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There's a way for you to support the Virginia Museum of Fine Arts and feel confident that you have dependable income in your retirement years. You can do this with a charitable gift annuity.
With a charitable gift annuity you agree to make a gift to VMFA and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life. The balance is used to support our work.
This type of donation can provide you with regular payments for life and allow VMFA to further our mission. You can also qualify for a variety of tax benefits depending on how you fund your gift.
If you fund your gift annuity with cash or appreciated property, you qualify for a federal income tax deduction if you itemize. In addition, you can minimize capital gains taxes when you fund your gift with appreciated property.
And now, you can fund your gift using your. If you are 70½ and older, you can make a one-time election of up to $50,000 to fund a gift annuity. While your gift does not qualify for an income tax deduction, it does escape income tax liability on the transfer and count toward all or part of your required minimum distributions.
Your payments depend on your age at the time of the donation. If you are younger than 60, we recommend that you learn more about your options and download this FREE guide Deferred Gift Annuities: Plan Now, Benefit Later.
For Hank and Genevieve Chenault, VMFA is part of their past, present, and future. "Joining the museum was one of the first things we did after moving to Richmond in 1964," Hank explains. "Over the years, we've developed a deep appreciation for all that VMFA offers. Visiting other museums on our travels has confirmed that the Virginia Museum of Fine Arts is something truly special. The American and European collections are personal favorites, but what we really value are the countless opportunities for learning, fun, and renewal," Hank continued. "As longtime members, we've developed wonderful relationships with the curators, whose expertise is such an asset to the museum. VMFA has added so much to our lives; we decided it was time to do more than our annual gift."
The Chenaults recently established a charitable gift annuity (CGA) with the museum, which provides an income stream during their lifetimes, a significant tax deduction, and a charitable gift to VMFA upon their deaths. "Genevieve and I hope that our charitable gift annuity will, in a small way, enable future generations to enjoy and otherwise benefit from the beauty and the riches of the VMFA collection as much as we have." In gratitude for this gift, the Chenaults have been added to the Glasgow Society, which recognizes all those who have included VMFA in their estate plans.
Input a few details and see how a charitable gift annuity can benefit you.
Legal name: Virginia Museum of Fine Arts Foundation
Address: 200 N. Arthur Ashe Blvd., Richmond, VA 23220
Federal tax ID number: 51-0205333
Learn more about the many benefits of a charitable gift annuity in our FREE guide Charitable Gift Annuities: Gifts That Give Back.