There are many ways to make a contribution to the foundation, including an outright gift of cash, securities, or personal property; a bequest by will or trust; and a life insurance policy with the foundation as beneficiary. Contributions to the foundation, depending on the form and amount, may be deductible for federal income, estate, or gift tax purposes. We recommend that you contact your tax advisor or legal counsel to determine the tax effect of such a contribution based on your personal circumstances. For additional information on how to make a contribution to the foundation, please contact the arts center’s executive director.
The Ashtabula Arts Center Foundation was founded by two brothers, Lawrence L. Hill and Willard T. Hill, for the express purpose of giving financial assistance to the Ashtabula Arts Center. They believed a plan should be established for the future welfare of the arts center and its expansions through a means of perpetuating gifts of money and securities. It was established on April 25, 1974, and is operated by a Board of Supervisors. The supervisors meet quarterly to review financial statements and determine how the income should be used. Monetary gifts are permanently recorded along with the donor’s name or memorialized name(s). The supervisors invest gifts prudently with the assistance of professional advisors. Income is then generated, thereby adding to the resources of the foundation so that funds can be dispersed to the arts center for annual operating expenses.