Thank you for considering a planned gift benefiting the Borrego Art Institute. A charitable gift to BAI’s Generations Program strengthens our position in the community and enriches the lives of its citizens. Your gift will help provide financial strength to current operations and future development, and will preserve the Borrego Art Institute for generations to come.
The Borrego Art Institute is a 501(c)(3) non-profit organization. All gifts are tax deductible as allowed by law. Some gifts can reduce estate taxes. Some gifts bypass capital gains taxes. However, all gifts are a lasting investment in the community of Borrego Springs and the arts in general.
There are a number of methods of delivering your gift but an excellent and simple way is to leave us a bequest in your will or trust. One significant benefit of making a gift by bequest is that it allows you to continue to use the asset you will leave to charity during your life. Another benefit is that you will leave a lasting legacy.
Bequest Options Include
- Designating BAI as a full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
- Naming BAI as a beneficiary of your life insurance policy
- Gifts of cash, property or stock
Bequest Benefits Include
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy to charity
- It can be changed or modified at any time
Types of Bequests
There are a number of ways you can make a bequest to the Borrego Art Institute.
Specific Bequest: A specific bequest involves making a gift of a specific asset such as real estate, a car, other property or a gift for a specific dollar amount. For example, you may wish to leave your home or maybe a fixed sum to BAI.
Percentage Bequest: Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate either to BAI directly or via our friends at the San Diego Foundation.
Residual Bequest: A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave a gift of 30% of the residue of your estate.
Contingent Bequest: A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property, such as a vacation home, to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the vacation home will go to the Borrego Art Institute.
Restricted Bequest
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Borrego Art Institute flexibility should it no longer be possible for Borrego Art Institute to use your gift as you originally intended:
If, in the judgment of the Board of Directors of Borrego Art Institute, it shall become impossible for Borrego Art Institute to use this bequest to accomplish the specific purposes of this bequest, Borrego Art Institute may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.
If you have any questions about leaving a bequest to BAI please contact us. We would be happy to assist you. If you have been so generous as to include a bequest to Borrego Art Institute as part of your estate plan, please take the time to let us know. We would like to recognize you and your family for your generosity on our planned giving wall.
Contact Wade Beane, Executive Director.