There are many ways to give to Lyric Theatre & Thelma Gaylord Academy, depending on your interest and circumstances. Below is an introduction to some giving options that are available to support the mission and goals of Lyric Theatre. Our staff welcomes the opportunity to meet with you and discuss these or other considerations in more detail.
Cash
Cash is the most direct way to make a gift in support of Lyric Theatre & Thelma Gaylord Academy. Funds received in this manner will be invested according to policies approved by the Board of Trustees and the Investment Committee. Gifts are tax deductible to the extent allowable by law.
Securities
Securities make excellent gifts of support, and are a tax-smart option for many donors to consider. When a person owns securities that have a long-term gain and gives them to Lyric Theatre, they are received at the current fair market value. You are then able to deduct the gift on your federal income tax return at the full fair market value, and avoid all capital gains tax.
Property- Real or Personal
Real estate may be given to Lyric Theatre outright, or you may retain a life estate contract. If the gift is irrevocable, certain immediate tax benefits are available and you can continue to live in the property for the rest of your life. Other types of property to consider for charitable purposes are rental or business real estate (either as an outright gift or retained life income), business inventories, assigning royalties for minerals, inventions, or copyrights, agricultural resources, antiques, paintings, and other tems of value.
Gifts of Life Insurance
The most common type of life insurance gicft is an assignment of an existing policy. For policies that are paid in full, the donor simply names Lyric Theatre owner and beneficiary. In doing so, you receive both gift and estate tax considerations. In a gift of policy that is not paid in full, later premium payments are also deductible for tax purposes.
Gifts By Bequest
Bequests are gifts left by will, and are the best-known deferred gift. Most bequests may be written for a specific amount, a percentage of the total estate, or the remainders after specified conditions are met. A bequest may include cash, securities, and other assets of the donor's choice.
Gifts By Trust
In a Charitable Income Lead Trust, property or funds are transferred to a trustee who makes payments to Lyric Theatre for a specified number of years. After the conclusion of these years, the principle amount is returned to a designated non-charitable beneficiary (usually a family member). Gift and estate tax charitable deductions take effect if the trust takes form of either a unitrust or an annuity trust.
A Charitable Remainder Unitrust is a custom designed and individually managed trust that enables you to retain a variable income for your lifetime or a fixed term of years, claim a current income tax deduction, and make a future gift to charity. The trust will terminate at the death of the last beneficiary, and the corpus and accrued income will be distributed to Lyric Theatre.
A Charitable Remainder Annuity Trust is a popular type of life-income plan. Cash, securities, real property, or other assets are transferred into a trust. The trustee manages the trust assets and pays you or others a fixed income for life or for a term of years. When the trust terminates, the remaining assets in the trust are transferred to Lyric Theatre. An immediate income tax charitable deduction is allowed for the remainder value.
These gift suggestions are provided by Lyric Theatre & Thelma Gaylord Academy for information purposes only. Before making contribution or charitable gifts, it is strongly recommended to consult with legal and financial advisors.
For more information or assistance, please contact Pam Mowry, Director of Development, at 524-9310.
