorney when contemplating execution of a will.

Split Interest Trusts

A very common planned giving technique is the use of a "split-interest trust”. These trusts can be created during lifetime or upon the death of the donor through their will or trust. The main principle to understand about split-interest trusts is that they typically involve an asset (the principal) that can generate income. Two common examples of such assets are income producing real estate and financial investments that can generate interest income. Split-interest trusts are used to give one party income during the period of the trust, while another party gets full ownership of the income-generating property when the trust ends. The right to the income generated by the property is called the "income interest", and the right to the property itself is called the "remainder interest." The term remainder interest comes from the fact that upon the trust's termination, full ownership and rights to the remaining property (including the right to all future income it generates) goes to the designated beneficiary, and the trust is ended. The term "split-interest trust" indicates that the income interest and remainder interest in the trust are divided between the Centre for the Arts at Mizner Park, donor, and sometimes other beneficiaries.

Charitable Remainder Trust - A charitable remainder trust is a type of trust that has split interests. In a charitable remainder trust (CRT), the Centre for the Arts at Mizner Park receives the underlying property when the trust ends, while the donor or other beneficiaries (at least one of which must not be a charity) receives income from the property during the term of the trust. Charitable remainder trusts have one of two major forms, each of which provides periodic payments during a specified term, but which determine the payment amounts differently:

Charitable remainder annuity trust (CRAT)
The payments are in fixed amounts (i.e. an annuity).

Charitable remainder unitrust (CRUT)
The payments are in amounts equal to a percentage of the underlying property's net fair market value at the time of calculation.

Net income charitable remainder unitrust (NICRUT)
A NICRUT pays only the net income earned by the trust each year, but not more than a set percentage of the property's net fair market value.

Net income with make-up charitable remainder unitrust (NIMCRUT)
A NIMCRUT (sometimes called a "spigot trust" or "type 3 CRUT") pays the net income earned by the trust each year up to a fixed percentage of value, but makes up any deficit below that percentage with surplus income in subsequent years.

The income interest is paid to a beneficiary or the donor for a set period of time

Charitable Lead Trust - A charitable lead trust (CLT) (sometimes called a "charitable lead annuity trust") operates in a manner opposite to that of a charitable remainder trust. In a charitable lead trust, the Centre for the Arts at Mizner Park receives income generated by the property during the lifetime of the trust, and a designated non-charitable beneficiary (sometimes the donor, but often an heir) receives full ownership of the property at the trust's conclusion. This conclusion may correspond to the lifetime of the donor or other individual, or after a shorter specified term.

Gifts and Bequests of Pension/IRA Assets

Although current gifts from retirement plans are not a viable option at this time, there is legislation pending in Congress that might change this in the near future. We will update this page at such time that the legislation is signed into law.

Bequests of retirement plan assets have always been a good estate planning idea for those that are charitably inclined. Retirement assets are, of course, income tax deferred until the monies are withdrawn from the plan or IRA. When a qualified charity inherits qualified plan or IRA assets, the charity pays no income tax on those monies. A charity is the only entity that can receive these assets without paying income tax. The estate of the decedent will get an estate tax deduction for the full value of the amount left to charity. Under the new IRA Final Regulations published in the year 2002, the naming of a charity as a beneficiary of your IRA will no longer accelerate the amount you are required to withdraw after reaching age 70 ½. To leave a portion of your IRA or qualified plan to the Centre for the Arts at Mizner Park, ask your qualified plan administrator or IRA trustee or custodian for a change of beneficiary form fill in the beneficiary information as follows:

Centre for the Arts at Mizner Park
433 Plaza Real, Suite 339
Boca Raton, Fl 33432
Phone: 561-368-8445
Tax ID # 65-0748038

Then list the percentage that you would like to leave to the Centre for the Arts at Mizner Park.

Gifts and Bequests of Insurance Policies

There are two ways to gift insurance to the Centre for the Arts at Mizner Park. It is possible to gift insurance during your lifetime and also to gift insurance at your death.

Some of you may own life insurance purchased years ago to provide for children or other family members. In some cases, this insurance may no longer be needed. If that is your situation, please consider donating the policy to the Centre for the Arts at Mizner Park. You may claim a charitable deduction for the approximate amount of the policy’s cash surrender value if you donate it to the Centre for the Arts at Mizner Park. If donated in this manner, the Centre for the Arts will cash the policy in for the surrender value. Another way of lifetime gifting involves actually transferring the ownership of the policy into the name of the Centre for the Arts at Mizner Park either directly or in the form of an irrevocable life insurance trust. The advantages to you of gifting life insurance in this way is that the insurance will be removed from your name and therefore from your taxable estate. The insurance can continue in effect and you can continue to pay the premiums. The payment of premiums will be considered a gift to the Centre for the Arts at Mizner Park. The Centre for the Arts at Mizner Park must be released from any liability in the event that the policy would lapse due to non-payment of the premium. Upon your death, the insurance will be paid either directly to the Centre for the Arts at Mizner Park or to an insurance trust of which the Centre for the Arts at Mizner Park is the beneficiary.

Gifts of insurance can also be made upon your death by simply naming the Centre for the Arts at Mizner Park as the beneficiary of the policy. This, however, may not totally eliminate the inclusion of the insurance in your taxable estate if you are the named owner of the policy at the time of your death. If the policy is includible in your estate, your estate will get a deduction for the amount of the charitable gift.

Benefits of an Outright Gift of Life Insurance to Centre for the Arts at Mizner Park:

If you irrevocably assign all incidents of ownership in a life insurance policy to American University, you will receive an income tax deduction equal to the cash surrender value of the policy. You may wish to contact your insurance company for additional information on the cash surrender value and the form necessary to change ownership of your policy.

• An irrevocable assignment of your policy as described above may remove life insurance proceeds from your estate and reduce federal estate tax liability.
• If the life insurance policy that you assign to AU is not paid in full, you may also receive a charitable deduction for the annual premiums that you continue to make on the policy.