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Gift Planning

Gift Planning

For over 200 years the New York Academy of Sciences has advanced science, technology, and society worldwide. With more than 20,000 members in 100 countries around the world, the Academy is creating a global community of science for the benefit of humanity.

By making a planned gift, you will ensure the Academy can continue to serve future generations of scientists, engineers, and innovators.

The New York Academy of Sciences 1817 Heritage Society

The New York Academy of Sciences 1817 Heritage Society recognizes all those who have named the Academy in their estate plans. If you have made a commitment to support the New York Academy of Sciences through a gift in your will, trust, retirement plan, or other planned gift, please let us know to become a Member. There is no minimum amount required. Benefits of Membership include:

  • Recognition as a Member on the Academy website, annual report, and at on-site events.
  • Certificate of Membership in the New York Academy of Sciences 1817 Heritage Society.
  • Invitation to exclusive events for Academy supporters.

Contact us today to join and leave a lasting legacy that will impact generations of scientists to come: gifts@nyas.org or 212.298.8674.

With regard,

Bevin Ross

Director, Individual Giving

Contact

Bevin Ross

212.298.8674

Members of the New York Academy of Sciences 1817 Heritage Society

Jennifer Henry
Jennifer Henry
Joel and Liora Kirman
Joel and Liora Kirman
Michael L. Korchynsky
Michael L. Korchynsky
Richard E. Parr
Richard E. Parr
Gift Planning

The most popular way to make a planned gift to support the future of the Academy is through your will, trust, retirement plan or life insurance policy. These bequests let you create a powerful personal legacy without impacting your current financial obligations. These gifts can be a specific amount or a percentage of your estate.

The following sample bequest language may be helpful:

 “I give, devise, and bequeath [assets/percent share of the residue of my estate] to the New York Academy of Sciences, with its principal office at 7 World Trade Center, 250 Greenwich Street, New York, NY 10007.”

If needed, the Academy’s tax ID number is: 13-1773640

Most bequests are used to provide support wherever it is needed most. If you wish to designate a specific purpose for your bequest, we encourage you to discuss your wishes with us in advance as the needs of the Academy change over time.

If you have made a commitment to support the New York Academy of Sciences through a gift in your will, trust, or retirement plan, please contact us to confirm your intent and become a member of our 1817 Heritage Society .

Contact

Bevin Ross

212.298.8674
Gift Planning

Gifts from Your Retirement Plan

By naming the Academy as a beneficiary of your retirement plan, you will be making a meaningful gift in a tax-efficient manner.

Many people have retirement plan accounts, such as from an employer or a personal retirement plan account, which have built up over time. Most retirement assets have never been taxed but become subject to tax when they are withdrawn for distribution. If your heirs inherit these assets, a large percentage of the assets in the account will be lost to taxes. Consider naming the Academy as a beneficiary of your IRA, 401(k), 403(b), or other retirement plan and leaving other assets to your heirs as the Academy will not have to pay taxes and can benefit from the full value of your intended gift. Your estate will also benefit from an estate tax charitable deduction for the gift.

To leave your retirement assets to the Academy, simply complete a beneficiary designation form provided by your retirement plan custodian—often available online. You can designate all or a percentage of your retirement plan assets to the Academy. The following information may be helpful when completing the beneficiary designation form:

Official Name: New York Academy of Sciences

Address: 7 World Trade Center, 250 Greenwich Street, New York, NY 10007.

Taxpayer ID number (sometimes called the Employer Identification Number or EIN): 13-1773640

If you have named the Academy a beneficiary of your retirement account, please contact us to join the 1817 Heritage Society.

If you are age 70 ½ or older, you can also make a direct gift to the Academy through an IRA rollover.

IRA Rollover Gifts

If you are age 70 ½ or older, you may make a charitable gift to the Academy directly from your IRA (or Roth IRA). This type of gift is a way to lower your income and taxes from your IRA withdrawals and is particularly attractive for those who do not itemize their tax deductions or whose distribution would put them in a higher tax bracket.

Benefits of an IRA Charitable Rollover:

  • Avoid taxes on transfers of up to $100,000 per year from your IRA
  • Satisfy your required minimum distribution (RMD) for the year
  • Reduce your taxable income, even if you do not itemize deductions
  • Make a gift that is not subject to the deduction limits on charitable gifts
  • Help further the work and mission of the Academy

How an IRA Charitable Rollover Gift Works:

  • Contact your IRA plan administrator to make a gift from your IRA to the Academy.
  • Ensure that your IRA funds are directly transferred to the Academy (in a distribution check payable to NEW YORK ACADEMY OF SCIENCES). If needed, the Academy’s Tax ID (sometimes called the Employer Identification Number or EIN): 13-1773640.
  • Let us know your plans. This will help us ensure that your gift is credited properly and that the appropriate acknowledgment is sent for your records.

Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.

Contact

Bevin Ross

212.298.8674
Gift Planning

Gifts from Your Life Insurance Policy

If you have a life insurance policy that has outlasted its original purpose (i.e. if you purchased a policy to provide for minor children who are now financially independent), consider making a gift of your insurance policy to the Academy. A life insurance policy may also offer tax savings now and into the future as well as benefit the Academy’s future upon the policy’s maturity. Consider one of the following:

Name the Academy as a Policy Beneficiary

This planned gift is as simple as updating the beneficiary designation form with your life insurance policy holder. You can designate the Academy as the primary beneficiary for a percentage or a specific amount or as a contingent beneficiary. You will continue to own and can make use of the policy during your lifetime. Your estate may also benefit from an estate tax charitable deduction. The following information may be helpful when completing the beneficiary designation form:

Official Name: New York Academy of Sciences

Address: 7 World Trade Center, 250 Greenwich Street, New York, NY 10007.

Taxpayer ID number (sometimes called the Employer Identification Number or EIN): 13-1773640

 

Make an Outright Gift of an Existing Policy

You can name the Academy as owner and beneficiary of an existing policy. You would qualify for a federal income tax charitable deduction when you itemize your taxes depending upon whether the policy has increased in value above the premiums and whether the policy is paid up or there are remaining payments to be made. For a paid-up life insurance policy, the tax deductible value of the gift is the cost basis or cash surrender value of the policy, whichever is less. If there are remaining payments, premium payments which you pay for a life insurance policy for which the Academy is both the owner and beneficiary may be also be treated as charitable gifts when you itemize your taxes. Please consult your financial advisor for personal guidance.

Contact

Bevin Ross

212.298.8674
Gift Planning

Make a Gift from Other Assets

Many people often make gifts by donating assets such as real estate, artwork, royalties (e.g. to patents) or appreciated securities such as stocks, bonds, or mutual funds. These types of gifts can provide charitable tax deductions and may also offer additional tax savings.

Please contact us to discuss how to facilitate these gifts.

Contact

Bevin Ross

212.298.8674