What is the Elmhurst Symphony Endowment Trust?
The Elmhurst Symphony Endowment Trust has been organized to accept contributions dedicated to assure the Elmhurst Symphony continues for decades to come. It accepts, manages and grows assets for long term needs of the Symphony. The Trust is overseen by five trustees, four of whom are independent of the governing board of the Symphony.
Why an Endowment Trust?
While support for ongoing expenses, programs and projects is always necessary and welcomed, endowment dollars are distinguished by their ability to serve in perpetuity. The Endowment Trust provides a separate capital reserve outside the day-to-day, year-to-year operating needs of the Symphony. It allows great flexibility for the Symphony in allocating its financial resources. Additionally, it can provide income support in times of extraordinary needs, and funds in times of opportunity.
Who can support the Elmhurst Symphony through its Endowment Trust?
All individuals, families and groups of people who possess a desire to support the mission of the Elmhurst Symphony through direct participation in its legacy and future are welcome to investigate the benefits of the Endowment Trust.
When can one provide support through the Endowment Trust?
Participation in the Endowment Trust can be established when it best fits you:
- Current Endowment: A gift to the Trust made today. A current gift provides a current tax deduction, current recognition of your gift, and current support through the Trust.
- Accumulative Endowment: You can begin a program of endowing the Trust today; then, over time, build it with future additions as your situation or planning develops. It can be further expanded through receipt of a final contribution from your estate. Thereafter it can continue grow through future donations by descendants and friends.
- Deferred Endowment: For those who intend support, but for a variety of reasons cannot take action today, a Deferred Endowment allows you to create the framework for a future gift, particularly at death or the death of a surviving spouse. This is accomplished through a gift by way of will, trust, insurance or retirement plan beneficiary designation, or other estate planning. Those who inform the Trust of their provision for a deferred gift of $10,000 or more are recognized as a Heritage in Harmony member.
What can I donate to the Endowment Trust?
The Endowment Trust is empowered to accept a wide variety of gifts, including:
- Cash and marketable securities.
- Insurance proceeds through beneficiary designation and gift of insurance policies.
- IRA, 401k and other retirement plan assets, by current gift or as a named beneficiary.
- Through Charitable Remainder Trusts and similar devices.
- Real estate and other non-financial assets.
This list is not inclusive, and certain real estate and other assets need to be discussed prior to acceptance. Please contact us for details.
How can I support a specific need of the Symphony through the Endowment Trust?
Most endowment gifts are unrestricted so as to provide the greatest flexibility in their use in meeting future needs of the Symphony. However, the Trust does provide for a wide selection of restricted gifts – gifts designated in support of a specific purpose. These include sponsorship of soloists and orchestra chairs, performance expenses such as music costs and instrument rentals, and other opportunities. These endowment options can be established either:
- For a fixed period of years, or
- In perpetuity
Restricted gifts can be named after oneself or the organization establishing the endowment, or to honor and memorialize an individual or family. We are pleased to provide a list of available options, and listen to your intentions.
When do I begin?
The time to begin is now.
To obtain more specific information about the Trust and how it might suit your objectives, please contact us. Our trustees are available for a private and confidential conversation, by phone or in person, to discuss the Endowment and address your questions.
If the Elmhurst Symphony Endowment Trust fits your plans, we would be pleased to work with your legal, accounting and insurance advisors in assisting you in attaining your goals with the Elmhurst Symphony.
You may contact us by:
Calling the Symphony offices at 630-941-0202
Emailing us at email@example.com
Writing us at: Elmhurst Symphony Endowment , P.O. Box 345, Elmhurst, IL 60126