Ways to Give
Giving opportunities to The Smithsonian Associates range from outright gifts of cash and securities to life income gifts and estate planning vehicles that have favorable financial and tax benefits.
The Smithsonian Associates encourages gifts that are unrestricted. However, it is also possible to designate a gift to The Smithsonian Associates for a specific fund or special purpose within The Smithsonian Associates' charitable mission.
This information is designed to give you general information about the many ways of giving to The Smithsonian Associates. It is not intended to provide specific advice about the legal or tax implications of charitable giving. Before making a gift to The Smithsonian Associates, you should consult with your accountant, counsel, or financial advisor for an analysis of your individual situation and the tax consequences and decide which of these ways of giving might work best for you.
Some of the more popular ways to make a gift -
Cash
A gift of cash is the most popular way of supporting The Smithsonian Associates. Gifts of cash are ordinarily tax deductible up to 50% of your adjusted gross income (AGI) in the year of your contribution.
Securities
Next to cash, appreciated securities that are readily marketable are the assets most commonly donated to The Smithsonian Associates. When you donate appreciated securities, you generally do not realize any capital gains tax. You also may be eligible to receive a federal income tax charitable deduction (up to 30% of your AGI with a five-year carryover) for the securities' full fair market value if you have held them long term (i.e., for longer than 12 months). If the donated securities were held short term (i.e., 12 months or less), only your cost basis is deductible.
Bequests
Bequests, gifts made by will, are the most popular type of planned gift. Whether you wish to provide general operating income for The Smithsonian Associates to use where it is most needed or to support a specific program at The Smithsonian Associates, your bequest expresses your lasting commitment to The Smithsonian Associates. A bequest may also help you meet your financial and estate planning goals since an estate tax charitable deduction for the entire amount of the gift would be allowed. While your will (or codicil) should be prepared by your attorney in consultation with your tax and financial advisor, the Smithsonian's Office of Planned Giving would be happy to discuss the various giving opportunities with you.
Life Income Plans
Life income plans allow you to make a gift to The Smithsonian Associates and at the same time retain a benefit from the assets you give. When you establish a life income plan, you make an irrevocable gift of assets and in return receive income for life or for a term of years. When the life income plan terminates, the assets remaining pass to The Smithsonian Associates. Life income plans offer a number of important potential benefits: an income tax charitable deduction; increased spendable income in many cases; elimination of, or reduction, capital gains tax liability if appreciated property is donated; and a diminution in the size of your taxable estate. You should consult with your financial advisor for more information on these plans as they pertain to your particular situation and needs.
For more information about these and other ways to make a gift to The Smithsonian Associates, contact:
Barbara S. Tuceling
Director
202-633-8880
tucelba@si.edu