PLANNED GIVING & THE SYMPHONY ENDOWMENT FUND
Planned Giving
Did you know there are ways to make a gift to the Fargo-Moorhead Symphony Orchestra that improve your financial future while helping the future of the Orchestra? A planned gift to the Fargo-Moorhead Symphony can provide the following benefits for you and your family.
Benefits of Planned Giving for YOU:
• Reduction/avoidance of estate tax
• Reduction/avoidance of capital gains taxes
• Reduction of income tax
• Increasing retirement income
• Providing income for a child or children
Planned gifts can be made using:
• Cash
• Stocks
• Real estate or other real property (appraisable value)
• Commodities / Mineral rights
• Bonds
The following types of planned gifts can provide benefits:
Gifts of stocks or securities
If you have highly appreciated stock in your portfolio that you have owned for one or more ears, consider giving shares of stock instead of cash to the Fargo-Moorhead Symphony Orchestra. If ownership is transferred to the FMSO as a gift, you receive an income tax deduction on the full value of the gifted shares of stock, since you gifted it instead of selling it. If you were to sell the stock, you would pay capital gains tax on the sale. So give the stock instead and avoid capital gains tax, plus get the income tax deduction!
Bequest
The bequest is the simplest, easiest way to benefit a charity after your life is over. Simply work with your attorney and create the language to leave a gift to the Fargo-Moorhead Symphony Orchestra in your estate plan document. The gift could be cash, securities, real estate or other property.
Insurance or IRA bequest
Again, a simple tool that merely requires that you list the Fargo-Moorhead Symphony Orchestra as a primary or secondary beneficiary of your insurance policy or IRA asset after you die. This IRA asset is often an asset that is highly taxable if given to a loved one, so consider these IRAs as excellent "give-able" charitable gifts.
Charitable Gift Annuity (CGA)
The CGA is a simple tool that can be funded with cash, stock, or real estate. The gift funds an annuity that pays out a lifetime of guaranteed income at a guaranteed return rate for one life or two. The amount used to fund the gift is tax deductible in the year of the gift, based on the age of the annuitant. Part of the income tax payout is also tax-free, based on the age of the annuitant. These gift tools are excellent for our older friends because the rates of return go up with age.
Charitable Remainder Trust (CRT)
The CRT is similar to the CGA in that it pays a lifetime income, but it is even better because the payments can increase over time, based on the management of the trust assets. You can also name one or several charities as beneficiaries. You receive income for your life and/or your spouse's or children's lives, based on the value of assets that you place irrevocably in the trust. Once you and all who benefit from the trust have passed away, the remainder of the trust is given to the Fargo-Moorhead Symphony Orchestra, and/or any other charities you wish to benefit.
NOTE: Always consult your financial advisor to discuss the benefits of a planned gift for your individual situation. For a list of excellent estate and financial planning professionals, take a look at www.rrvepc.org.
Endowment Funds
Over the years since the 1970's, we have received gifts to our endowment fund to ensure the future viability of our orchestra's mission. Today we have three Endowment Fund options, to fit your areas of particular interest:
CADENZA FUND
The Cadenza Fund is the Fargo-Moorhead Symphony Orchestra's "main" endowment fund. Earnings from this fund (a three-year rolling average of 3.5% to 5%) supplement the symphony's annual operating revenues.
podium fund
Few things are more critical to the symphony's success than outstanding artistic leadership. Earnings from the Podium Fund will help offset the annual costs of hiring and retaining outstanding conductors.
new generation fund
New artistic initiatives that will eventually be supported by contributions to this fund include a commissioning program and a Resident String Quartet.
If you would like to more information describing our Endowment Funds in greater detail, please contact Bill Ruelle, our Development Director.
All contributions to the symphony's Endowment Funds, which are housed at FM Area Foundation, qualify for the North Dakota Income Tax Credit program.
Bill Ruelle, Development Director
Email: bill@fmsymphony.org
Phone: 701-478-3676