Giving Opportunities
THE BESTOR SOCIETY The Bestor Society recognizes those individuals who generously contribute $2,000 or more annually to the Chautauqua Fund. Arthur Bestor's presidency of Chautauqua from 1915 to 1944 saw the Institution through an astonishing period of achievement and growth. The society seeks to recognize those whose gifts to Chautauqua are most generous, to inspire others to acts of similar generosity, and thus to help Chautauqua achieve its distinctive mission.
Bestor Society members are eligible to receive the following benefits:
Gifts may be sent to the Chautauqua Fund, PO Box 28, Chautauqua, NY 14722.
PLANNED GIVING.
Through effective gift plans you can balance your personal financial goals and your charitable interest while realizing significant tax benefits. Various types of planned gifts are possible, ranging from a simple bequest in your will to various kinds of charitable trusts.
BEQUESTS. Many individuals designate a portion of their assets
be used for the benefit and support of Chautauqua. Gifts by will have become
an integral part of American philanthropic traditions, enabling a person
to make significant contributions that may not have been possible during life.
Bequests can take various forms. The following sample language of a charitable
bequest is included for your consideration:
"If at any time in the judgment of Chautauqua Foundation it is impossible or impracticable to carry out the designated purpose, the Foundation shall determine an alternative purpose as near as possible to the designated purpose." POOLED LIFE INCOME FUND. Chautauqua's pooled life income fund is a specific kind of trust that allows irrevocable gifts from separate donors to be commingled for investment purposes. In return, each named income beneficiary receives a proportionate share of the net income earned by the fund each year. Upon termination of the income interest at the death of the beneficiary, a portion of the fund representing the value of the units assigned to that beneficiary will be distributed to Chautauqua's permanent endowment. The modest initial investment needed to participate in a pooled life income fund is certainly one of its most appealing features. A donor may participate with an initial gift of $5,000, and there are no minimum gift limits for additional contributions to the fund. CHARITABLE TRUSTS. CHARITABLE REMAINDER TRUSTS. If you need current income or future income for your retirement years, a charitable remainder trust can provide income to you for your life or for a term of years not to exceed 20. You will also qualify for a current income tax deduction and avoid the capital gains tax on the property used to fund the trust. To set up a charitable reminder trust the donor transfers assets, such as cash, securities or real estate, to a trust created by the donor which in turn pays the donor, or other non-charitable beneficiary, an income for life or for a term of years (not to exceed 20). The pay-out from the trusts must be at least 5%. Upon the death of the income beneficiary, or the expiration of the term of years, the trust ends and the principal passes to Chautauqua. The donor can often avoid capital gains tax, increase income, and save estate taxes. There are two basic types of charitable remainder trusts: CHARITABLE TRUSTS. UNITRUST. The annual income received is variable, based upon a fixed percentage of the fair market value of the assets of the trust, as re-valued each year. There are other income variations available with this type of trust and additional contributions can be made to the trust. It is a highly flexible gift plan. CHARITABLE TRUSTS. ANNUITY TRUSTS. The annual income is a fixed percentage of the trust's initial value and provides income of a fixed dollar amount. Additional contributions to the trust cannot be made. CHARITABLE TRUSTS. CHARITABLE LEAD TRUSTS. Did you know you can make a temporary gift? You can use this technique, called charitable lead trust, to provide income to a charity for a period of years before passing the assets to your family. LIFE INSURANCE. large cash value resulting from a relatively small premium makes a life insurance policy an attractive planned gift. A gift of life insurance may be made in one of three ways: 1.) Donate a fully paid-up policy, naming the Chautauqua Foundation, Inc. irrevocable owner and beneficiary. The donor is entitled to an income tax deduction for an amount equivalent to the cash value of the policy. 2.) a policy on which premiums are still owing, naming the Chautauqua Foundation, Inc. irrevocable owner and beneficiary. The donor is entitled to an income tax deduction for an amount equivalent to the cash value of the policy and for any additional gifts to fund premium payments. 3.) Purchase a new policy, naming the Chautauqua Foundation, Inc. irrevocable owner and beneficiary. The donor is entitled to an income tax deduction for gifts made to Chautauqua that are designed for premium payments. THE ELEANOR B. DAUGHERTY SOCIETY. has known various forms of philanthropy and extraordinary expressions of commitment to the Institution over its 125-year history. Too often, gifts by generous and farsighted Chautauquans have gone unrecognized because they came at the end of the donors' life. The Eleanor B. Daugherty Society provides a way for Chautauqua to recognize and thank donors during their lifetime. The Society is named in honor of the late Eleanor B. Daugherty, a Chautauquan and retired music teacher from Buffalo, NY. Her major bequest to Chautauqua's piano and religion departments created an enduring legacy and an indelible mark on the Institution, far in excess of her lifetime giving capabilities. The Eleanor B. Daugherty Society is composed of individuals who have chosen to support Chautauqua's mission through charitable bequests, life-income gifts and trusts. Members of the Society will be recognized in the Institution's and Foundation's annual reports, as well as other periodic publications. The development staff is available to Society members and their financial advisors to discuss estate and gift planning questions and concerns. GIFTS THAT QUALIFY FOR SOCIETY MEMBERSHIP. To become a member of the Eleanor B. Daugherty Society, we ask for a declaration of your intention to remember Chautauqua with a gift that takes effect after your lifetime. It can be in the form of one of the following gifts: BEQUEST - A provision in your last will that is distributed from assets in your estate. A bequest can be a specific amount, for a percentage of the estate, or for the remaining portion of the estate. You may also make a bequest contingent on a specific occurrence or event. LIFE INSURANCE POLICY - The options in this category are as follows: 1.) You may make Chautauqua the owner and beneficiary of a new or existing policy that has outlived its original purpose. You remain the owner of the policy and have full control of it. 2.) You may make Chautauqua the owner and beneficiary of a new or existing policy. You receive an income tax deduction for this transaction because you have surrendered ownership and thus control of the policy. On a new policy, you would claim the premium payments as an income tax deduction; on an existing policy you would claim the cost basis of the policy. LIFE INCOME GIFT - A transfer of assets to a trust that provides lifetime income for you and/or a beneficiary as well as a charitable income tax deduction and possible estate tax savings. These gift mechanisms are used to best advantage when the property transferred is highly appreciated. A charitable income tax deduction is available for this type of contribution. GIFT OF RESIDENCE WITH LIFE INTEREST - An arrangement involving the transfer of ownership in a primary residence or second home during your lifetime that allows you the use of the property for your life or that of a beneficiary. A charitable income tax deduction is available for this type of contribution. We invite you to join the Eleanor B. Daugherty Society if you already have included the Institution in your estate plans or if you are seriously considering one of the above gift vehicles. The only membership requirement is that you inform us of your intention to do so. Also, no minimum gift requirement is imposed. A gift of any amount through an estate commitment described above qualifies you for membership. For further information, please contact Geof Follansbee, CEO, at 716.357.6220
Over the years, thousands of donors have added to the endowment to provide permanent support for scholarships, programs and facility maintenance, to name just a few. Chautauqua's endowment funds are invested in long-term investment strategies. These balanced funds consist primarily of high-quality, readily marketable stocks, bonds and other assets. The investment objective is to maximize total return -- dividends plus market value -- within reasonable risk parameters. Each year the Institution spends part of the endowment earnings on current operations and on the purposes designated by donors. To protect the principal against inflation, part of the earnings is reinvested. The amount to be spent, called the payout rate, is set by the Board of Directors to secure and even increase the buying power of the endowment. Chautauqua's endowment as of December 31, 2005, was $44.8 million. WHAT ENDOWMENT DOES. Chautauqua's main sources of income are gate revenue, tuition, fees and service charges, gifts and endowment. Unspecified endowment earnings support the general operating budget. Other endowment funds support scholarships, gardens, or programs, as specified by the donors. Endowment income provides a hedge against downturns in the economy, fluctuations in the political climate and other changes. Today's Chautauquans benefit from the endowment gifts of previous generations. For further information, please contact Geof Follansbee, CEO, at 716.357.6220
CORPORATE MATCHING GIFTS. If you or your spouse are eligible to have your contributions matched by your employer, please complete and return a matching gift form to the Development Office. Before doing so, you may wish to check with your company's human resources department to ensure that no restrictions apply. For Chautauqua to receive a matching gift, the donor must:
OUTRIGHT GIFTS OF APPRECIATED SECURITIES. Gifts of appreciated securities offer special tax benefits including elimination of capital gains tax on the appreciated portion of stock gifts. Call the Development Office at 716-357-6220 for details.
DONATING SHARES HELD IN A ACCOUNT. You will need to send a letter to your broker or banker stating your wish to give securities to Chautauqua. Specify the type of stock; the number of shares that you are donating; whether your gift is unrestricted or for a specific purpose; and the date by which the gift should be transferred (two to three business days is normal). In order for your broker or banker to transfer the securities electronically, please contact the Development Office for complete instructions by calling
716-357-6220.
DONATING SHARES IN CERTIFICATE FORM. Mail the unendorsed certificate(s) to Chautauqua with a letter specifying Chautauqua as the recipient and outlining the details of the contribution. Under separate cover, send a copy of this letter and a signed Stock Power form. This form can be obtained from your local bank or downloaded from this Web site. Sign one Stock Power for each security, making sure that signature corresponds exactly with the name as it appears on the face of the stock certificate. Leave all other sections of the Stock Power form blank and mail all documents to the Development Office. The date of the gift will be determined by the latter postmark of the two envelopes.
OVER-DELIVERY OF STOCK SHARES. If you have a certificate for more shares than you wish to donate to Chautauqua, send it in the same manner described above, and a Stock Power under separate cover, with instructions on the number of shares you wish to donate. Chautauqua will return the remaining shares in the form of a newly registered certificate. To re-register, we will need the social security number for the name on the face of the original certificate. Please include this information in your letter of instruction. It takes approximately six weeks to obtain a replacement.
CONTRIBUTING MUTUAL FUND SHARES. When giving mutual fund shares, specify to your fund's transfer agent that the shares not be sold or redeemed from your personal account, but be transferred in-kind to an account set up in the name of Chautauqua. The Development Office can work with the transfer agent on any paperwork necessary for opening and/or liquidating such an account. Many mutual funds will require that your letter be signature guaranteed by a bank official.
GIVING CLOSELY-HELD OR RESTRICTED STOCK. Closely-held and restricted stock may be accepted by Chautauqua under certain circumstances. The Development Office can advise the best way to effect the acceptance and transfer of the gift. For unlisted securities, the value of the gift must be determined through an independent appraisal provided by the donor.
TANGIBLE GIFTS OF PERSONAL PROPERTY. These are gifts of personal property such as rare book collections, artwork, or antiques that can be used or exhibited by the Institution. For additional information, contact the Development Office.
GIFTS OF REAL ESTATE. Gifts of real estate may carry substantial tax benefits. Such gifts might include residential or commercial property, a farm or an undeveloped piece of land. See "Planned Giving" for more information.
LIFE INCOME GIFTS. In addition to donating an outright gift to Chautauqua, you may choose to make a life income gift and receive income during your lifetime and/or the lifetime of a designated beneficiary. The tax advantages vary according to the type of life income gift you choose. To make a life income gift, please contact our CEO at 716-357-6220 for specific instructions.
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