The James Sullivan Society
Benefactors for Our Third Century

Since its founding in 1791, the Massachusetts Historical Society has been the beneficiary of gifts of property and assets that have provided important financial support during our first two centuries.

The Society's first recorded donor was the Hon. James Sullivan, one of the founders and the first president who provided a blank folio volume to keep the Society's records. At his death in 1808, he left a generous legacy of important historical documents and artifacts. A hundred years later his grandson Richard Sullivan left the MHS James Sullivan's portrait by Gilbert Stuart, (still part of the Society's art collection today). Sullivan also served as one of the first justices appointed to the Superior Court of Judicature and was an early governor of Massachusetts.

To honor his legacy as the first donor and founding president, the Massachusetts Historical Society has created the James Sullivan Society to recognize the generosity and foresight of current supporters who have made a planned gift or included the Society in their estate plans. Members and friends are invited to join this distinguished group and become a benefactor for the Society's third century.

Members of the James Sullivan Society will be invited to special events that recognize their future support and will receive recognition in the Society's Annual Report and other print materials.

There are a number of planned giving options that can help donors realize their own philanthropy while ensuring the future financial stability of the Society. By making a planned gift or bequest to the Society, donors are also eligible for membership in the James Sullivan Society.

Planned giving benefits range from a steady stream of lifetime income to a charitable income tax deduction and lower capital gains, estate, real estate, and other taxes. Together with bequests, planned gifts are the Society's financial bedrock, the foundation that allows the Society to preserve and enhance its collection, widely seen as a national treasure.

All planned gifts and estate plans should always be done in consultation with the donor's financial and legal advisors.

•	Bequests A bequest is a gift made through a will or trust, to take effect upon a donor's death, and is a practical way to make a meaningful financial contribution to the Society without affecting the donor's current financial position. A bequest may be for a specific amount, for a percentage of the donor's estate, or for part or all of what remains of the estate after other bequests are carried out. Whether unrestricted or designated, bequests can help to reduce the donor's taxable estate. The wording for a bequest can be as simple as: "I hereby bequeath to the Massachusetts Historical Society, a non-profit organization, the sum of _______dollars ($), or ___ percent (%) of the rest, residue, and remainder of my estate, for the general purpose of the MHS."
•	Charitable Gift Annuities A charitable gift annuity is a simple contract in which the Massachusetts Historical Society promises to pay a guaranteed amount of annual income to a donor or to someone else designated by the donor. The Society's charitable gift annuities offer several important benefits. Most important is the satisfaction of supporting the Society and its activities while protecting the donor's own financial security. Charitable gift annuities provide a fixed annual income paid in quarterly installments for life. The donor receives a charitable tax deduction for a portion of the gift's value now. Contact the Development Office for addition information and rates.
•	Charitable Remainder Trusts There are several types of charitable remainder trusts, but all share three features: Each trust has its own separately invested portfolio tailored to specific investment and tax planning objectives. The donor specifies the payout rate, which is typically the amount of life income payments, which are currently 5% to 6% annually. The income may be either for the life or lives of one or more income beneficiaries, or for a specified number of years (not to exceed 20) . Beneficiaries may be the donor or a spouse, relative, or friend. Depending upon the type of charitable remainder trust, the payout amount may be set at the onset (a charitable remainder annuity trust) or may vary with the annual payment (charitable remainder unitrust). At the beneficiary's death or at the end of the trust term, the principal is distributed to the Society.
•	Charitable Lead Trusts A charitable lead trust is the mirror image of a charitable remainder trust. To establish a lead trust, the donor places certain assets in an irrevocable trust for a set number of years, during which time the trust makes annual payments to the Society. When the trust terminates, the assets go to beneficiaries named by the donor-typically children or grandchildren. Since the trust is considered to be outside the donor's estate, any growth in the value of the assets during the trust's term may pass to the beneficiaries tax-free. The donor also receives a gift tax deduction the year the trust is established based on the present value of the totals received by the Society during the term of the trust.
•	Retirement Plans A retirement plan such as a 401(k), 403 (b), IRA, Keough, or other type of retirement account may provide a donor with the ability to make a future gift to the Society, while ensuring significant tax benefits for heirs.

While planned and estate gifts are encouraged and needed for the long-term financial stability of the Society, outright gifts provide important immediate support for the day-to-day operations which are needed to protect the collection. Outright gifts can be made in the following ways:

        Cash

Gifts of cash are the simplest, most direct way to support the Society's work. A cash gift is deductible as a charitable contribution for federal income tax purposes.

        Securities

Making a gift of appreciated securities (stocks, bonds, or mutual funds held for more than one year) can allow the donor to avoid federal capital gains tax on the appreciated value while making an immediate gift.

        Gifts of Tangible Personal Property

If a gift is made of historical manuscripts, publications, rare books, or art objects that are appropriate for the Society's collection, the donor is allowed a tax deduction for the fair market value of the gift at the time. However, if the property is sold by the Society or is unrelated to its mission, the deduction is limited to the contributed property's cost basis.

The Massachusetts Historical Society houses one of the most important collections of American historical documents in the world. As the oldest historical society in the United States, the Society has taken on a broadly national role with its collections, publications, and programs that continues to this day. More importantly, the national focus and the Society's mission to collect, preserve, and communicate materials that promote the study of American history has not changed since its founding in 1791. The Society has been fortunate to be the beneficiary of generations of notable Boston families whose papers and artifacts make up a large and important part of the collection. Their foresight in making gifts of property and other assets has provided important financial support for the Society's first two centuries. Please join our many members and friends in continuing this tradition of giving into our third century.

For more information, please contact:
Development Office
617-646-0561 or development@masshist.org

Massachusetts Historical Society
1154 Boylston Street
Boston, Massachusetts 02215-3695
Tel (617) 536-1608
Fax (617) 859-0074