Arts and cultural activities are at the heart of communities – they make communities more attractive places to live, they contribute to the ongoing knowledge within our communities, they help bring a community to life, they define a community’s unique characteristics, they attract tourists and they contribute to the economic well-being of their community.
Ways to Give to First Coast Cultural Center
Many individuals have invested time, talent and resources to help build and sustain an arts center at the beach which is dedicated to bringing the arts into the life of the community through arts education, arts exhibitions, and arts outreach. To secure the future of the Cultural Center, it is essential that we build an endowment. While cash gifts to the endowment are always welcome, planned gifts, as part of your overall estate planning, can help you sustain the organization you treasure while providing substantial tax benefits. View our Wish List for more ways to make a contribution.
Bequest Through Will or Trust
One of the most simple and popular ways to make a gift that will live after you is to give through your will or trust. You can make a bequest to sustain the First Coast Cultural Center by providing a dollar amount, specific property, a percentage of your estate, or what is left (remainder) to the First Coast Cultural Center. Such a designation may reduce your estate taxes. In many cases, a simple codicil to your will can add First Coast Cultural Center and does not require rewriting your most recent will. Here is sample language:
I give, devise and bequeath ______ ($) or _____ (% of estate) to the First Coast Cultural Center. Tax ID #59-3238148.
Retirement Accounts and Pension Plans
Retirement account funds (IRA’s or company plans) beyond the comfortable support of yourself or loved ones may be given to the First Coast Cultural Center by proper beneficiary designation. Large pension plan assets can be subject to double or triple taxation (federal income tax, state income tax, and federal estate taxes, if applicable). These taxes can substantially reduce the benefit to heirs if tax-wise planning is not arranged.
CDs, Savings Accounts, Brokerage Accounts, Checking Accounts with P.O.D. Provisions
P.O.D. stands for “Payable on Death”. You retain full ownership and full control during your life. At your death, the account balance is paid to your named beneficiary, First Coast Cultural Center, immediately and without probate.
Charitable Remainder Trusts (Annuity and Unitrusts)
Donors and spouses can benefit from life-long payments from such a trust. The donor selects the rate of return from these income arrangements and also chooses a fixed or fluctuating annual payment to be made to the designated parties as long as they live. Estate and capital gain taxes may be completely bypassed and you will receive a current income tax deduction based on the age of the income recipient and the rate of return chosen.
Gift of Life Insurance
Insurance is another simple way to make a substantial future gift at a level that might not be possible with a cash gift. Name the First Coast Cultural Center as the owner and beneficiary to receive the proceeds of an existing life insurance policy. You will receive a tax deduction for approximately the cash surrender value, thereby reducing your tax liability in the year of the gift. An alternative is to simply add the First Coast Cultural Center as a revocable beneficiary. You retain the right to change this designation, but in this instance, you receive no income tax deduction.
Gifts to the First Coast Cultural Centerr should be made with appropriate legal and/or financial counsel.
Please let us know when you have made a planned gift by sending us a copy of the relevant section or paragraph of your legal document. By doing so, we will add your name to the membership of the Cultural Center’s Legacy Society. For assistance in planning a gift, please contact: Donna Guzzo, President, Executive Director, at (904) 280-0614 x 1201 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..
