Endowment FAQ
Questions about Endowment Giving at Asolo Rep? Let us help you answer your questions and get started.
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I want to make an endowment gift to Asolo Rep from current assets. How can I make a gift now?
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Any gift that is liquid can be donated, including outright gifts of cash, stock, mutual fund shares or dividend reinvestment programs, or a life insurance policy that is no longer needed for the protection of heirs. In addition, if you are 70.5 or older, you can make a direct distribution from a retirement fund. Endowment gift payments can be made in installments over a period of up to five years. Asolo Rep will also consider gifts of real estate.
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I want to make an endowment gift to Asolo Rep, but am not ready to make an outright contribution today. Can you tell me more about planned gifts?
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There are many ways to make a planned gift. The most common method for making a future contribution is to designate Asolo Theatre, Inc. as a beneficiary in your will. If your estate plan is complete, you can request that your attorney add a simple codicil naming Asolo Theatre, Inc. as a beneficiary of a specific bequest amount, a percentage of your estate, or a combination of both. You can also designate the Theatre as a recipient of a pension plan, IRA or life insurance.
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I understand that I can retain income from a charitable contribution. How does that work?
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If you would like to make a current gift but do not want to give up an income stream from it, you might consider a Charitable Gift Annuity (CGA) or Charitable Remainder Trust (CRT). Both of these gifts allow you to make a donation of marketable assets, keep the income from the gift while you are alive, as well as derive immediate tax benefits. Any remaining income and principal at the death of the beneficiary – or beneficiaries in the case of a couple – will benefit the Theatre. While a CGA can only benefit one nonprofit organization, a CRT can have multiple beneficiaries. Asolo Repertory Theatre does not manage CGAs but both Gulf Coast Community Foundation and Community Foundation of Sarasota County will do so for our benefit. For CRTs, Asolo Repertory Theatre cannot serve as a trustee, but most larger financial institutions can do so. We can work with your professional advisor to make sure your wishes are carried out.
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Who should I talk to about making a planned endowment gift?
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These contributions should be made in consultation with your professional advisor(s) and with an Asolo Repertory Theatre development staff member. Please contact Angel_Hissom, at angel_hissom@asolo.org or (941) 351.9010 ext. 4706.