BEQUESTS & PLANNED GIFTS
There are many ways to make a gift to the Fine Arts Work Center. The Walker Society recognizes friends of the Fine Arts Work Center who honor our mission by including the Work Center in their estate planning.
The commitment made by Society members helps to ensure that future generations of Fellows will be able to live and work in a community of their peers at the Work Center’s historic site in Provincetown.
The Walker Society owes its name to founding patron, Hudson D. Walker and the philanthropic support provided over the years by the Walker Family and the Archie D. & Bertha H. Walker Foundation.
Society members are recognized in the Society’s Honor Roll, the Work Center’s publications and permanent facility signage. Donors may also choose to participate anonymously.
One of the simplest ways to make a planned gift to the Fine Arts Work Center is through a bequest in your will setting aside a portion of your estate. To make a bequest, include a provision in your will designating a fixed amount of assets or percentage of your residuary estate to the Fine Arts Work Center. Bequests are fully deductible from your taxable estate and can therefore represent significant tax savings.
Here is sample language you may wish to use:
“I give, devise and bequeath ____ (describe dollar amount, property to be transferred or percentage of your residuary estate) to the Fine Arts Work Center, a not-for-profit
501( c ) (3) organization. ( Federal I D # 04-2487373), located at 24 Pearl Street, Provincetown, MA 02657 for its general charitable or specific restricted charitable use.”
OTHER PLANNED GIVING OPTIONS
There are many additional ways you can incorporate the Fine Arts Work Center into your financial and estate planning. The following options provide estate tax deductions in addition to promoting the center’s work.
Retirement Plans offer easy and cost-effective ways to make a planned gift. You may make a current donation directly from your plan or name the Fine Arts Work Center as the recipient of all — or a percentage of — assets that remain in your retirement plan at your death. This designation is handled through the plan’s administers. Bequests of retirement plan assets to the Work Center may be exempt from both income taxes and estate taxes.
Insurance Policies that are no longer needed for protection of your family can be restructured to name the Fine Arts Work Center as a partial or full beneficiary. Complete a new beneficiary designation form, which should be available from your insurance agent or directly from the company that issued your policy. Another approach is to irrevocably assign ownership of the policy to the Work Center by completing a change of ownership form.
Gifts of Real Estate can include homes, condominiums, apartments, second homes, undeveloped land, and rental properties. A gift of this kind can alleviate capital gains taxes, income taxes and brokers fees, while the Work Center can receive income or generate capital from your gift. Your property may also become a studio or residency location for future writing and visual Fellows.
Stock or Securities. You may transfer stock or securities to the Fine Arts Work Center electronically, by mail or by hand delivery.
Ask your broker to notify Administrative Director Naya Bricher at firstname.lastname@example.org / 508.487.9960 x 101 to transfer the gift. Please specify the name of the stock, the number of shares you wish to transfer and how you would like your gift to be designated.
By Mail: Send your unendorsed stock certificate(s) and a cover letter including your name, address and purpose of the gift in one envelope to Sharon Polli, Executive Director, Fine Arts Work Center, 24 Pearl Street, Provincetown, MA 02657. In a second envelope send a signed signature-guaranteed stock power.
Hand Delivery: Certificates may be hand-delivered to Executive Director Sharon Polli.
Although the Fine Arts Work Center does not offer tax or legal advice, we would be pleased to assist you and your legal or financial advisors in structuring your gift. We would greatly appreciate it if you would inform us of any arrangements in your will, trust, or other estate plans that support the Fine Arts Work Center. We will, of course, keep your commitment confidential.