Planned Giving

Our future depends on a sustainable funding model that includes special kinds of gifts such as bequests in your will or a trust that pays you income. There are many creative ways and flexible planned giving options that can benefit you and the Temple Theatre Foundation.

Contributing through a planned gift is a great way to provide for the theatre’s future. Cash contributions are always appreciated but there are many other ways you can help us fund our future and create a legacy for you and your family. You may choose to restrict your donation or allow it to be used for the general purpose of the theatre. Gifts will generally be placed in the Temple Theatre Foundation Endowment account unless otherwise directed. When considering a planned gift to the Temple Theatre Foundation we encourage you to review our Gift Acceptance Policy, Endowment Policy and Endowment Agreement. Named endowments can be established with a minimum donation of $50,000 which can be paid over a ten year term.

Ways to give:

Appreciated securities. Donating appreciated securities is an excellent way to provide a gift to the theatre and eliminate or reduce capital gains tax. The Temple Theatre Foundation has an established brokerage account into which securities can be deposited. For information on how to donate appreciated securities contact Stacey Gannon, Executive Director at 989-754-2491, ext. 106.

Named Beneficiary. One easy way to create a planned gift is to include the theatre in your estate plan by naming the Temple Theatre Foundation as a beneficiary of your donor advised fund, retirement plan, IRA or life insurance policy. Doing so is simple. Your plan provider or administrator can provide you with a beneficiary designation form. With gifts involving retirement, life insurance or real estate assets, there are many variables to consider. Contacting your tax or estate planning advisor is in your best interest.

Retirement account assets, if left to anyone other than a spouse, may be subject to very high taxation. However, by designating the Temple Theatre Foundation as the recipient of any benefits remaining in your retirement plan, you may effectively reduce taxes on those assets. Further, current regulations allow you the opportunity to gift your entire IRA to the Temple Theatre Foundation and claim a tax deduction for the full fair market value. In addition to the tax deduction, another key benefit of the direct charitable contribution of your IRA is that the distribution counts towards your Required Minimum Distribution (RMD) when you are age 70 ½ or older.

You may wish to make the theatre a beneficiary on your life insurance policy. Simply contact your provider for the beneficiary designation form and provide the theatre with a copy once completed.

The gift of your home is a unique way to support the Temple Theatre Foundation. You can transfer the home irrevocably to the theatre during your lifetime but remain in the home for the remainder of your life (retained life estate). Real estate can also be a valuable asset when used to fund either a charitable remainder trust or a charitable lead trust.

Donating tangible property to the theatre is another way of helping secure the theatre’s future. Contact Stacey Gannon, Executive Director, for further information on donating tangible property.

Bequests. Donors who remember the theatre in their will benefit the institution greatly by helping us maintain the beauty of the historical theatre, provide world-class programming and educational opportunities. Making a bequest is one of the easiest ways to provide for the theatre and it can be done in a few different ways:

  • Designate a specific dollar amount
  • Specify certain assets such as securities, real estate or tangible personal property
  • Provide for all or a percentage of your estate after all other obligations are met (a residuary bequest)

You can make a bequest by preparing a new will or adding what is known as a codicil to your present will. An outright bequest to the Temple Theatre Foundation is fully tax-deductible for estate tax purposes.

The most useful bequest is an unrestricted bequest for the general purposes of the theatre. This permits the theatre to use your gift wherever it is needed most.
Suggested language for making an unrestricted request:

“I give, devise and bequeath [the sum of _____dollars], [all or _____ percent of the rest, remainder and residue of my estate of every kind and description (including lapsed legacies and devises)] to the Temple Theatre Foundation, 201 N. Washington Avenue, Saginaw, Michigan, for its general corporate purposes.”
Suggested language for a specific purpose:

“I give, devise and bequeath [the sum of_____ dollars], [all or _____ percent of the rest, remainder and residue of my estate of every kind and description (including lapsed legacies and devises)] to the Temple Theatre Foundation, 201 N. Washington Avenue, Saginaw, Michigan, to create an endowment fund which, subject to the theatre’s endowment spending policy, is to be used for the following purpose: [state purpose].”

If you choose to specify a specific purpose for your bequest it is helpful to include the following language in your estate plan so that the give will always remain productive: “If at any time the in judgement of the Board of Directors of the Temple Theatre Foundation the designated use of this bequest is no longer practical or appropriate, then the Board of Directors shall use the bequest to further the general purposes of the theatre, giving consideration, wherever possible, to my special interest described above.”Charitable Gift Annuities. A charitable gift annuity is a contract (not a “trust”) between you and the theatre, under which the theatre, in return for a transfer of cash, marketable securities or other assets, agrees to pay a fixed amount of money to one or two individuals, for their lifetime. Temple Theatre Foundation Charitable Gift Annuities rates are determined using the currently suggested gifted annuity rates published by the American Council of Gift Annuities.

  • Gifts can be made with cash or marketable securities. The minimum gift is $10,000.
  • The fixed payment amount you receive will be determined by how much you contribute and your age at the time the gift is made.
  • Income for life can be paid to one or two annuitants. The minimum age at which an annuitant can receive payment is 65.
  • A portion of the payment is tax-free.
  • A charitable deduction is available for a portion of your contribution on you income tax return in the year the gift is made.
  • It is possible to defer receiving payments for one or more years. This will result in higher annuity payments and a higher tax deduction (available in the year you make the gift), allowing you to enjoy increased retirement income.

Charitable Remainder Trusts. A charitable remainder trust is an individually managed trust that may be tailored to meet your specific financial needs and can provide either a fixed or variable income for the life of the beneficiaries or for a set number of years, not to exceed 20. The donated assets are typically cash, securities and/or real property and are irrevocably transferred to a trustee. There are two types of charitable remainder trusts:

  • A charitable remainder trust annuity pays income as a fixed dollar amount that remains constant for the term of the trust.
  • A charitable remainder unitrust pays income that varies from year to year.
  • At the termination of the trust, the remaining assets pass to the Temple Theatre Foundation for its general purposes or for the use you specify. A charitable deduction for a portion of your contributions is available on your income tax return the year in which you make the gift.

Charitable Lead Trusts. The charitable lead trust provides income to the Temple Theatre Foundation for a period of years after which the trust typically passes to the donor’s heirs.

  • Income-producing assets that are expected to gain in value, such as stock or income-producing real estate are irrevocably transferred to a trust. A minimum gift of $100,000 is recommended.
  • The theatre received income from the trust for a specified number of years after which the property in the trust is transferred to the heirs without the imposition of any additional taxes.
  • An immediate charitable deduction on your gift tax return is available for the present value of the total income stream that the theatre will receive during the term of the trust.
  • This gift can reduce or effectively eliminate the gift and/or estate tax that would normally be payable on the transfer of these assets to your heirs.

Planned Giving Glossary

Annuitant: One who receives annual fixed payments from an annuity.

Annuity: A fixed sum payable annually.

Appreciated securities: Stocks and/or bonds that have increased in value since they were acquired.

Beneficiary: The person named to receive the income from or remaining assets of a trust, life insurance policy or retirement plan.

Bequest: A gift through one’s will.

Capital gains tax: The tax imposed upon profits realized from the sale of financial assets that have increased in value since they were acquired.

Codicil: An addition to a will that either modifies it or revokes part of it.

Gift tax: A tax imposed on someone who gives money or property to another person without compensation.

Irrevocable gift: A gift that cannot be annulled, undone or changed.

Present value: The value in today’s dollars of assets to be received at some future time.

Real property: Immovable property; land, together with all the property on it that cannot b moved, together with any attached rights; often referred to as “real estate.”

Retained life estate: The right to use property for life (usually a residence or farm) after contributing the remainder interest to a charitable institution.

Retirement accounts: Qualified plans like IRAs and 401(k) accounts that permit individuals to accumulate savings tax-free for retirement.

Tangible personal property: Includes movable object (e.g. art, collections, cars, etc.) but does not include land, buildings or other forms of real estate, stock, bonds, copyrights, cash or other “intangible” property.

Trust property: Property held in trust by one person (trustee) for the benefit of another (beneficiary).