Craighead Green Gallery recently celebrated it’s 20th anniversary, and in honor of that, Steve Green and Kenneth Craighead considered establishing a foundation. Their goal was to promote the arts and arts education, as well as create a solution for their large personal art collection and estate to further endow their legacy.
They found the logistics of setting up your own foundation daunting, and instead turned to CFT to establish a Donor-Advised Fund (DAF). Steve and Kenneth retain all control of distributing funds as they see fit, and they intend to award a grant for art education this spring.
Article by Steve Green and Kenneth Craighead on the establishments of the an art fund at the Communities Foundation of Texas:
Art is our passion. As co-owners of Craighead-Green Gallery, we have amassed a respected collection of contemporary art from artists we represent, as well as works from around the world.
Through my work as an estate planning attorney, I have helped numerous clients with various types of collections such as stamps or coins and a few with art, but not to the extent of our own collections. For many years, Kenneth and I have discussed what would happen to our art collection and personal possessions once we were deceased. Trying to decide what we would do with our art became a bone of contention between us. Further, both of us are heavily involved in the local art scene and have a special passion for promoting Texas artists and arts education. In commemoration of Craighead-Green Gallery’s 20th anniversary, Kenneth and I decided that we would establish a foundation that we would initially fund to help promote arts and arts education, and that as an estate planning tool, we would one day leave our artwork and estate so that it would be used to further endow our legacy. In connection with this, I planned to file with the IRS for nonprofit tax exempt status. However, once we looked at the thirty-eight (38) page behemoth form we were once again dismayed at the mountain of paper work plus the logistics of managing donations to our foundation and the required annual filings with the IRS. The idea of setting up our own foundation suddenly became very unattractive.
One day, during lunch with a good friend, he suggested we instead consider a donor-advised fund that could be set up at Communities Foundation of Texas (“CFT”). We became intrigued by this prospect because, for a very nominal annual fee, CFT would set up the fund, prepare a giving page, manage and invest monies donated to our fund. CFT would also process and accept payments via credit card, manage the proper tax compliance and provide a tax-exempt vehicle for those donating to our fund to advance the arts.
I contacted Geri Jacobs at Communities Foundation of Texas and within a matter of only 48 hours, our fund was up and running. The ease of creating a fund that we control and decide who will receive donations and the amount we wish to give plus the fact that CFT takes care of all of the administrative requirements, made this a no brainer. Plus, now we have an estate planning component for our art and the legacy we hope to facilitate for years to come. Because it was so easy we are very proud to announce our first grant for art education will be given out this next spring 2013 to a high school graduate for further visual art studies.
ABOUT COMMUNITIES FOUNDATION OF TEXAS
In addition to specialized services for donors to accomplish charitable giving today, Communities Foundation of Texas also offers ways to turn donors’ charitable legacy into a growing resource for decades to come. As the largest community foundation in Texas and one of the largest in the nation, Communities Foundation of Texas works with families, companies and nonprofits to strengthen our community through a variety of charitable funds and strategic grantmaking initiatives. The foundation professionally manages nearly 900 charitable funds and has awarded over $1.2 billion in grants since its founding in 1953.
ABOUT CRAIGHEAD-GREEN GALLERY
Craighead-Green Gallery, established in 1992, is recognized as one of Texas’ finest contemporary art galleries. The gallery, located in a 6000 square feet space in the Dallas Design District, is committed to a standard of excellence representing over 50 artists ranging from emerging artists to established regional, national and international artists. The Gallery showcases original fine art ranging from landscapes to representational, figurative, and non-objective abstract paintings. The gallery also represents many sculptors working in various mediums including clay and fine metals.