A Gift Towards Our Future

Great institutions are built on great endowments, and at the Academy Center of the Arts, a growing endowment is a foundation for which our organization can set new standards for delivering artistic and cultural excellence.

The Academy Center of the Arts established the endowment in 1978  (originally the Fine Arts Center prior to the merger) with gifts from visionary donors and community supporters.  In May of 2015, the Academy’s Board of Trustees voted unanimously to name its Endowment Fund after the late John Morton Flippin, who was an early adopter of the vision to restore the historic theatre.  The endowment is an unrestricted fund that provides the financial underpinning to launch new initiatives, plan for future years, seize opportunities for institutional advancement, and confront unanticipated challenges.

Endowment funds work in concert with operating funds to give the Academy Center of the Arts a diversified financial platform capable of addressing both the current and long-term needs of our programs. While operating gifts help cover the annual costs of delivering mission, endowment gifts are invested to earn interest. The Academy Center of the Arts receives a fraction of the fund’s value annually, which offers a steady income stream for everything from basic needs to special programs and initiatives. Endowment growth thus ensures a larger income stream in future years.

Since its inception, the Academy Center of the Arts’ Endowment has increased steadily, thanks to gifts from foundations, individuals, and corporations. Academy supporters can help guarantee the future of innovative programs as well as corresponding outreach and access programs by making a gift for the Academy Center of the Arts’ Endowment.

The Academy is happy to recognize endowment gifts through commemorative opportunities and annual donor recognition.

For more information, contact our Director of Development at (434) 515-2183.

Download the Endowment Pledge Form

Endowment Pledge Form

Legacy Giving Opportunities

IRA Charitable Rollover

If you are over the age of 70½, it’s important to know that you can use your IRA to make charitable gifts.

Through the IRA Charitable Rollover provision, made permanent in 2015, you can donate up to $100,000 to the Academy Center of the Arts per year, directly from your account. Keep in mind this contribution will count toward your required minimum distribution (RMD), but will not be considered taxable income. Please contact your financial advisor to confirm your eligibility, and be sure to let us know if you are planning to make a gift.


Bequests play a critical role in helping the Academy Center of the Arts secure the future of its programming for generations to come.

Bequests are gifts by will-whether in the form of cash, securities, or other property-and may be fully deducted in determining federal and state taxes on your estate. The Academy urges donors considering a bequest to consult an attorney.

There is no minimum amount for bequests. Donors may designate either a percentage of their residuary estates after provisions for survivors or others are fulfilled or a specific sum as a gift to the Academy Center of the Arts. Donors may also designate a combination of these alternatives.

The most common types of bequests are:

  • Residual bequest, which leaves to the Academy Center of the Arts all or a portion of the remainder of the estate after specific bequests, taxes, and costs have been paid;
  • Percentage bequest, which provides that a stated percentage of a particular asset or of the estate be given to the Academy Center of the Arts;
  • Specific bequest, through which the Academy Center of the Arts receives particular property outright (for example, certain securities or a specific dollar amount of cash); and
  • Contingent bequest, whereby the Academy Center of the Arts is a beneficiary of part or all of the estate upon the occurrence of certain specified events.
Sample Bequest Language

“I (name) of (city, state, zip), give, devise, and bequeath to the Academy Center of the Arts

  • (the sum of $_____)
  • (___ percent of my estate)
  • (description of property)
  • (the rest, residue, and remainder of my estate)

for its unrestricted use and purpose.”

Identifying information for the Academy Center of the Arts:

  • Legal Title: The Academy Center of the Arts
  • Corporate Address: 600 Main Street, Lynchburg, VA 24504
  • EIN:  23-7061145
Legacy & Retirement Plans

A gift of life insurance can offer the Academy Center of the Arts critical financial support. Such a gift may be appropriate when the growth of your other assets or the reduced need of dependents decreases a life insurance policy’s value to you. There are numerous ways to make a gift of life insurance to the Academy:

  • Designate the Academy Center of the Arts as the beneficiary of an existing life insurance policy. Your estate will be entitled to an estate tax deduction if the insurance proceeds are ultimately paid to the Academy Center of the Arts.
  • Give an existing life insurance policy. By making the Academy Center of the Arts’ the owner and irrevocable beneficiary of the policy, you receive a federal income tax deduction for the gift. If the policy is paid up, the donor’s deduction equals the replacement value. If there are outstanding premiums to be paid, the deduction is approximately equal to the cash surrender value of the policy. If you purchase a new policy on your life and give it to the Academy Center of the Arts, the deduction is for the premium payments made. Giving a life insurance policy irrevocably to the Academy will get the value of that policy out of your estate and possibly save estate taxes later.
Retirement Plans

A donor may wish to name the Academy Center of the Arts as a beneficiary of his or her qualified retirement plan, so the full or partial share of the remainder passes to the Academy. Plans that are most appropriate for funding charitable gifts include profit-sharing plans, 401 (k) plans, and IRAs, among others. Ask your plan administrator for the appropriate form.

A gift of plan assets to the Academy Center of the Arts after a donor’s lifetime can be an attractive option for several reasons. Because of tax rules, the transfer of plan assets to family members, other than the spouse, at the death of the plan participant may trigger two federal taxes-estate tax and income tax-potentially consuming up to 70% of plan assets and leaving little to family members. Leaving other estate assets like cash, stock, or real estate to family members while making a charitable gift of plan assets could provide a major gift to the Academy Center of the Arts at minimal cost to heirs.

Life Income Plans

Life income plans provide a donor and/or other designated beneficiary with income throughout his or her lifetime. Life income gifts also offer benefits including the ability to make a significant charitable gift to the Academy Center of the Arts after one’s lifetime.

  • Charitable Remainder Trust: A trust that pays income to one or more individual beneficiaries for life or a term of years, and then distributes the remaining assets to one or more charities.
  • Charitable Lead Trust: A trust established for the benefit of a charity under which the charity receives income from an asset for a set number of years or for the trustor’s lifetime. Upon the termination of the trust, the asset reverts to the donor or the donor’s designee.
Retained Life Estate

Under a Retained Life Estate, a donor irrevocably deeds a personal residence or farm to the Academy Center of the Arts, but retains the right to live in it for the rest of his/her life, a term of years, or a combination of the two. The donor continues to pay real estate taxes, maintenance fees and insurance on the property. Even though the Academy Center of the Arts would not actually take possession of the residence until the end of the specified term, since the gift cannot be revoked, the donor qualifies for a federal income tax charitable deduction for a portion of the residence’s value.

Thank you to our Endowment Donors

Endowment Donors

Anonymous (2)

Sharon & Sandy Ainslie

Melanie & Lynch Christian

Rosemary & George Dawson

Jill & John Fees

Anne & Jack Flippin

Charlynne Flippin

Jennifer & Watt Foster

Doni Guggenheimer

Frances Giles

Elizabeth & Michael Harrington

Christie & Kevin Hooper

Anne Langley

Elizabeth Laundon

Catherine & Mike Madden

Katy & Chal Nunn

May Jane & Charlie Pryor

JR & Reggie Pugh

Cary Roberts

Marc Schewel

Kay & Kent Van Allen

Randall & John Watts

Alex & Sackett Wood

Mina & Robin Wood