Outright Gifts
Online Gifts
Online gifts using your major credit card may be made by clicking here. You can support the Clay Center’s Annual Fund or make a contribution to ‘Keep the Kids Coming’ to the Clay Center. The Center’s Annual Fund supports general operations and helps keep the facility clean and in good shape, as well as help pay the cost of utilities, salaries and general programs. ‘Keep the Kids Coming’ is a special access fund which allows the Center to provide discounted admission fees for underprivileged children throughout West Virginia. The actual cost for one school-aged child to attend the Clay Center is $19; for a class field trip it is $570. Our discounts allow children to attend for as little as $4. Your support is greatly needed in order to help us continue to provide this significant discount for West Virginia’s school children.
Gifts of Securities
Securities, both publicly traded and closely held, as well as bonds, that have increased in value and have been held long-term (owned for more than one year) make for excellent gifts to the Clay Center. If you own stock and are contemplating an outright or planned gift, you should consider contributing the appreciated security. There are several reasons for this form of contribution, the most notable being that the contribution of such securities generates an income tax deduction for their full fair market value at the time of the gift and no tax on the capital gain is imposed on either the donor or the Center. For that reason, it is advisable to contribute the securities rather than selling them and donating the proceeds. Gifts of closely held stock require additional planning, and may require approval by the Clay Center’s Executive Committee.
Use one of the following preferred procedures for transferring publicly held securities to the Clay Center.
Option 1: Send the unendorsed certificates and the stock powers (executed in blank) in separate envelopes to the Development Office, Clay Center for the Arts and Sciences of West Virginia, One Clay Square, Charleston, WV 25301. Stock powers may be obtained from a bank or broker. The assignment form on the back of the stock certificate and on the stock power should be left blank, and the stock should not be sent to a transfer agent for registering in the Clay Center’s name. These procedures are unnecessary and sometimes result in needless delay and expense.
Option 2: Used when securities are not held in certificate form. Notify your broker and the Development Office at the same time that you wish to contribute a specified number of shares of a certain stock. Ask your broker to hold the stock for the account of and instructions from the Clay Center. It may be necessary to instruct your broker if the timing of the gift is important.
With both options above, please allow adequate time for the stock to be transferred to the Center.
The gift value of a security that is traded on an exchange is established by the mean between the high and low prices at which it is traded on the date it is transferred to the Center. The transfer date is the date on which the donor irrevocably parts with the shares.
If trying to decide between giving cash or appreciated securities, you will likely find it in your best interest to give the securities. What if it is a stock that you want to continue to own? In that case, simply repurchase the same number of shares. In the process you will have established a higher-cost basis and will incur less capital gain when you do sell at a later time.
If you have a stock that has gone down in value, it is generally better to sell the stock and send the proceeds of the sale to the Center as a gift.
Gifts of Real Estate
A gift of real estate may be a principal residence or vacation residence, a farm, a commercial building, subdivision lots, or unimproved land. The gift may be the entire property or a fractional interest in the property. The same benefits which accrue to gifts of appreciated securities apply to gifts of appreciated real estate. All gifts of real estate require approval by the Clay Center Executive Committee.
Gifts of Tangible Property
A donor should remember that all tangible personal property, such as paintings and other works of art, will be subject to estate taxes. By giving such items to the Clay Center during your lifetime or at death, you may realize certain benefits and discover a new way to make a gift. Gifts of tangible personal property which are related to our mission generally produce a deduction equal to the fair market value of the property. Gifts which do not have a related purpose may generate a lower tax deduction but can still be attractive for contribution. Certain gifts of tangible personal property require approval by the Clay Center’s Executive Committee.
Gifts of Life Insurance
Life insurance offers an alternative method for making a charitable gift to the Clay Center. Whether the donor gives a paid-up policy or a policy for which he or she will provide annual contributions to keep it in effect, or simply names the college the beneficiary of a policy, he or she helps provide future endowment growth. When the Clay Center is made both owner and beneficiary of the policy, the cash surrender value of the policy is a good estimate of value of the gift. Also, additional premium payments, whether made to the Center or the insurance provider directly, may provide additional charitable deductions. Certain gifts of life insurance require approval by the Clay Center’s Executive Committee and may qualify the donor for membership in our Legacy Society (see below).
Bargain Sale
A bargain sale is the purchase of property (securities, real estate, etc.) for less than its fair market value. In such case, the difference between the fair market value and the sales price constitutes a charitable gift. Thus, the donor/seller is able to recoup some cash, perhaps equal to their investment in the property, and use the balance as a charitable gift. This charitable gift can be outright or a gift in trust which may be designed to pay an income for the life or a term of years to the donor/seller or other. The most common type of bargain sale occurs when a donor makes an actual sale of property to charity in exchange for cash or an installment note. However, bargain sales can also arise when a donor transfers property to charity in exchange for like-kind property of lesser value, or when a donor transfers property to charity that is subject to indebtedness, thereby being relieved of the obligation.
Online Gifts
Online gifts using your major credit card may be made by clicking here. You can support the Clay Center’s Annual Fund or make a contribution to ‘Keep the Kids Coming’ to the Clay Center. The Center’s Annual Fund supports general operations and helps keep the facility clean and in good shape, as well as help pay the cost of utilities, salaries and general programs. ‘Keep the Kids Coming’ is a special access fund which allows the Center to provide discounted admission fees for underprivileged children throughout West Virginia. The actual cost for one school-aged child to attend the Clay Center is $19; for a class field trip it is $570. Our discounts allow children to attend for as little as $4. Your support is greatly needed in order to help us continue to provide this significant discount for West Virginia’s school children.
Gifts of Securities
Securities, both publicly traded and closely held, as well as bonds, that have increased in value and have been held long-term (owned for more than one year) make for excellent gifts to the Clay Center. If you own stock and are contemplating an outright or planned gift, you should consider contributing the appreciated security. There are several reasons for this form of contribution, the most notable being that the contribution of such securities generates an income tax deduction for their full fair market value at the time of the gift and no tax on the capital gain is imposed on either the donor or the Center. For that reason, it is advisable to contribute the securities rather than selling them and donating the proceeds. Gifts of closely held stock require additional planning, and may require approval by the Clay Center’s Executive Committee.
Use one of the following preferred procedures for transferring publicly held securities to the Clay Center.
Option 1: Send the unendorsed certificates and the stock powers (executed in blank) in separate envelopes to the Development Office, Clay Center for the Arts and Sciences of West Virginia, One Clay Square, Charleston, WV 25301. Stock powers may be obtained from a bank or broker. The assignment form on the back of the stock certificate and on the stock power should be left blank, and the stock should not be sent to a transfer agent for registering in the Clay Center’s name. These procedures are unnecessary and sometimes result in needless delay and expense.
Option 2: Used when securities are not held in certificate form. Notify your broker and the Development Office at the same time that you wish to contribute a specified number of shares of a certain stock. Ask your broker to hold the stock for the account of and instructions from the Clay Center. It may be necessary to instruct your broker if the timing of the gift is important.
With both options above, please allow adequate time for the stock to be transferred to the Center.
The gift value of a security that is traded on an exchange is established by the mean between the high and low prices at which it is traded on the date it is transferred to the Center. The transfer date is the date on which the donor irrevocably parts with the shares.
If trying to decide between giving cash or appreciated securities, you will likely find it in your best interest to give the securities. What if it is a stock that you want to continue to own? In that case, simply repurchase the same number of shares. In the process you will have established a higher-cost basis and will incur less capital gain when you do sell at a later time.
If you have a stock that has gone down in value, it is generally better to sell the stock and send the proceeds of the sale to the Center as a gift.
Gifts of Real Estate
A gift of real estate may be a principal residence or vacation residence, a farm, a commercial building, subdivision lots, or unimproved land. The gift may be the entire property or a fractional interest in the property. The same benefits which accrue to gifts of appreciated securities apply to gifts of appreciated real estate. All gifts of real estate require approval by the Clay Center Executive Committee.
Gifts of Tangible Property
A donor should remember that all tangible personal property, such as paintings and other works of art, will be subject to estate taxes. By giving such items to the Clay Center during your lifetime or at death, you may realize certain benefits and discover a new way to make a gift. Gifts of tangible personal property which are related to our mission generally produce a deduction equal to the fair market value of the property. Gifts which do not have a related purpose may generate a lower tax deduction but can still be attractive for contribution. Certain gifts of tangible personal property require approval by the Clay Center’s Executive Committee.
Gifts of Life Insurance
Life insurance offers an alternative method for making a charitable gift to the Clay Center. Whether the donor gives a paid-up policy or a policy for which he or she will provide annual contributions to keep it in effect, or simply names the college the beneficiary of a policy, he or she helps provide future endowment growth. When the Clay Center is made both owner and beneficiary of the policy, the cash surrender value of the policy is a good estimate of value of the gift. Also, additional premium payments, whether made to the Center or the insurance provider directly, may provide additional charitable deductions. Certain gifts of life insurance require approval by the Clay Center’s Executive Committee and may qualify the donor for membership in our Legacy Society (see below).
Bargain Sale
A bargain sale is the purchase of property (securities, real estate, etc.) for less than its fair market value. In such case, the difference between the fair market value and the sales price constitutes a charitable gift. Thus, the donor/seller is able to recoup some cash, perhaps equal to their investment in the property, and use the balance as a charitable gift. This charitable gift can be outright or a gift in trust which may be designed to pay an income for the life or a term of years to the donor/seller or other. The most common type of bargain sale occurs when a donor makes an actual sale of property to charity in exchange for cash or an installment note. However, bargain sales can also arise when a donor transfers property to charity in exchange for like-kind property of lesser value, or when a donor transfers property to charity that is subject to indebtedness, thereby being relieved of the obligation.
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Clay Center
for the Arts & Sciences of West Virginia
One Clay Square
Charleston, WV 25301
304-561-3570