Donations by Check or Credit Card

Gifts of Cash

Gifts of cash are the most common charitable contribution. A gift of cash is easy to make, and the gift is not subject to gift or estate taxation. Mail your check payable to:

Vermont College of Fine Arts
Development Office
36 College Street
Montpelier, VT 05602

You can also donate online here.

Sustaining Gifts

Our sustaining gifts program is a great way to provide consistent support to VCFA through monthly, quarterly, or annual donations.

How does it work?

  1. You can donate by credit card online here or call the Development Office: 802-828-8555.
  2. You determine the amount and frequency of your donation.
  3. We’ll charge your gift to your credit card at the predetermined interval. (Charges are made on or around the same date each period.)
  4. We’ll send you an email confirming the charge.
  5. We’ll send you an annual statement that can be used for tax purposes.
  6. Your gift will automatically renew each year.

Why join our sustaining gifts program?

  • It’s easier to budget and easier on your wallet.
  • You have control over your giving.
  • Your gift renews automatically.
  • It’s paperless, so it’s environmentally responsible.

Transfer of Appreciated Securities

The transfer of appreciated securities to VCFA is a wonderful way to expand the amount you can afford to donate while providing tax-saving advantages. You get a tax deduction for the gift, and you avoid paying any capital gains tax on the increase in value of the stock.

When you donate securities, you can deduct the “fair market value,” which is the average of the highest and lowest trading price on the day you make the transfer.

Here’s an example: Let’s say you purchased 10 shares of stock 10 years ago for only $500. Today, that same stock is worth $10,000. An outright gift of the stock to VCFA would result in a charitable contribution deduction of $10,000. There is no tax on the $9,500 appreciated value.

The tax deduction for appreciated securities owned for less than one year is limited to your cost basis or the stock’s fair market value, whichever is less.

We recommend the completion of a stock power form. In many cases you will be required to have your signature guaranteed by a medallion signature guarantee. This can be obtained at a commercial bank or trust company having a New York correspondent. Most major banks will provide this service. Notarization is not sufficient.

Ask your broker for assistance if your shares are held in a brokerage account.

How It Works

1. Notify VCFA:

Contact Libby Johnson, Director of Development

Vermont College of Fine Arts
36 College Street
Montpelier, VT 05602
802-828-8555
[email protected]

2. Work with your Broker

Please provide the following VCFA brokerage account information to your broker:

  • DTC number: 0443
  • Account number: 5CT-028678
  • Account held at Pershing Brokerage (affiliate)

Joseph P. Preddy will work with your broker to answer transfer questions. His contact information is: 802-479-0645, toll free 877-334-1677, fax 802-479-0562, email [email protected].

The date of the gift is the date of receipt into the VCFA account. The valuation of the gift is the average of the reported high and low on the date of the gift. Vermont College of Fine Arts is responsible for notifying the donor of the transaction.

Life Income Gifts

Gift Annuity

A charitable gift annuity can be established with the transfer of cash or property in exchange for fixed annuity payments to one or two life annuitants. This option is an attractive way to make a gift and retain a fixed income for the life of the beneficiary. Rates vary depending on the age of the beneficiary. A charitable gift annuity is considered a general obligation of the issuing charitable organization. Charitable gift annuities, therefore, take on many of same characteristics as commercial annuities with the issuing charity acting as the insurer. VCFA has partnered with the Vermont Community Foundation to offer charitable gift annuities which are backed by all the assets of the Foundation, currently in excess of $150,000,000.

Charitable Remainder Trusts

These larger, separately managed trusts pay either fixed income or a percentage of the market value of the trust, which is valued annually. They may run for a lifetime or for a term of years.

If you can benefit from the income generated by the property, a charitable remainder trust may provide a good solution. The property is irrevocably transferred into a trust which pays income to you for life or a term of years. After that, the remaining principal goes to support VCFA. Additional benefits include a substantial income tax deduction in the year the trust is established and no capital gains tax at the time of the gift.

Charitable Lead Trusts

Charitable lead trusts differ from charitable remainder trusts in that payments are made to VCFA for a specified period of time. At the end of this period, the assets are transferred back to you or your named beneficiary.

Gift of Life Tenancy

You may make a gift of a personal residence, second home, or farm to VCFA while retaining the right to occupy the premises during your lifetime. Your spouse can retain the same right. A gift of life tenancy allows you to claim an immediate income tax deduction for a portion of the appraised value of the property.

Estate Gifts & Bequests

Bequests & Testamentary Gifts

For some donors, a bequest is an easy way to make a significant gift. Typically, a bequest to VCFA is listed as a provision in your will, stipulating the transfer of funds after your death. You may designate a dollar amount or a percentage of your estate, or you may name VCFA as the final gift recipient after all other bequests have been paid.

Types Of Bequests

Unrestricted Bequests

These are funds which VCFA uses for its general purposes. This type of bequest is extremely useful because the assets can be put to use in areas of greatest need.

Restricted Bequests

These allow VCFA to use the gift only in a specified manner. The gift may be added to VCFA’s permanent endowment, with only the income to be spent (according to board-approved spending policies). Or, the gift may be earmarked for a special area of interest. It is preferable to have restricted bequests defined as broadly as possible. By avoiding narrowly restricted bequests, both you and VCFA are assured that the gift’s effectiveness will not be reduced because of changing circumstances.

Both restricted and unrestricted bequests may be made in the following ways:

A Specific Bequest gives a specific asset or collection of assets: such as cash, securities, or other designated property. A Residuary Bequest gives all or a percentage of what remains in your estate after all specific bequests have been satisfied and debts and expenses have been paid.

A Contingent Bequest gives all or a portion of your estate to VCFA when a named individual beneficiary dies before you do. For example, “I give $10,000 to my cousin, Bill, but if he does not survive me, the bequest goes to VCFA.”

A Testamentary Charitable Remainder Trust provides that all or part of your estate is left in trust, with the income paid to one or more surviving relatives or friends for their lifetimes (or for a specified number of years). After the last income beneficiary dies, or after the specified number of years expires, the trust assets are transferred to VCFA and/or other charities that you designate.

Codicils

A codicil is simply an amendment to an existing will. If you already have a will, you can add a new gift, change a provision, or delete a gift by making a codicil. Please note, however, that making a codicil requires consulting your attorney, who will review your entire estate plan to make sure that the codicil enables you to achieve your wishes, goals, and objectives. Please be sure to consult your attorney when you consider making a will or codicil. It is important that you and your attorney feel confident that the overall estate plan is the best one possible for you and your family and that the will carries out your plan.

Life Insurance

You may also irrevocably transfer the ownership and delivery of a life insurance policy to VCFA. The principle of giving life insurance is that a relatively small present gift will ultimately provide a much larger gift in the future. You will be entitled to a tax deduction based on whether the policy is paid in full or if premiums are still due. In the latter case, the deduction is equal to the cost basis or (approximately) the cash surrender value, whichever is less. If the policy is paid in full, the charitable deduction is equal to the cost of a new replacement policy with the same terms.

Retirement Savings Bequests

You may designate VCFA as a death beneficiary for your individual retirement accounts (IRAs) and assets held in accounts under 401(k) plans, profit-sharing plans, Keogh plans, and 403(b) plans. This option may save you and your heirs both income and estate taxes.

Matching Gifts

Help your gift go further by having your employer match your gift to Vermont College of Fine Arts. Many companies match charitable gifts made by their employees, doubling or even tripling the value of your donation. Some companies even match gifts made by employees’ spouses or retirees.

How Does It Work?

Request a matching gift form from your employer, complete it, and send it along with your gift to:

Vermont College of Fine Arts
Development Office
36 College Street
Montpelier, VT 05602

If you make your gift online, your form can be e-mailed to: [email protected]

IRA Distribution

If you own an IRA and are over age 70½, you may transfer up to $100,000 directly from your IRA to Vermont College of Fine Arts without claiming the income; however, you cannot claim the deduction, either. Conversely, you can claim the charitable deduction if you claim the IRA distribution as income. We recommend that you contact your IRA Custodian and your financial advisor for more information regarding your specific details on this tax wise way to make charitable gifts.

Gifts of Property

Forms of Property

Personal Property

Many people have tangible personal property of some value and often would like to donate it: works of art, antiques, jewelry, rare books, or other collections (coins or cars, for example). VCFA may be an excellent recipient of your gift of personal property. We ask that you contact us to discuss this before making the donation, to be certain we can accept your gift. You will be responsible for an outside appraisal of any property valued over $5000.

Real Property/Estate

Donating marketable real estate such as a personal residence or vacation home, commercial property, or vacant land, can be a creative way to make a significant gift to VCFA and at the same time realize important tax benefits and even income.

A gift of real estate can also relieve you of the burden of managing or selling the property. Your benefits from an outright gift of real estate include an income tax deduction for the property’s full fair market value and removal of the property from your estate. VCFA may be an excellent recipient of your gift of real estate property. We ask that you contact us to discuss this before making the donation, to be certain we can accept your gift. You will be responsible for an outside appraisal of any property valued over $5000.

Depending on your circumstances and anticipated future needs, you can donate real estate using any one of a variety of mechanisms:

Partial Interest Gift

If you are unable to donate the entire property, you may deed an undivided partial interest to VCFA, or a charitable remainder trust may be funded with such a partial interest. In both instances it is likely that the entire property will be sold, with the proceeds being shared proportionally between you (or your trust) and VCFA. Your charitable deduction for the gift portion may help offset the capital gains tax on your retained portion.

Retained Life Estate

You can give VCFA your personal residence, and still retain the right to live in it for your lifetime. A retained life estate will enable you to take an income tax deduction in the year you make the gift. VCFA would work with you and your advisor to establish arrangements for this plan.

Donate Now

Connect with our Development Office

Libby Johnson, Director of Development
802-828-8555
866-934-8232, ext. 8555
[email protected]