How to Invest in 'Foundation for the Future'
As a non-profit, tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code, philanthropic support is critical to the Amelia Island Chamber Music Festival. Since its founding in 2001, we have relied upon annual donor contributions and ticket sales to support our programming and educational outreach. We have been encouraged by many patrons and supporters to take a long-term approach to funding our future. These conversations, combined with the results of our strategic planning process, spurred the implementation of the Foundation for the Future endowment initiative.
We have established an initial goal of $1.0 million for the endowment. The endowment will be launched through contributions from the Festival’s Board of Directors and executive staff. However, to attain our initial $1 million goal, we are relying on the generosity of our patrons and current donors like you, who can make endowment gifts in two ways: legacy options or current assets.
You are urged to seek financial and legal advice when considering the most appropriate option for you.
Legacy Gifts
Gifts exercised through estate planning are the primary means for supporting most non-profit endowments, including Foundation for the Future. Planned giving options such as a will, a bequest within a will, life insurance and retirement plans are four of the more common examples of such gifts. A legacy gift takes into account the needs of your family, reflects your values, and continually gives back to future generations. A legacy gift also provides a perfect opportunity to honor or memorialize a friend, colleague or loved one; recognize an inspiring artist; or enhance a particular aspect of the Festival. Upon confirmation of a legacy gift to Foundation for the Future, you will be recognized in perpetuity as a member of The Amadeus Society, our legacy-giving donor recognition. In November, 2018, a very generous donor made a $50,000 lead gift to the Endowment.
Current Assets
Gifts of cash, appreciated securities, real estate and other appropriate personal property are acceptable. Cash gifts can be paid over a five-year pledge period. Upon receipt of gifts of current assets, the donor will be recognized at the corresponding level in the Festival’s longstanding donor recognition program.
Some Key Details
Gifts to Foundation for the Future endowment will generate a steady stream of income from permanently invested funds, which will grow and benefit the Festival for generations to come.
- Your gift can be designated to support a specific area of our mission, including Festival programming and educational initiatives.
- Endowed funds are invested in perpetuity, paying out 4% to 5% of the assets annually, thus providing a permanent income stream that can be distributed or reinvested.
- Endowment principal is never touched.
- The endowment must attain a minimum of $50,000 for interest to be withdrawn. However, it is the intention of the Festival to avoid drawing interest until the initial $1.0 million objective is attained.
- The endowment may spur increased annual contributions to the Festival, since donors will have greater confidence in our long term financial health.
Frequently Asked Questions
Click on the respective question for the answer...
Is Foundation for the Future a rainy day fund? + -
No. The endowment is focused primarily on ensuring the continuation of high-quality concert performances and educational programming for years to come. In the event of a totally unforeseen development, the endowment could provide a hedge against uncertainties.
How will the Foundation for the Future endowment be invested and managed? + -
The endowment will be managed by The Community Foundation for Northeast Florida, which had $343 million in assets, including over $40 million in cash, as of fiscal 2016. Combining investment expertise with prudent oversight, the Foundation has been assisting nonprofit organizations throughout the region for more than 50 years to establish and maintain endowed funds. More than 35 agencies and organizations have endowments through the Foundation. These organizations enjoy the benefits of a dedicated and growing source of annual support without the burden of asset management and record-keeping.
What will happen should the Festival fail for any unforeseen reason? + -
We are in discussions with the Jacksonville Symphony to serve as the primary successor beneficiary to the Festival endowment funds with the stipulation that the funds be used to perform at least 10 chamber music concerts on Amelia Island annually. The Community Foundation for Northeast Florida would monitor the use of the funds and not disburse them to the Jacksonville Symphony should this stipulation not be met. In that eventuality, a secondary successor beneficiary would be sought.
Is $1 million enough money? + -
The $1.0 million objective is a starting point. We expect to raise additional endowment funds over time. The Festival’s annual budget now exceeds $400,000 and no doubt will continue to grow at a modest pace. An endowment of $1.0 million, with a minimum annual payout of 4%, would generate $40,000, or approximately 10% of our current annual budget. This amount of incremental income would have a significant positive impact on ensuring high-quality concerts and educational programming in years to come.
What types of legacy gifts can be directed to the Foundation for the Future endowment? + -
Virtually any standard planned giving instrument is acceptable. Wills and bequests within wills historically have been the most common funding vehicle, comprising approximately 80% of all legacy gifts annually. In addition, estate planning methodologies, including personal trusts, retirement plans, charitable annuities, and various charitable trusts, are acceptable, time-tested gift instruments that can be of significant benefit to both you and the Festival. We urge you to obtain qualified financial and legal guidance when considering a planned gift to Foundation for the Future.
Can I change or modify my gift if circumstances change, such as financial needs in retirement or health care expenses? + -
Yes. You can change your gift amount or designation at any time. Another option is to set aside a percentage of your retirement plan assets or a life insurance policy, thus allowing your gift to remain proportional to your overall estate plan.
How do I designate the Amelia Island Chamber Music Festival as a beneficiary of a life insurance policy or retirement plan assets? + -
Simply contact your life insurance agent or company, or your retirement plan administrator for a change-of-beneficiary form. Name The Amelia Island Chamber Music Festival.as beneficiary-in-total or of a portion of the assets. Sign and date the form, and return it to the provider.
I prefer to help the Festival now. How can I do this? + -
The Festival will continue to rely on generous annual giving for concert and program support. We hope donors to the Foundation for the Future effort will continue their generous annual support.
Can someone at the Festival tell me more about legacy giving options? + -
Yes. We can help guide you through the process. For more information, please contact:
Dr. Joseph A. Marasco, Jr. –Â Executive Director
Amelia Island Chamber Music Festival, Inc.
1405 Park Avenue, Suite 101 – Fernandina Beach, FL 32034
(904) 261-1779
joe@aicmf.com