Join & Support
The bausch society
Investing in Future Generations
The Bausch Society recognizes and honors those who have graciously provided for the RMSC by including the Museum in their estate planning. Planned giving helps to ensure our community’s museum continues to inspire, educate and entertain visitors for generations to come through your investment in the future.
As a Bausch Society member, you will enjoy:
- Invitations to exclusive donor events and exhibit openings
- Recognition in the Museum and donor newsletter (with permission)
The Bausch family has been an integral part of Rochester’s history. Edward Bausch offered his East Avenue home and grounds for a new museum in 1939. In the four-floor Bausch building are housed some of our greatest collections and our finest exhibition experiences. On the grounds of his home now stands the Strasenburgh Planetarium. We are proud of the legacy of Edward Bausch and delighted to use the name to identify this very important future for the RMSC.
For more information about the Bausch Society, please contact development@rmsc.org.
paths to Planned giving
Create your legacy and help light the path to a solid future by supporting the RMSC through planned giving. See below for different ways to give. If you are interested in exploring your options, contact 585.697.1924 or info@rmsc.org.
Estate Gifts
Bequests
Through your will, you are able to leave a gift to the RMSC. It’s easier than you might think.
You may make a bequest of a specific cash amount or a percentage of your estate to the RMSC. It is possible to list a specific designation or program for your bequest; however, we suggest that you designate your bequest for general operating support to be responsive to the RMSC’s priority needs, as they evolve over time.
Sample Bequest Language
I give ( ___% of my estate, or $___ or specific property) to the Rochester Museum & Science Center, a not-for-profit museum located at 657 East Avenue, Rochester, NY 14607 to be used for general operating support (or insert specific designation or program).
CRT Giving
Charitable Remainder Trust
A Charitable Remainder Trust (CRT) is ideal for an individual with assets that have appreciated in value and would be subject to significant tax liability when liquidated. If you establish a CRT, you may contribute assets without incurring capital gains tax. You may receive an immediate tax deduction on a significant portion of your contribution, and you or your designee will receive payments from the trust for life or for a specified number of years. At the end of this period, the remaining balance in the trust will be given to the RMSC.
Legacy Gift Giving
REtirement funds
If you no longer depend on your retirement funds to assure your financial security, you may want to use these assets to make a legacy gift. Since IRAs and pensions are often the most heavily taxed assets in an estate, they are ideal for creating a planned gift. The procedure requires you to obtain a “Change of Beneficiary” form from your retirement administrator, and name the RMSC as the full or partial beneficiary.
Insurance Policy Giving
Life Insurance
If you are over the age of 60 and no longer need a paid-up life insurance policy, it can be donated to the RMSC by naming the Museum as the irrevocable owner and beneficiary of the policy. Contact your insurance company for its change of beneficiary form for the life insurance policy. Decide what percentage of the policy’s value (1–100%) you would like us to receive and name us, along with the stated percentage, on the beneficiary form. Then, return the form to your insurance company.
Property Gifts
Gifts of Real Estate
You can make a gift of your home or secondary residence but retain the use of the property for as long as you and your spouse (if applicable) live. This makes it possible for you to give a larger gift than your resources might otherwise permit. You continue to take care of the property, pay the taxes, the insurance and other homeowner expenses. However, since you have made a gift of the property by deed, you will receive an income tax deduction for the present value of the remainder interest without an outlay of any cash. Contact your legal or tax advisor for an explanation of any restrictions. The administrative offices of the RMSC are housed in the Cunningham House, a generous gift from Kathleen Cunningham in 1969. This gift enabled the RMSC to preserve the historically significant Rochester home while using it on a daily basis.
When creating any estate gift for the RMSC, we encourage you to speak with your legal and financial advisors.
IRA Giving
Charitable gifts from your ira
Using a direct transfer of funds from an IRA is a great way to make your support of the RMSC a part of your legacy while also reducing your taxable income.
Here’s how it works:
- You must be 70 1/2 years or older.
- An individual may transfer up to a total of $100,000 per year and a married couple may give up to $200,000.
- An individual may take a one-time QCD up to $50,000 to fund a charitable gift annuity (CGA) or charitable remainder trust (CRT).
- Your gift must be transferred directly from the IRA account to the RMSC.
- Your gift is a transfer of funds from your IRA to the RMSC, so it does not create taxable income for you and is not considered a charitable tax deduction.
- If you are 73 and older, the transfer of funds counts towards your annual Required Minimum Distribution from your IRA.
