Theatre Winter Haven Endowment
FUND
Future Stages Society
Established in 2007 with a $20,000 Board of Trustees pledge and a $50,000 bequest from Ronald and Audrey Thompson, the Endowment was created to secure the future of Theatre Winter Haven as the premiere theatrical and arts education center of Polk County. Future gifts to the Endowment Fund will help secure the future of that vision at Theatre Winter Haven.
What is an Endowment Fund?
It's a fund that invests its assets to support the mission of the
theatre. It represents a contract between the donor and the
theatre and will allow us to make commitments far into the future,
knowing that resources to meet those commitments will continue to be
available.
Basically, an endowment allows donors to transfer their private dollars to an organization with an assurance that their gifts will serve the purposes of their theatre for as long as we continue to exist.
How will the Endowment Fund help?
The earnings from our permanent endowment fund can be used to support
our daily operations, provide special programs and services, or serve as
emergency funds.
None of us know what the future holds, but we do know that right now, our organization plays an essential role in our community. Because our endowment is permanent, it ensures that future generations will have access to the same quality programs and services we provide today. Your contributions to this permanent fund can help us meet our mission for many lives to come.
Endowment funds are a vital factor in the successful future and economic health of the arts. At Theatre Winter Haven, about 67% of our annual operating costs are met by ticket sales, and, people are surprised to learn, we receive no direct monies from the city or county. Thus we are obligated to raise fund in other ways
TWH annually contributes about a million dollars to the community and provides for an immeasurable quality of life. The endowment will help secure our future.
Is my contribution tax deductible?
Absolutely. Trusts you establish or gifts
you make during your lifetime generally qualify as charitable gifts for
federal income tax purposes. In addition, bequests made to Theatre
Winter Haven in your will or trust can lower or even eliminate your
estate taxes. You may wish to contact your professional advisor
before making a gift to this fund.
CAN YOU
HELP ME MAKE A GIFT?
Of course! Theatre Winter Haven's
professional donor services staff is available to provide confidential
assistance to you and your attorney or financial advisor as you create a
gift that is best for you and your family.
HOW CAN I HELP THE ENDOWMENT FUND?
MAKING CONTRIBUTIONS TO OUR ENDOWMENT FUND IS SIMPLE.
CASH OR STOCK.
Gifts of cash or stock to our endowment in memory or honor of a loved
one are popular ways to help. Gifts of stock can be made easily by
calling Theatre Winter Haven at 863-299-2672. It provides a great
tax benefit!!!
WILL OR TRUST. Naming our endowment fund in a will is a wonderful way to be remembered. Gifts such as charitable remainder trusts and charitable gift annuities provide you with lifetime income. Charitable lead trusts are designed to provide income payments to our endowment fund.
CHARITABLE GIFT ANNUITY. A charitable gift annuity is a contract between the donor and Theatre Winter Haven that provides the donor(s) and/or other named beneficiaries with a guaranteed income at a competitive rate of return. After their lifetime(s), the gift annuity established a permanent charitable fund.
LIFE INSURANCE. Life insurance policies enable virtually everyone to make a gift. You may choose to give a paid-up policy, buy a new policy or buy insurance to replace a charitable bequest.
QUALIFIED PLAN AND REAL PROPERTY WITH LIFETIME USE. Let the professional staff of Theatre Winter Haven discuss with you assets that can provide for you during your lifetime and furnish a substantial gift to our organization's endowment fund later.
REQUIRED TO TAKE IRA WITHDRAWALS? On August 2006, the Pension Protection Act of 2006 was signed into law. This bill may offer you new opportunity for tax-free charitable giving to Theatre Winter Haven through your IRA.
If you are at least 70 and are taking minimum distributions from a traditional or Roth IRA, you may be pleased to learn of a special new provision in the law. You are allowed to direct that all or a portion of your mandatory withdrawal amount (or another amount up to $100,000 a year) be used to make charitable gifts on a totally tax-free basis.
If you are 70 1/2 or older, and your retirement assets are held in the form of another type of plan, such as a 401(k), you may be able to transfer the assets to an IRA first and then give them on a tax-free basis.
AVOID DOUBLE TAXATION. Did you know that amounts remaining in retirement accounts left to individual heirs may be liable for both estate and income taxes of as much as 65%? To prevent these taxes, you may want to leave other assets to loved ones through your will and/or other estate plans. By taking this action, your heirs are liable only for the estate tax, if any, on their inheritance, and will not have to pay income tax on the amount received as well.
You could then direct that all, or a portion of the balance remaining in your retirement account, goes directly to Theatre Winter Haven, free of all income and estate taxes. You thereby create a significant and lasting gift, while providing for your family and friends.