Members and friends may support Elmhurst Art Museum in a number of ways. The most common forms of giving are gifts of cash and securities but there are other types of assets that may be donated as well and planned giving options that have favorable financial and tax benefits.
A gift of cash is the most popular way of supporting the Elmhurst Art Museum. Gifts of cash are ordinarily tax deductible up to 50% of your adjusted gross income (AGI) in the year of your contribution (with a five-year carryover for the excess not utilized).
Next to cash, readily marketable appreciated securities are the assets most commonly donated to EAM. When you donate appreciated securities, you generally do not incur any capital gains tax. You also may be eligible to receive a federal income-tax charitable deduction (up to 30% of your AGI with a five-year carryover) for the securities’ full fair market value if you have held them long term (i.e., for longer than 12 months). If the donated securities were held short term (i.e., 12 months or less), your deduction may not exceed your cost basis. Because a gift of appreciated securities generally avoids capital gains taxes, this type of gift may have a lower after-tax cost to you than an equivalent gift of cash. In addition to stock, you may donate bonds and mutual fund shares to EAM.
To execute a gift of stocks, bonds or mutual funds transfers may be made to the Elmhurst Art Museum's brokerage account held by the VanGuard Group, account # 60121085, DTC # 0062. For more information please contact the Executive Director, John McKinnon
Bequests (specific, residuary, and contingent gifts made by will) are the most popular type of planned gift and are crucial (along with remainders from charitable trusts) to the growth and success of Elmhurst Art Museum.