Performances + Events Outright Gift
An outright gift is the simplest of all gifts to make and provides NEC with the greatest and most immediate support. Most donors make outright gifts by writing a check, but outright gifts of other kinds of assets are certainly possible.
A outright gift could be right for you if:
- You have cash or other assets that you want to donate
- You want the largest possible tax deduction for your gift
- You would like to make a gift to NEC that has the greatest immediate impact
How It Works
- You transfer cash, publicly-traded securities, or other assets directly to NEC.
- Receive an income tax deduction.
Your Benefits
- Save taxes
- Gain the satisfaction of making a gift that will provide immediate support to NEC
How Your Gift Helps
Your gifts to the New England Conservatory help us educate and train musicians of all ages from around the world, drawing on the talent and deep reservoir of experience of our distinguished faculty. Your support will provide the University with the resources to…
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| inculcate the highest standards of excellence while nurturing artistic sensibility and creative growth; | foster an environment that maximizes individual attention from teachers, allowing students to explore and develop their unique artistic personalities; | reinforce and expand the position of music in society by educating the next generation of musical performers and leaders. |
What is an outright gift?
An outright gift is any gift where you transfer all ownership of an asset to NEC and retain no rights to the asset whatsoever. The most common way for donors to make an outright gift is to write a check payable to the charity.
Gift provides immediate support
Unlike some other gift arrangements, your outright gift will provide resources that NEC can put to immediate use. If you prefer to restrict our use of your gift in any way, please contact us so that we can be sure that we carry out your wishes.
Assets to consider
Cash
This is the simplest way to make an outright gift. Just write a check payable to NEC. You may deduct the full amount of your donation up to 50% of your adjust gross income. You may carry forward all unused deduction for up to five additional years.
Publicly-traded securities
It is easy to make an outright gift using publicly-traded securities. The amount of your deduction will depend on how long you have held your securities.
If you have held your securities for more than 12 months, you will be able to deduct their full value up to 30% of your adjusted gross income. If you have held your securities for 12 months or less, you will be able to deduct either their current full value or what you paid for them, whichever is less, up to 50% of your adjusted gross income. Either way, you may carry forward all unused deduction for up to five additional years.
If your securities have decreased in value while you have owned them, you will save more taxes if you sell the securities first and then donate the proceeds.
Other assets
It is possible to give us assets other than cash or publicly-traded securities. Please contact us to discuss these possibilities if you are considering such an asset for a gift.
Example
Susan Spencer would like to make a $15,000 gift to NEC. Susan could write a check for this amount and earn a nice charitable deduction. Alternatively, she will be able to save even more in taxes by giving stock worth $15,000 instead. After reviewing her plans with her investment advisor, Susan decides to give shares of Widget Corporation worth $15,000. She paid just $500 for these shares when she bought them over 20 years ago.
Benefits
- Susan will earn an income tax charitable deduction of $15,000, which will save her $4,200 (28% tax).
- She will avoid tax on $14,500 capital gain, which will save her an additional $2,175 (15% tax).
- Susan will be able to invest the cash that she otherwise would have given away.
- Susan will gain the satisfaction of making a $15,000 gift to NEC.
Additional Giving Options
By making a planned gift, you can strengthen NEC and gain financial and tax benefits for you and your family. For more information, please contact Aaron McGarry, Planned Giving Officer, by email or by phone at 617-585-1356.
Real estate can be contributed as an outright gift or to finance a planned gift. Available options include a retained life estate, which allows the donor to continue to use the property for a certain number of years, or for the donor’s lifetime. Other arrangements offer special tax advantages and lifetime income.
Gifts of real estate include undeveloped land, a residence, a vacation home, a farm, or commercial property. NEC requires the donor to bear certain costs when making a real estate gift, such as an appraisal to determine the fair market value. Also, NEC deducts transaction costs from the proceeds of the sale of the property, including the closing costs, title insurance, a survey (if needed), and any taxes due before the gift is completed.
For any questions about gifts of real estate, please contact Abigail Smitka, Assistant Vice President of Major Gifts and Campaigns, at as3628@necmusic.edu or (617) 585-1719.
Many companies support the philanthropic interests of their employees by matching employee contributions to nonprofit organizations like NEC. If your employer offers a matching gift program, you may be able to double or even triple your gift!
For more information on matching gift contributions, please contact Cheryl Fries, Assistant Director of Advancement Operations, at cheryl.fries@necmusic.edu or (617) 585-1373.
Gifts of personal property, such as musical instruments, recordings, and scores provide valuable support for our music education programs. Through the support of in-kind gifts, you can help NEC meet the college’s ongoing need to expand its inventory — and you qualify for a tax deduction.
NEC accepts in-kind donations on a case-by-case basis. For more information, please contact Patricia Kopko, Director of Advancement Operations, by email or phone at 617-585-1225
Friends of NEC may elect to make gifts to commemorate a loved one’s life, birthday, anniversary, or other special occasion. We will gladly notify those you wish to know of any gifts made in their honor.
Contributions in any amount may be directed to The NEC Fund, or to the area of your choice. Please note the name of the person you wish to commemorate when you make your gift.
Contact Us
To learn more about how you can support NEC, please contact Cheryl Fries, Assistant Director of Advancement Operations, at cheryl.fries@necmusic.edu or (617) 585-1373.
New England Conservatory is a 501(c)3 non-profit organization. All donations are tax deductible to the full extent of the law. Our non-profit tax ID is 23-7225104.
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