With so many ways to give to Curtis, we invite you to contribute today. All gifts, no matter the method or amount, are important to Curtis’s financial health and ability to deliver on its mission.
Curtis Institute of Music
1620 Locust Street
Philadelphia, PA 19103
If you’re holding marketable securities with long-term capital gains, it may be a good idea to contribute shares of stock, rather than cash. If you’ve owned the security for more than a year, the charitable deduction is the current market value of the security and you avoid federal income tax on the long-term capital gain. When giving appreciated securities to Curtis, you can deduct up to 30 percent of your adjusted gross income, instead of 50 percent when you contribute cash; however, any excess charitable deduction can be carried forward for up to five years. Your broker or investment advisor can wire your gift to Curtis quickly and safely by using the Depository Trust Company (DTC) wire transfer system. Please refer to our Wire Transfer Instructions for more details.
The “IRA Charitable Rollover” is an attractive option for IRA owners who have reached age 70½ . Ordinarily, an IRA owner must report withdrawals as income and pay income tax on them. The charitable IRA rollover provisions allow IRA owners over age 70 ½ to direct gifts from their IRAs to qualified charities – gifts that would count toward the IRA owner’s minimum distribution requirement (MRD) andnot be reportable as taxable income (up to $100,000). Direct gifts to charity from the IRA will not qualify for a charitable deduction. The result is a tax break for those who do not itemize deductions and for those whose charitable gifts may exceed the deduction limits. Check with your tax advisors to see if this option would be good for you.
The recent popularity of donor advised funds has been astounding. “More than 36 million federal income-tax returns for 2013 reported deductions for charitable contributions, according to the Internal Revenue Service” (The Wall Street Journal, November 2, 2015). If you have made gifts to a donor advised fund, such as the Fidelity Charitable Gift Fund, the National Philanthropic Trust, the Schwab Charitable Fund, or the Vanguard Charitable Endowment Program, you can direct/advise grants from your account to Curtis. If you do so, please remember that gifts received from donor-advised funds cannot be applied against a legally binding pledge, and you cannot receive benefits (goods or services) from Curtis in return for the gift.
Prepared by the Curtis advancement office and updated November 9, 2017. This information is not intended as tax or legal advice. Always consult your own professional advisors to determine how these suggestions would apply to your situation. For additional information, please call Charles Sterne III, director of principal gifts and planned giving, at (215) 717-3126.