If you are over 70½ years of age, you may be able to take advantage of income tax savings by making a gift to the Chicago Symphony Orchestra with a distribution from your Individual Retirement Account (IRA).
Here is how it works:
Important Note: In order for this gift to count towards your RMD in a year, please make sure that it arrives at the CSO by December 15 of that year. This is to ensure enough time for the check to be deposited and processed by the bank.
You may need to provide the following information to the financial institution that holds your IRA:
It is helpful to let us know when you have made an IRA gift, but there is no form you need to complete with the CSO to provide support through your IRA.
Sitting in Orchestra Hall and listening to the CSO play, I always feel great joy and a sense that my spirit is being filled with beauty. When I was considering my support, my financial advisor suggested that I might do so through my IRA. It was so easy to arrange my gift to such a treasured institution in this way. Long live the CSO! —Rebecca West
You can also support the future of the CSO by naming the Orchestra as a beneficiary of your IRA to receive some portion of the funds remaining at your passing.
Similar to making an annual distribution, the financial institution that holds the IRA often has a simple form that you can complete.
If you decide to include the CSO as a beneficiary of your IRA, let us know! We would appreciate the opportunity to honor your commitment and thank you by welcoming you as a member of the Theodore Thomas Society.
The CSO does not pay taxes on gifts received when it is named as the beneficiary of an IRA. On the other hand, IRA beneficiary designations to individuals will be taxed.
To learn more about making a planned gift to the Chicago Symphony Orchestra or becoming a member of the Theodore Thomas Society:
We would be happy to help you understand the options available and the ways to go about setting up a plan that is just right for you. Contact a member of our team to help answer any questions you might have.
220 S. Michigan Ave.
Chicago, Illinois 60604