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Your treasures like valuable antiques, stamp and coin collections, cars, and other personal property can make suitable charitable gifts today or after your lifetime. By making such a gift to CalArts, you can receive a charitable income-tax deduction for the full fair-market value of the property so long as the gift's use is related to CalArts’ tax-exempt purposes. If the use of the property is unrelated to our tax-exempt purposes, or if it's understood that we will be selling the property, then the tax deduction is limited to your cost basis.
If the federal income tax charitable deduction claimed for a gift of tangible personal property exceeds $5,000, you must obtain an appraisal from a qualified appraiser and submit a special IRS form with the tax return on which the deduction is claimed.
An outright gift. This allows you to benefit our work today and receive a federal income tax charitable deduction if you itemize.
A gift in your will or living trust. You can leave a legacy at CalArts by donating property to the Institute through your will or living trust.
A bargain sale. You can sell us your property for less than the fair market value of the item. For example, if you sell us an antique for $30,000 that is worth $50,000, you will receive a federal income tax charitable deduction of $20,000 plus the payment from the Institute of $30,000.
A memorial or tribute gift. If you have a friend or family member whose life has been touched by the Institute, consider making a gift in their name.
An endowed gift. Create an endowment or contribute to one that is already established to ensure that your support of the Institute will last forever.
A charitable gift annuity. You can sometimes use non-income producing property such as valuable stamp and coin collections or works of art in exchange for life payments and a federal income tax charitable deduction. The amount of the charitable deduction depends, in part, on whether the donated items are retained by the charity and used for its tax-exempt purpose.
A charitable remainder trust. You may be able to contribute tangible personal property to a charitable remainder trust. If you or a family member is an income beneficiary, you will receive a federal income tax charitable deduction when the property is sold. An additional contribution of cash or appreciated securities is recommended to cover expenses until the tangible personal property is sold.
A donor advised fund. Gifts to donor advised funds are not limited to cash and securities. Tangible personal property such as valuable antiques, stamp and coin collections, art, cars and boats may be able to be gifted and sold to benefit your fund.
Legal name: California Institute of the Arts
Address: 24700 McBean Parkway, Valencia, CA 91355
Federal tax ID number: 95-6102146