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Gift Planning

Gifts of Artwork--David Willis '52

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David Willis '52 in his New York apartment holding an Art Nouveau poster by Van de Velde (Dutch), circa 1899.

When asked if he ever wanted to be an artist, David Willis '52 responded with a hearty laugh, saying, "When I was a teenager, I knew I didn't have the talent or skill to be really good. But I found an alternative. Collecting art."

Indeed, David Willis has spent a lifetime assembling an impressive variety of paintings, etchings, pencil drawings, and photographs which flood his apartment in New York City. He noted, "I have piles of frames on the floor, the walls are full, and I have yet to find a viable way to hang art from the ceilings."

His long-time interest began about the same time David attended Haverford College. While he can't recall why, he remembers choosing to write a term paper on Henri Matisse. His intensive research, including trips to the renowned Barnes Foundation in nearby Merion, on the French artist's life and works confirmed his commitment to art.

A sociology major, David decided early on to specialize in gerontology. His professional life included stints at the Institute on Aging, part of the National Institutes of Health in Bethesda, Maryland, an exciting tour with the United Nations in India, and faculty appointments at Dartmouth Medical School and New York University.

Though "retired," he still does guest teaching and mentoring at Columbia University. And he enjoys volunteering for the Jewish Guild for the Blind which involves visiting shut-ins, reading to them (although usually not the Moby Dick he imagined when he took on this assignment!), and performing other services such as writing the checks to pay their bills.

Steve Kavanaugh of the College's Planned Giving staff contacted David about a deferred gift. Following numerous conversations, David decided to donate his valuable art collection to Haverford to be used "as the College sees fit." Artists represented in the collection include Alexandre Benois, Esther Bubley, Aubrey Beardsley, Walker Evans, Ernst Ludwig Kirchner and, of course, Henri Matisse. This notable gift of some 50 items meshes nicely with the College's expanded program to enhance the fine arts at Haverford, and it will be used in a variety of ways to benefit new generations of students.

David recalls with gratitude his years at Haverford and with humor the "beat up station wagon" that transported him to courses at Bryn Mawr College. He hopes the donation of his art collection will inspire other alumni to think creatively about the kinds of gifts they can make to sustain and enrich the College.

Donating Gifts of Art to Haverford College
When gifting artwork, the donor is required by the IRS to obtain an "independent" appraisal if the gift value is more that $5,000.00. An income tax charitable deduction will not be allowed unless the donor complies with specific appraisal requirements. Donors must file IRS Form 8283 and complete section B—Appraisal Summary. The donor gives Haverford a copy of the appraisal prior to the gift or at the time the donor presents a copy of Form 8283 for the College's signature. This appraisal can be done as early as 60 days prior to the gift date or up to the due date of the donor's tax return on which he/she claims the tax deduction. If the appraised value of the art is over $20,000, then the donor is required to attach photographs of the artwork with his/her tax return.

The College requests that a donor notify the Gift Planning Office prior to considering a gift. A representative from the College will make arrangements to see the artwork to determine if it fits within the College's collection or can be used for teaching purposes. Works that do not fit either category may be considered for the College's reserve collection. When the gift is ready to be made, the donor completes the Deed of Gift form (click here) which instructs the College on the shipping arrangements and the anticipated date of gift.

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A charitable bequest is one or two sentences in your will or living trust that leave to Haverford College a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Haverford College, a nonprofit corporation currently located at 370 Lancaster Avenue, Haverford, PA 19041, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Haverford or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Haverford as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Haverford as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Haverford where you agree to make a gift to Haverford and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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