The Erie Philharmonic has become a paramount institution in the Erie Community thanks to its many supporters. The Legacy Society is a group of such individuals who have chosen to establish a legacy by remembering the Erie Philharmonic in their estate plans.
We need to continually confront the challenge of excellence and longevity with a strong and secure financial base.
Through planned giving, the Erie Philharmonic Staff, Music Director and Board of Directors has set a goal to increase the Philharmonic's Endowment Fund to $4 million by the end of the 2019-2020 season. Estate Gifts of $10,000 or more to the endowment have never been as important.
Those who provide for the Erie Philharmonic through planned giving at a minimum of $10,000 are recognized as members of the Crescendo Society. As a thank you, members of this society will be invited to an exclusive lunch with Music Director Daniel Meyer once a year for a behind-the-scenes look into the Philharmonic.
Endowment Naming Opportunities
Conductor's Circle - $250,000
Exclusive group of donors who wish to permanently endow the Music Director's chair. This position is currently held by Daniel Meyer.
Concertmaster's Circle - $100,000
Exclusive group of donors who wish to permanently endow the Concertmaster's chair. This position is currently held by Ken Johnston.
Principal Musician Chair - $50,000
Major donors to the Philharmonic endowment who wish to underwrite the chair of a principal musician.
Musician Chair - $25,000
Donors to the Philharmonic endowment who wish to recognize the chair of a musician who has had a special influence or impact on their life and enjoyment of fine music.
Sustaining Member - $10,000
Special recognition to donors who help assure through their generous gift that the endowment remains as a stabilizing force and lifeblood for the orchestra.
Wally and Gloria Knox
John and Linkty Luther
Carl and Maura Pelinsky
Al and Peggy Richardson
William and Francis Schuster
William and Janice Underhill
Tom and Cheryl Vicary
Leon and Laura Wallerstein
Don and Susan Baxter
Mr. & Mrs. Boyd Bert Jr.
Miss Jean Louise Bloom, Ph.D.
Charles and Noel Burgoyne
Pete and Isabel Clemens
Mrs. Betty Davis
Jean Sturtevant Dunn
John and Bonnie Enders
Fletcher and Elsie Gornall
Robert and Betsy Guelcher
Wally Faas and Patty Holstein
John William Kloss
Types of Planned Gifts
Wills or Living Trusts
A last will and testament reflects an individual’s most beloved people, values, and causes. Bequests to the Erie Philharmonic can designate a dollar amount, a percentage of an estate, or a piece of property. A benefactor may also instruct how a gift should be used. A bequest made through a will or trust is free of estate tax.
A charitable gift annuity has rewards the giver or loved ones with dependable fixed income for life, provides a charitable income tax deduction, can potentially reduce estate taxes, and may enable capital gains tax savings. Charitable gifts can be funded with cash or marketable securities, and are designed for people of retirement age or older. Income provided through these gifts is based on age and remains fixed for life.
Remainder trusts are versatile planned gifts that can provide for several loved ones, be customized to the donor’s needs, and can serve as vehicles for giving non-traditional assets such as land or real estate. The trust payout rate is determined at the time the trust is established. Payout percentage remains the same, although income may fluctuate depending on market performance.
Qualified retirement accounts such as an IRA, 401(k), Keogh, or SEP can be used to make a legacy gift to the Erie Philharmonic. While these assets are heavily taxed for heirs, 100% can be used to support a charity. Benefactors are frequently counseled to use tax-favorable assets such as cash or securities for family, and consider using qualified retirement plans as planned gifts.
Real estate is an excellent and sometimes overlooked type of planned gift. Property can be given to the Erie Philharmonic outright, deeded as a gift, or sold below market value. Benefactors may give residences or vacation homes while retaining the right to living in them for the remainder of their lives. People giving real estate are entitled to income tax deductions, as well as potential reductions in their taxable estates.
Life Insurance Policies
Gifts of insurance policies can be simply arranged by naming the Erie Philharmonic as beneficiary. This form of planned giving is particularly appropriate when policies have outlived their initial purposes. It also enables benefactors to make significant gifts without negatively affecting cash flow.