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 115 Broadway, Suite 1701, New York, NY 10006.”

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 .

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 Most retirement assets have never been taxed but become subject to tax when they are withdrawn for distribution.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: 115 Broadway, Suite 1701, New York, NY 10006.

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.

Qualified Charitable Distributions (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 a Qualified Charitable Distribution:

• Avoid taxes on transfers of up to $100,000 per year from your IRA
• Satisfy your required minimum distribution (RMD) for the year [at age 72 or older for those turning 70 ½ on January 1, 2020 or later]
• 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 a Qualified Charitable Distribution Works:

• Contact your IRA plan administrator to make a gift from your IRA to the Academy.
• Complete the form from your IRA administrator, usually called a Qualified Charitable Distribution Request Form or a Request for a Required Minimum Distribution/IRA Distribution Request Form.
• Ensure that your IRA funds are 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.
• You can have the check sent to your address to forward to the Academy at the address above, but remember that the check needs to be made payable to the Academy.
• 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 Qualified Charitable Distributions do not qualify for a charitable deduction.

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: 115 Broadway, Suite 1701, New York, NY 10006.

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.

Make a Gift from a Donor Advised Fund

Donor Advised Funds (DAF) allow you to make a charitable investment now and recommend grants to charities of your choice over time.

You can recommend a gift to the Academy today or on a recurring basis to help support our work in science research, education, and policy. It’s quick and easy to give to the Academy by recommending a gift through your financial institution or foundation or by contacting your fund manager.

DAFs may be directed to:

The New York Academy of Sciences
Advancement Department
115 Broadway, Suite 1701
New York, NY 10006

The Academy’s EIN (tax ID) is 13-1773640.

Please contact us with questions or to let us know you are sending a gift so that we may properly acknowledge your support.

Make a Gift from Stock or 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.