Gifts of Securities

Gifts of securities is an effective way to donate to Arts Umbrella. As a rule, Arts Umbrella accepts gifts of publicly traded securities and on a case by case basis, will consider gifts of privately held shares. Gifting securities provides you with a tax advantage to eliminate capital gains tax on the gift of appreciated securities.

As per CRA ruling, in order to activate tax free appreciation of securities, your donation of shares must be transferred through your broker to Arts Umbrella’s broker. It is the policy of Arts Umbrella not to hold gifts of securities but to sell the gift of shares within 24 business hours. It is also important to note that tax savings on your gains cannot be activated if you sell your shares and then use the funds to make a donation by cheque or other form of payment to Arts Umbrella.

For ease of transfer, please provide your broker with our Gift of Securities form to facilitate the documentation of the transaction.

For further information regarding a gift of securities to Arts Umbrella, please contact:

Ann Byczko, Manager Leadership Giving:
604-681-5268 extension 234
abyczko@artsumbrella.com

As everyone’s situation is unique, Arts Umbrella encourages individuals to consult with their financial and legal advisors to gain independent advice that works for their personal financial situation.


Gifts of Insurance, RRSP or RRIF

Using insurance, RRSP or RRIF may be an effective way for individuals to make a significant gift to support Arts Umbrella. With careful review, your portfolio may contain an insurance policy that may no longer be critical to your financial situation and gifting these to Arts Umbrella is an efficient way to facilitate a meaningful gift. In BC, donors are also able to designate Arts Umbrella as a beneficiary to their RRSP or RRIF. Please review your financial situation with your professional advisor to determine whether any of these options are an efficient way for you to support Arts Umbrella. A gift of life insurance, RRSP or RRIF will help Arts Umbrella to continue delivering high-quality arts education programs to young people across Metro Vancouver, and beyond.

Options to consider:

Transfer of ownership of an existing, fully paid up insurance policy:

  • After review of your policies, you may consider gifting a fully paid up insurance policy that is no longer required to meet your family’s current financial needs. In this case, after consultation with your financial advisor, it is possible to transfer the ownership and make Arts Umbrella the beneficiary of the policy. This asset will no longer be a part of your estate as ownership has been transferred during your lifetime, therefore an immediate donation receipt will be issued for the cash surrender value of the policy. This option does not the require the funds or notification of distribution to pass through the estate, therefore is not subject to contest or probate tax.

Gift of a partially paid up policy:

  • Arts Umbrella will consider gifts of partially paid up insurance polices. As with a fully paid up policy, the ownership and beneficiary of the policy must be transferred to Arts Umbrella for a donation receipt to be issued. As this asset will no longer be a part of your estate, an immediate donation receipt will be issued for the current cash surrender value of the policy and an annual receipt will be issued for the value of the insurance premiums made, by the donor for each year. As with the transfer of a fully paid up insurance policy, notification and distribution of funds does not pass through the estate therefore not subject to contest or probate tax.

 

Purchase of a new insurance policy:

  • There may be an opportunity for an individual to purchase a new policy and make Arts Umbrella the owner and beneficiary. The donor would be entitled to a donation receipt for the present cash value of the policy and liable for making future premium payments. Again, as the ownership of the policy resides with Arts Umbrella, this policy will not impact the donor’s estate.

Make Arts Umbrella the beneficiary of your RRSP, RRIF or insurance policy:

  • This option allows you to keep the existing policy in your financial portfolio, with Arts Umbrella receiving a gift through your estate.
  • The tax receipt will be issued to the estate at a future date.

How can I make a gift of Insurance, RRSP or RRIF?

Contact your financial or legal advisor:

  • When you are considering making a significant gift to Arts Umbrella, we always encourage you to consult with your financial and legal advisor to ensure that this is right for your personal situation.

Contact Arts Umbrella:

  • Contact Heather Altas, Senior Director, Development, 604-681-5285 Extension 224 or haltas@artsumbrella.com and advise her of your intentions. Heather will provide confirmation that your policy can be accepted by Arts Umbrella.

Work with your insurance agent, financial institution or financial broker to complete the transfer, using the following information:

  • The information below will be required to complete the transfer of the policy. Your insurance representative or financial advisor will be able to assist in the paperwork.
  • Charitable Name: Arts Umbrella Association
  • Address: 1286 Cartwright Street, Granville Island, Vancouver BC V6H 3R8
  • Charitable Number: 11885 2300 RR0001

Gift in a Will

For many, the simplest way to make a significant future gift to Arts Umbrella is through their estate. A gift in your will allows Arts Umbrella to benefit from your legacy and to continue delivering high-quality arts education programs to young people across Metro Vancouver, and beyond. Please consider leaving a percentage or a specific amount through your estate as your legacy commitment to Arts Umbrella.

With a gift in your will, it is important to ensure your gift will be directed as you wish, and using the wording below will be helpful in providing a clear understanding of your intent.
If you already have a current (less than 5 years) will in place and there have been no significant changes in your life, then it may not be necessary to rewrite your will. It may be as simple as having your lawyer add an additional clause (known as a codicil) to your will.
Using the sample language below may greatly assist your lawyer in drafting the codicil or will on your behalf.

Sample Bequest Clause – undesignated gift

“I give and bequeath to the “Arts Umbrella Association” (Arts Umbrella), Charitable Registration Number: 11885 2300 RR0001, the sum of $___________________________ dollars to support the areas of greatest need.”

“I give and bequeath to the “Arts Umbrella Association” (Arts Umbrella), Charitable Registration Number: 11885 2300 RR0001, ____% of the residual of my estate to support the areas of greatest need.”

Sample Bequest Clause – designated gift

A gift in your will to a specific, designated program, would require an additional “power to vary” clause in your will. While Arts Umbrella will do it’s utmost to honour the wishes of our donors, there may be unique circumstances when a program is no longer offered, this additional clause will provide Arts Umbrella with the flexibility to execute the bequest in a way that respects and honours the original wishes of the donor.

“I give and bequeath to the “Arts Umbrella Association” (Arts Umbrella), Charitable Registration Number: 11885 2300 RR0001, the sum of $___________________________ dollars to be directed to support ____________________________ (i.e. organization’s endowment or specific program).”

Power to vary clause: “Should the CEO or Board of Directors deem the bequest impossible, inadvisable or impractical to execute, Arts Umbrella will direct the gift to support an area of need that will honour the original wishes of the donor.”


Gifts in Kind – Real Estate or Artwork

Arts Umbrella is able to receive gifts in kind in the form of real estate or artwork. Each in kind donation will be carefully considered by Arts Umbrella prior to acceptance to ensure that it meets our donation policy guidelines. A charitable tax receipt will be issued to the donor for the fair market value of the property at time of transfer.

If you are considering a gift of real estate or artwork, please contact Heather Altas, Senior Director, Development 604-681-5285 Extension 224 or haltas@artsumbrella.ca to discuss your intentions. Heather will be pleased to work with you to facilitate your gift.

What do I need to know before I consider a gift of artwork or real estate?
  • Independent appraisal:
    If you are considering a gift of real estate, you will be responsible for obtaining an independent valuation of the property as well as an independent environmental site assessment to determine possible contamination, (i.e., leaking underground storage tanks) or other restrictions (i.e., wetlands).
  • Gifts of artwork over $1,000, will be required to be accompanied by a professional independent valuation.

Transfer of Title:

  • Gifts of real estate (not foreign real estate) must be transferred to Arts Umbrella free and clear of all liens and obligation.
  • If the donor is considering a life interest in real estate, documentation must support acknowledgement that the donor will be responsible for and demonstrate financial ability to support all future maintenance costs, taxes and insurance costs.