Methods of Giving

Contemporary Gallery

Valuation Methods

A gift shall be valued, for purposes of qualifying for an Endowment Opportunities goal, based on the valuation methods set out below.

  1. Cash – Full value when received.
  2. Marketable Securities – Average of high/low selling prices on date when received.
  3. Closely Held Stock – Fair Market Value (FMV) of shares as determined by independent qualified appraiser or, if one is not used, by company’s independent CPA.
  4. Gifts of Real or Personal Property – If real property, FMV as determined by independent qualified appraiser for charitable deduction purposes. If personal property other than shares of closely held stock. FMV as determined by independent qualified appraiser for charitable deduction purposes or, if one is not used, by company’s independent CPA.
  5. Charitable Remainder Trusts and Pooled Income Funds – Discounted present value as permitted by the IRS.
  6. Charitable Gifts Annuities – Value as permitted by the IRS (generally being face value minus discounted present value of remainder).
  7. Remainder Interest in Personal Residences – Discounted present value of remainder as permitted by the IRS as a deduction by the donor.
  8. Charitable Lead Trusts – (i.e., Immediate gifts in trust) at discounted present value as permitted by the IRS.
  9. Wholly Charitable TrustsFMV of those assets that are going for the benefit of the Museum, at discounted present value as permitted by the IRS.
  10. Testamentary Pledge Commitments – No value.
  11. Life Insurance – Museum must be owner and irrevocable beneficiary.
    1. Paid Up Policies – Cash surrender value.
    2. Policies Not Fully Paid Up – New or existing, valued only at existing cash surrender value.
    3. Example – A proposed gift of a fully paid up policy having a face value of $500,000 with the Museum being the owner and also being the irrevocable beneficiary and with a present cash value of $100,000 would be valued as a gift worth $100,000.

Any type of gift not addressed by this schedule shall be subject to consideration and subsequent approval by City Council prior to a space being named for the donor.

Giving Guidelines

Each gift shall be owned and possessed by the City or if applicable, a sponsoring foundation, trust or similar entity holding the gift in trust for the benefit of the Art Museum. Each gift, the proceeds therefrom, and the income and the principal balance from time to time on hand, shall be and remain payable solely for the benefit of the El Paso Museum of Art. When collected, the proceeds of each gift shall be deposited in a segregated account which shall be identified in the donor’s name for the benefit of the El Paso Museum of Art.

No name shall be put upon any space which would cause the City of El Paso to be viewed unfavorably, the determination of which shall be in the sole judgment of City Council.

Upon receipt of the gift and confirmation that the gift conforms to this policy and that the gift and donor are acceptable to the City, the city shall enter in to a written agreement with the donor and if applicable, any sponsoring foundation, trust or similar entity, memorializing the matters set out herein. Upon execution of such agreement or any additional related document by all parties, the City shall cause the particular space to be named and identified by the donor’s name.

All references to a named space shall thereafter refer to it by the said name. Reasonable modifications and renovations, including expansions and contractions, may be made to any space from time to time.