OUR FUTURE IS WITH YOU
As we move forward and heal together in a post-Covid world, we continue to build deep and meaningful relationships with artists and their communities. Please support us as we reshape Performance Space’s future by devising systems for access, equitable employment, and life-affirming institutional practices.
Performance Space New York is a 501(c)(3) not-for-profit organization and your gifts are tax deductible.
There are many different ways you can make a meaningful gift today!
A gift of cash to Performance Space is fully tax deductible from your annual income tax.
If you are 70½ years old or older, and you have an Individual Retirement Arrangement (IRA), you are required to withdraw a Required Minimum Distribution (RMD) from your account every year. The RMD that you withdraw is subject to income tax. You can however give up to $100,000 from your IRA every year directly to a charity in which case you don’t have to pay any income tax on that money.
If you have stock you have held for more than a year, you can donate it to a charitable organization without having to pay capital gains tax on it.
For example, if you bought stock for $10,000 a while ago and today it is worth $20,000, you would pay capital gains tax on the $10,000 gain in value, but you could just donate the stock to a charity without incurring any tax liability on these gains.
In addition, you can claim a deduction of the market value of the donated shares — the full $20,000 — as a charitable donation deduction.
Also consider this: you are giving a gift that is two times what it originally cost you.
Other than an outright gift of stock you may also consider naming us in your transfer on death (TOD) account. By placing a TOD designation on your brokerage or investment account that account will be paid over to one or more persons or charities after your lifetime.
Establish a lasting legacy for your family members or loved ones by making a gift in their name memorialized through naming our lobby or theatre, or a chair or a wall plaque.
One example would be making a gift with appreciated securities, through this not only your relative’s legacy will live on through Performance Space, but you receive a federal income tax charitable deduction (if you itemize your taxes) and eliminate capital gains tax on the securities (see above).
A donor advised fund basically functions like a charitable savings account. You transfer cash or other assets to a tax-exempt sponsoring organization such as Fidelity Charitable or Schwab Charitable.
With the transfer to the donor advised fund you are entitled to an immediate charitable tax deduction. You can then advise the sponsoring organization on investment strategy for the account and recommend that grants be made from the account to qualified charities such as Performance Space New York.
A charitable remainder trust (CRT) is an irrevocable trust that generates a potential income stream for you, as the donor to the CRT, or other beneficiaries, with the remainder of the donated assets going to your favorite charity or charities, such as Performance Space New York.
You will be eligible for a federal income tax charitable deduction in the year you create and fund the trust, the amount of the deduction is based on the type of trust, the term of the trust, the projected income payments, and IRS interest rates that assume a certain rate of growth of trust assets.
With a charitable lead trust a donor can transfer assets, such as cash, stocks, and artwork, to a trust for a set term of years. Each year, payments are made from the trust to the donor’s designated charity, such as Performance Space New York.
It is called a lead trust because the charity is entitled to the lead (or first) interest in the trust asset, and the noncharitable beneficiary receives the remainder (or second-in-line) interest.
Once the trust’s term expires, what is left goes to the donor’s heirs free of federal gift and estate taxes. Obviously, using this tool has significant benefits for a donor and his heirs, but it is also an amazing way to support us.
Consider creating a lasting legacy in your name and name us as a beneficiary in your will.
Designate Performance Space New York as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your plan only if your primary beneficiary doesn’t survive you.
If you want to give in any of these ways and want to know more, please contact our Deputy Director Pati Hertling, email@example.com
If you include Performance Space New York in your plans, please use our legal name and federal tax ID.
Legal Name: Performance Space New York
Address: 150 First Avenue, New York, NY 10009
Federal Tax ID Number: 13-3522283