Gift Planning

Naming Carnegie Museums as a Beneficiary

You name one or more charities to receive assets upon your death. These gifts are relatively easy to make, and may be revoked or changed at any time. Some examples:

• A Gift in Your Will Probably the most common way to name a charitable beneficiary, the gift may be a specific sum of money, a percentage of an estate, whatever remains after specific gifts to individuals or other charities, or an asset, such as real estate or personal property. A simple amendment to your will may be sufficient to add a gift to Carnegie Museums, without revising your entire will.

• Life Insurance Naming Carnegie Museums as the beneficiary of a paid-up life insurance policy that is no longer needed is an easy way to make a significant contribution to the museums. The beneficiary of a life insurance policy must be changed through the company that issued the policy.

• IRA or Other Retirement Plan Assets It is possible to make a significant gift to Carnegie Museums while saving taxes for your heirs by naming Carnegie Museums as a beneficiary of all or part of an IRA or other retirement plan. The beneficiary designation must be made through the plan administrator.

• U.S. Savings Bonds Many people have purchased U.S. savings bonds outright or through payroll savings plans. These bonds are an excellent way to finance a gift at death to Carnegie Museums. To transfer the bonds, the owner must be changed through the U.S. Treasury Department.

Any of these gifts removes the assets given from your estate, thus saving on estate and inheritance taxes. Naming Carnegie Museums a beneficiary of retirement plan assets or U.S. savings bonds may have the additional advantage of saving income taxes for your individual heirs.

Sample Language:

The legal name of Carnegie Museums of Pittsburgh, which should be used in all wills, trust agreements, and other legal documents, is “Carnegie Institute.”

Sample language for an unrestricted gift to Carnegie Museums in your will:

I bequeath to Carnegie Institute, a Pennsylvania nonprofit corporation, [insert here the dollar or percentage amount of the bequest], the income or principal or both to be used for the general purposes of Carnegie Institute.

If the gift is to just one of the four Carnegie Museums, substitute the name of that museum for “Carnegie Institute” in the last line. For example, if the gift were to Carnegie Museum of Art, it would read:

I bequeath to Carnegie Institute, a Pennsylvania nonprofit corporation, [insert here the dollar or percentage amount of the bequest], the income or principal or both to be used for the general purposes of the Carnegie Museum of Art.

The official names of the four Carnegie Museums are: “Carnegie Museum of Art,” “Carnegie Museum of Natural History,” “Carnegie Science Center,” and “The Andy Warhol Museum.”

To name Carnegie Museums as a beneficiary of a life insurance policy, retirement or brokerage account, or another asset that may be transferred at the owner’s death only by a beneficiary designation, name “Carnegie Institute” or “Carnegie Institute, for the use of [name of Museum]” on a beneficiary form provided by the issuer or administrator.

Gifts That Pay You Back

Some planned gifts give the donor or another person named by the donor payments for life or a number of years:

• Charitable Gift Annuities In exchange for cash or publicly traded stock, Carnegie Museums promises to make quarterly payments for life to the donor or one or two people the donor names. The amount of the payments, which is determined at the time of the gift and does not change, is based on the amount of the gift ($10,000 minimum) and the age(s) of the people to receive payments (minimum age 65). See Sample Charitable Gift Annuity Rates for current payment rates for an annuity making payments to one person. For other current rates, see http://www.acga-web.org/gift-annuity-rates.

• Charitable Remainder Trusts To create a charitable remainder trust, a donor transfers cash, stock, or other property to a bank or other trustee, to create a trust. Income from the trust, either a fixed amount or a fixed percentage of the value of the trust at the beginning of each year, is paid to the donor or other individuals whom he or she designates, for life or a period of no more than 20 years. At the end of this income period, the amount remaining in the trust is distributed to the charities named in the trust agreement.

Either of these life income gifts entitles the donor to an immediate, significant income tax deduction.

Sample Charitable Gift Annuity Rates:

Carnegie Museums of Pittsburgh

Single Life Gift Annuity Rates

* As of October 9, 2019 *

The rates above are for charitable gift annuities making payments to one person. To calculate the annual payment, multiply the rate opposite your age by the amount given to Carnegie Museums in exchange for the annuity (minimum amount $10,000, minimum age 65). For example, a single person who is 70 years old when the annuity is issued would receive an annual payment of $510 for a charitable gift annuity in the minimum $10,000 amount. We would be happy to provide a custom calculation for an annuity making payments to one or two people, including the immediate charitable income tax deduction to which you would be entitled.

See other current rates.

*Most recent meeting of American Council on Gift Annuities, which recommends rates used by Carnegie Museums of Pittsburgh and most other charities.

Gifts of appreciated stock or mutual fund shares may have favorable tax benefits for you. Consult your accountant or your attorney to discuss your tax situation and the advantages of making a gift of securities to Carnegie Museums. You can contact donorrelations@carnegiemuseums.org for transfer instructions.

The procedure for making a gift of stock or mutual fund shares varies slightly. In both cases, please notify Phoebe Irwin in the Advancement and Community Engagement department (412.578.2467 or irwinp@carnegiemuseums.org) with the name and number of the shares that are being transferred so that we can record and acknowledge your gift as quickly as possible.

The tax ID number for Carnegie Museums of Pittsburgh is 25-0965280.

Gifts of Unique Assets

Real Estate
Carnegie Museums accepts gifts of real estate after reviewing the property to ensure that the donor has clear title, and that there are no environmental or other problems. Real estate may be given either by deed during the owner’s lifetime or in the owner’s will. The owner of a farm or personal residence, including a vacation home or boat, may obtain an income tax deduction for irrevocably deeding the property to Carnegie Museums, while retaining the right to live in it for life or a number of years.

Life Insurance Policies
Many people have paid-up life insurance policies purchased years ago, which, due to changing circumstances, are no longer needed. Giving such a policy to Carnegie Museums entitles the donor to an income tax deduction for the surrender value of the policy at the time of the gift. It also removes the value of the policy from the donor’s estate, avoiding estate and inheritance taxes. Changes in the ownership of a life insurance policy must be made through the company that issued the policy.

The Cornice Society

The Cornice Society was formed to express our appreciation to those who have made planned gifts to Carnegie Museums of Pittsburgh.  Just as the prominent artists and scientists whose names are engraved on the façade of the Carnegie Museums building in Oakland made permanent contributions to the arts and sciences, people who make planned gifts to Carnegie Museums foster the arts and sciences in a lasting way.

Cornice Society members are invited to special events and, unless anonymity is preferred, are listed in selected Carnegie Museums’ publications.  If you have made a planned gift to Carnegie Museums, please let us know, so that we can thank you and enroll you in the Cornice Society.  No other gift is necessary, and no minimum amount is required.

Our Members:
The individuals and couples listed below have decided to give to the future by making planned gifts to Carnegie Museums of Pittsburgh.

Anonymous (17)
Alan L. and Barbara B. Ackerman
Dr. Siamak and Joan Adibi
Mr. (+) and Mrs. (+) James E. Alexander ^
Jane C. (Mrs. Leon) Arkus ^
Mr. Bernard C. Artman and
Diana G. Riggs
David Barnard and Akiko Hashimoto
Mr. and Mrs. Allen Baum
Paul G. Benedum, Jr. ^
Mary Murtland Berger ^
Mrs. Tessie Binstock (+)
William (+) and Maxine (+) H. Block ^
Suzy and Jim Broadhurst
Bryon and Heather Brookmyer
Michael F. Butler
Linda R. Carducci
Edward S. (+) and Jo-Ann M. Churchill ^
Eugene S. (+) and Marion W. (+) Cohen ^
Mary Elizabeth Colao
Dr. (+) and Mrs. (+) James E. Conklin ^
Harry M. and Florence Corbett ^
Mrs. Donald H. Cookson
John P. Davis, Jr. and Mary O. Davis ^
Sally A. Davoren ^
Mr. (+) and Mrs. (+) Robert Dickey III ^
Rachel Donaldson (+)
Rosa and John Dorman
Dolly and Curt Ellenberg ^
Robert Fierst
James A. (+) and Edith H. Fisher ^
Paul and Joanna (+) Fitting
Corinne K. Flemings (+)
Mrs. Fred C. Foy (+) ^
Karen L. Fritsche
Caryle R. Glosser, Ph.D.
Lillian Goldsmith
Laurie Graham
Juliette D. Grauer (+)
Joseph C. and Kathleen C. Guyaux
Nancy A. Hart
Jane Z. Haskell (+)
Mr. and Mrs. C. Talbott Hiteshew, Jr.
Donna Hollen-Bolmgren (+)
Mr. (+) and Mrs. Robert E. Irish ^
Blair and Lynne Jacobson
Jane Irene Johnson (+)
Joan M. Kaplan ^
Maureen B. Kerr
Phyllis K. Kokkila
Mrs. Frank W. Lang (+) ^
G. Christian Lantzsch (+) ^
TJ and Claudia Latona
Drs. Judith R. and Lester B. (+) Lave
Mr. Edgar L. Levenson (+)
Dr. and Mrs. Joseph Levenstein
Frances F. Levin
Margaret M. Levin (+) ^
Martha Malinzak
Barbara M. Manner
Bernard (+) and Barbara Mars ^
Dr. (+) and Mrs. Matthew Marshall, Jr. ^
James E. and Rebecca E. Mauch
Esther B. Mazerov (+)
Althea L. McCalmont (+)
Stephen K. McClure and Debra L. Gift
Mr. (+) and Mrs. (+) John S. McCormick, Jr.
Nancy McDonald
Ann M. McGuinn ^
Martin G. McGuinn ^
J. Sherman (+) and Suzanne McLaughlin
Melissa McSwigan ^
Duane Michals and Frederick Gorree
Soumyo Darshan Moitra
Mercedes C. Monjian
Dr. Richard W. Moriarty and David Hairhoger
Thomas M. and Mary J. Mulroy
Sarah Nichols
Nancy Noyes ^
Mrs. David B. Oliver II (+) ^
John K. Orndorff, Jr. and Regina Kettering
Anne Pascasio
George S. Pearth (+) and Mary Louise Russell
William D. Pettit
William John and Kathryn D. Powell
Martha Raak
Bayard D. and Elizabeth S. (+) Rea
Jim (+) and Idamae (+) Rich
Donald M. (+) and Sylvia (+) M. Robinson ^
Dr. and Mrs. Karl W. Salatka
Mr. and Mrs. Laurice F. Sargert
Virginia W. Schatz (+)
Mrs. Alice Rust Scheetz (+) ^
Mrs. Elizabeth Holyoke Schoyer (+)
Dr. Laura J. Schrock (+)
Mr. (+) and Mrs. Arthur M. Scully, Jr.
Mr. Michael L. Shaffer and
Dr. Charles E. Youngs
Janice G. Singer
Patrick and Donna Sinopoli
Dr. and Mrs. David A. Smith
Elizabeth D. Smith (+) ^
Donald R. (+) and Sheila Solow
Euphemia H. Steffey
John and Mary Jean Stephen
Dr. (+) and Mrs. Leonard A. Stept ^
Margaret S. Stouffer ^
Mr. and Mrs. Robert M. Thompson, Jr. ^
Mr. (+) and Mrs. Arthur W. Ticknor ^
Hugh and Lucie Van der Veer ^
Milton (+) and Nancy Washington ^
Betsy H. and Charles B. Watkins
Marvin and Dorothy (+) Wedeen
Konrad M. and Gisela Weis ^
James A. (+) and Susanne Wilkinson
Mrs. Richard H. Wilmer, Jr. (+)
Richard C. Wilson ^
Thomas H. Witmer and Frances M. Witmer ^
Maury (+) and Pat Yeiser +
Chenwen Young, Ph.D., and James Bossert, Ph.D. (+)
Mr. (+) and Mrs. (+) Harvey L. Zeve

(+) deceased
^ charter member

Current as of 6/7/2021

Let us thank you:

If you have made a planned gift to Carnegie Museums, we’d like to thank you and enroll you in the Cornice Society. Please contact donorrelations@carnegiemuseums.org.

Meet Our Donors

Everyone who decides to make a planned gift to Carnegie Museums of Pittsburgh has a story to tell. Here are just a few.

Charles Youngs and Michael Shaffer

Charles and Michael invest in future generations through gifts to Carnegie Museum of Art.

Charles Youngs and Michael Shaffer arrived at the same philanthropic conclusion—gifts to Carnegie Museum of Art in their wills—from very different directions. As a public high school teacher of English and Communications, Charles has seen first‑hand the impact on young people of experiencing the museums. For example, in 2014, he coordinated a visit with students and teachers from seven different disciplines to that year’s Carnegie International, resulting in an exhibition at the school created by the students based on their experiences of the International.

Charles, having volunteered with the museum’s education department since 2004, is currently serving on Carnegie Museum of Art’s Teacher Advisory Board, which works with the museum’s curators and educators on professional development programs and curricula for school visits.  He says that he feels comfortable with including the museum in his will, because “Carnegie Museum of Art has proven itself for over a century to be a prudent custodian of fine and decorative arts.”

Michael’s job as a senior quality assurance analyst at Management Science Associates involves software testing and analysis to improve efficiency in ad sales, traffic, and billing for cable networks—something far removed from the art world. He has, however, collected decorative arts objects since he was twelve years old. He is currently developing When Worlds Collide, an on-line startup of 20^th-century modern furniture, lighting, and decorative arts objects geared toward decorators and collectors.  “It was the museum’s many exhibitions on design that served as catalysts for my interest in decorative arts, “Michael notes.

Even though neither Charles nor Michael has any children, when it was time to plan their estates they wanted to invest in future generations through gifts to a stable arts organization that has demonstrated its longevity and ability to serve different audiences over time.  “When thinking about a legacy, we’d like to see our efforts go to something lasting—and history has shown that art indeed lasts,” says Charles. “It is one of the best investments for the future.” After making specific gifts to individuals, each of their wills leaves all remaining assets to Carnegie Museum of Art.

Florence Corbett

A longtime Carnegie Museums volunteer, continues to give back to the museums she loves. 

Although Florence Corbett grew up in Pittsburgh’s West End, her relationship with Carnegie Museums of Pittsburgh didn’t begin until she fell in love with the Museum of Art’s collection as a young adult. She visited the museum regularly throughout her 35 years in the mortgage banking industry, and became involved in earnest after her retirement in 1989.

By that time, Florence had married Harry Corbett, who retired in 1984 as a vice president of Metropolitan Life Insurance Company after a long and successful career in the insurance industry. Florence and Harry traveled widely together, visiting museums throughout Europe and the United States. Her favorite is Paris’s Musée d’Orsay.  She also has a special fondness for the Matisse Chapel at St. Paul de Vence.

Shortly after Florence retired, a friend encouraged her to volunteer with Carnegie Museums. She had sampled other volunteer opportunities, but says that this one “was a fit.” For the past 16 years, she has volunteered at the information desk in the Oakland museums. Florence says that talking with out-of-town visitors is the most rewarding aspect of her work there, and she’s delighted to see an increasing number of such guests now that Pittsburgh has become a tourist destination. They’re always fascinated by the venerable Oakland museums’ building, she notes.

During her years as a volunteer, Florence has enjoyed many behind-the-scenes experiences that have only increased her appreciation for the museums. Her interests are definitely on the “art side” of Carnegie Museums; when she and Harry entertain younger visitors, they always visit The Andy Warhol Museum.

Florence’s gift to Carnegie Museum of Art in her will is a permanent expression of her love for the museum. “I was moved to include Carnegie Museum of Art in my will by my love of art and the many hours of enjoyment that the museum has given to me over the years,” Florence says. “I have visited many museums, and our collection is second to none!”

Let us thank you:

If you have made a planned gift to Carnegie Museums, we’d like to thank you and enroll you in the Cornice Society. Please contact donorrelations@carnegiemuseums.org .