I can’t believe it has been a year since I last wrote here. It feels as if the Gems and Minerals opening that I discussed in the last entry just happened. But it’s true; almost a year has passed since. Time marches on and another new exhibit has opened.
Speaking of time, in our newest exhibit, we are thrilled to take you on a quick trip to our planet as it existed between sixty-five million and (roughly) a couple hundred million years ago.
I saw many of you Eastwoods at the premiere of Pterosaurs – Flight in the Age of Dinosaurs. But, I know some of you were unable to attend that event. If you still haven’t had the opportunity to see this newest addition, I hope that you’ll reach out in advance of a future visit so that I might say hello when you’re here. And, as always, the coffee’s on me.
Also on me is this joke that you’re free to use at the exhibit – that is where I picked it up from one of our smaller visitors…
Why can’t you hear a Pterosaur going to the bathroom?
Because the “P” is silent. (ツ)
Other than telling bad jokes, I wanted to talk a bit of shop today about a giving strategy that I don’t see very often at the Academy. I write about it in hopes that you might help me to get the word out. So, let’s talk about real estate. Did you know that the Academy is well equipped to manage gifts of real estate?
Over the last couple of decades, the Academy has been incredibly fortunate to have been the beneficiary of some rare “real property” gifts. When these gifts do occur, they do an incredible amount of good for the Academy, as you might expect in the Bay Area. My concern is that I haven’t done a good enough job of describing both my planned giving department’s facility with these gifts or the many ways in which we can be creative with these assets. For example, did you know it was possible to donate your home with the condition that you may continue to live in it? And though the donor(s) retain the right to remain in the house for life, they get a sizeable tax deduction (which they can carry over for 5 more years) in the year in which they decide to make the gift.
Others choose to give a piece of property for a lifetime income in return. This can be a bit more complex, but I’ve worked on these gifts before and they can be incredibly tax savvy, allowing the donor to avoid a great deal of capital gain in addition to receiving a stable income for life.
I will also note that there are occasional instances wherein the Academy may be open to buying a property from a donor at a reduced price. This is called a bargain sale and entitles the donor to some immediate income as well as a tax deduction for the value below market that the sale property was purchased for.
In addition to communicating about this giving strategy here, in the next month or so I will also be mailing a piece that describes some of these arrangements to a larger Academy audience. I hope you don’t mind me putting out early feelers (and bad jokes) to you first.
So, that’s my post for today. I’ll sign off by noting that as I come up on my 5 year anniversary at the Academy, I am reminded of what a pleasure it has been to work with each and every one of you. I hope this post finds you each happy, healthy and glad that you stopped by.