The success of the Fries Museum (‘Frisian Museum’) can only be guaranteed if we have the commitment and support of private individuals and corporate friends. Government subsidies are no longer a matter of course, so we have to work even harder to generate our own income. Your gift to the Fries Museum can make an incredible difference, and we will gratefully use your donations for acquisitions, restorations, or special projects. We describe some of the various types of financial support and tax benefits below.
You can transfer your donation to the Fries Museum's bank account (Friesland Bank, no. 29 301 28 49). The amount you can deduct from your taxes depends on your taxable income and can amount to as much as 52%. If your donation is between 1% and 10% of your collective income (with a minimum of €60,-), then your entire donation is tax deductible.
Your greatest tax benefit is if a donation is distributed over five calendar years. These periodic donations take the form of an annuity that is recorded in a notarial deed. A fixed amount has to be donated at least once a year for five consecutive years. These annual periodic donations are fully deductible from your income tax (without being subject to a threshold or maximum amount). The museum pays the legal cost involved in any periodic donations amounting to €1000 or more per year.
You can also specify a gift to the Fries Museum in your will, or you can name the Fries Museum as a beneficiary. You will have to indicate in your will what percentage of your estate you want to give to the museum. If you want to donate a previously agreed amount, you can grant a bequest to the Fries Museum. You can also bequeath objects and collections to the Fries Museum. The museum is exempt from gift tax and inheritance tax, which means you can be certain that your gift will be used for the intended purposes.
a fund in your name
Perhaps you have a special connection with an object or activity in the Fries Museum. You can support your choice with a fund in your name. A fund in your name is a once-only or periodic donation with a specified purpose that is compatible with the aims of the museum. The museum assumes all costs involved in administering this type of donation if the amount is €25,000 or more.
donations in kind
Donations in instalments can take the form of money but can also be in kind. Suppose you have a special object in your possession (e.g., a painting, fabric, silver) and would like to donate it to the museum. If the museum deems your object of importance for its collection, it is appraised and, if so desired, can be donated to the museum over a five-year period. During this period, the donor can deduct one-fifth of the estimated value per year. Donations in kind go directly to the Fries Museum (‘Frisian Museum’). When donating objects use can also be made of the so-called multiplier, which is applied to the estimated value of the object. The increase of 25% also applies here (see below), to a maximum of €5000.
the new Gift and Inheritance Tax Act (Geefwet)
The new Gift and Inheritance Tax Act is a set of measures and agreements by which donating to charities and cultural institutes will be further stimulated. It came into effect on 1 January 2012 (conditional on the European Commission’s approval). This Gift and Inheritance Tax Act has introduced an additional incentive by raising the amount that can be deducted from income- and corporate tax when donating to cultural Public Benefit Organisations (Algemeen Nut Beogende Instelling; ANBI) such as the Fries Museum. The government hopes that this measure – i.e., being able to donate funds or objects to cultural institutes over a five-year period – will be an additional incentive to private and corporate donors. The most significant fiscal measure is the introduction of a multiplier of 1,25 for cultural donations. This means that when calculating the gift tax exemption, the amount of the donation is increased by 25%. This additional deduction applies to a maximum donation of €5000 per year. Of course, you can donate more than €5000 each year, but the gift tax exemption does not apply to any amount above €5000. The gift tax exemption has also been increased for corporate gifts. From 1 January 2012 the total gift tax exemption for corporations is now 50% (instead of 10%) of the fiscal profit with a maximum of €100,000. A multiplier of 50% applies to corporate tax, with a maximum of €5000 per year. A maximum of an additional €2500 can also be deducted.
do you want to know more about gifts and bequests?
If you would like to know more about gifts and bequests to the Fries Museum, or need our international banking codes, kindly contact Roel Woering, the Fries Museum's financial director, tel. +31 (0)58 - 255 55 07, or send an e-mail to: firstname.lastname@example.org