Planned giving to the Spencer Theater.
A brief history of the Spencer.
The Spencer Theater for the Performing Arts opened in October of 1997, creating a year-round venue for world-class performances in theatre, music and dance. At the heart of the Spencer Theater, in its beautiful 514-seat hall, you’ll encounter a powerful experience — outstanding acoustics, intimate seating, and artistry of the highest caliber.
Designed by Albuquerque architect Antoine Predock, the building itself is a work of art reminiscent of pyramids, mountain peaks, and sci-fi star cruisers. Faced in 450 tons of Spanish mica-flecked limestone, the theater features a waterfall gently cascading from the core of the white wedge-shaped structure and a crystal lobby shining like a diamond in the night sky.
The Theater was funded solely by the late philanthropists Dr. A.N. Spencer and Jackie Spencer Morgan. The operating budget is currently subsidized by the estate of Jackie Spencer Morgan and through contributions from Spencer Circle patrons.
The Spencer Theater is raising funds for its Theater Endowment, which will provide for the future of this grand facility, ensuring that generations to come will enjoy the benefits of fine performing arts.
A gift to the Theater Endowment helps to ensure the future of the Spencer Theater and may further your own financial goals. Because the Spencer Theater is a nonprofit, 501(c)(3) organization, your gift is tax deductible to the extent permissible by law. Your gift will not be subject to any federal or state gift tax, nor will it use up any gift tax exclusion that can be applied to gifts to others.
This brochure is a brief overview of how you can support the Spencer Theater and describes some of the tax advantages that may result from your gift.
WAYS OF GIVING
OUTRIGHT GIFTS
Gifts Of Cash
A cash gift is an easy way to make a donation and can be made in a few different ways.
1. On-line Donation: A secure credit card donation can be made on-line by going to the Spencer Theater’s home page at www.spencertheater.com and clicking on the “Make a Donation” box.
2. Send a Check: If you prefer to send a cash donation, please mail your check, payable to “Spencer Theater for the Performing Arts”, to 108 Spencer Road, Alto, NM 88312.
Honorary or Memorial Gifts
A wonderful way of honoring a special person, loved one or organization is with a gift that allows you to publicly recognize them by having their name published in our newsletter. Facets is published monthly and distributed to our contributors. An acknowledgement of your gift can be sent both to you and the honoree or family of a deceased loved one.
Whichever method you choose to make your gift, you will receive a written acknowledgement for your donation. You are entitled to an income tax deduction for the gift in the year in which it is made. Please consult your financial advisor as to how the rules apply to you.
CREATE A NAMED ENDOWMENT
You can create an endowment for children’s theatre, artists in residence, performances by area colleges and universities, or a summer academy for grades K through 12 of fine and performing arts by making a donation of cash or property.
You can also have an area of the Spencer Theater named to commemorate a donor or serve as a lasting legacy to a special person or organization. Please contact our Development Director, Tom Battin, at 505-336-0015 or tbattin@spencertheater.com for more details.
GIFTS OF SECURITIES AND OTHER
APPRECIATED ASSETS
With a gift to the Spencer Theater of stock, securities, or other appreciated assets, you may be able to gain additional tax advantages. You can avoid the potential capital gains tax liability that would result from the sale and be entitled to an income tax deduction for your gift.
With securities or other assets that have declined in value, it may be advantageous to sell them and donate the proceeds to the Spencer Theater. The loss could be used to offset other capital gains and some ordinary income, thereby avoiding tax.
If you wish to transfer stock to the Spencer Theater, we can provide you with an Endowment Stock Donation Form in advance of the transfer. Simply give your broker the form and tell him/her that you would like to make a stock gift to the Spencer Theater.
Your gift will be acknowledged for income tax purposes. Of course, you should consult with your financial advisor as to how the above applies to your personal tax situation.
PLANNED GIVING
A meaningful gift to the Theater Endowment can be made with a planned or deferred gift that the Spencer Theater would receive after your death. This type of gift is made through your will or trust instrument and includes gifts of life insurance proceeds, charitable gift annuities or charitable trusts.
The benefits of planned giving can include estate tax savings, income tax deductions and capital gains tax consideration. Gifts of this type can protect your assets, while providing benefits to your heirs and possibly increasing your annual income.
Your attorney or financial advisor can advise you which type of gift is the most beneficial for your personal situation.
BEQUESTS
Another way to make a gift to the Spencer Theater is by including a bequest in your will or trust instrument. The following is an example of the language you could add to your will or trust:
I hereby give, devise and bequeath to the Spencer Theater for the Performing Arts, a 501(c)(3) nonprofit corporation organized and operating under the laws of the State of New Mexico, located at Airport Highway 220, Alto, NM 88312, the sum of $_________ (or ________ percent of the rest, residue and remainder of my estate) to be used for the general purposes of the organization.
A bequest can help reduce the size of your taxable estate and also qualify for an estate tax charitable deduction as well as assisting the Spencer Theater.
LIFE INSURANCE
There are several benefits to donating a life insurance policy:
Donate a paid-up policy. You may find you no longer need your life insurance policy because your financial circumstances have changed or you no longer have dependents. By naming the Spencer Theater as the beneficiary and/or transferring ownership of the policy to the Spencer Theater, you can claim a charitable income tax deduction that is almost equal to the policy’s cash value.
Donate a policy on which you are still paying premiums. Your charitable deduction is about equal to the cash value and future premium payments on the policy.
Assign the dividends to the Spencer Theater. By assigning the policy dividends, the value of the dividends becomes an annual donation, which is also tax deductible.
CHARITABLE REMAINDER TRUST
Creating a Charitable Remainder Trust (“CRT”) can give you or a beneficiary an income either for life or a set number of years. The remainder or principal of the trust would go to the Spencer Theater at the end of the trust term.
Selling assets that have appreciated significantly can create serious capital gains tax obligations, but a CRT may be able to eliminate them entirely. You can also claim an income tax deduction for the present value of the gift, thereby reducing your current income tax obligations. In addition, a CRT can provide an income for you or another beneficiary for life and can eliminate or reduce some probate expenses for the administration of your estate after your death.
IRA ROLLOVERS
The Pension Protection Act of 2006 allows for tax-free distributions to non-profit charitable organizations from Individual Retirement Accounts (“IRA”). An IRA participant, aged 70 1/2, can donate $100,000 for calendar year 2006 and $100,000 for calendar year 2007 from an IRA account tax-free to qualifying charitable organizations. The Spencer Theater is a qualifying non-profit organization and would welcome your IRA distribution.
Of course, you should consult with your financial advisor to review your IRA rollover options and what is most prudent for your personal situation.
For more information on gifts to the Spencer Theater for the Performing Arts, please contact Tom Battin at Tom Battin, or call (505) 336-4800 or toll free at (888) 818-7872. Spencer Theater for the Performing Arts, 108 Spencer Rd, PO Box 140, Alto, NM 88312.