Methods of Support
The Stiftung für das Museum Folkwang is of interest to donors because they can claim tax relief and can decide themselves whether they wish to make their gesture public or not. The foundation is able to guarantee all forms of anonymity.
Whether you decide for an endowment, a donation during your lifetime or in a bequest – we will be pleased to advise you and to assist you in finding the most advantageous tax claim for the method of support you have chosen.
Endowments and donations can, moreover, be deducted at the same tame.
All contributions to the foundation are used exclusively for statutory purposes. With the revenues from your assets and the endowments and donations it receives, the foundation acquires works of fine art.
These works of art, property of the foundation as sole owner, are then permanently loaned by the foundation to the Museum Folkwang.
With your endowment you augment the assets of the foundation, ensuring its work over time and improve the annual yields available for the acquisition of works of art. For endowments, cash assets, securities, real estate and properties, works of art and other tangible assets may be used.
Endowing cash assets can be done using a bank transfer. Under reason for payment please insert the word “endowment”. If you also include your name and address on the bank transfer form, you will receive an endowment certificate upon receipt of the payment in our account.
Your financial donations will be used exclusively for the purposes defined in the statutes of the Stiftung für das Museum Folkwang. The funds donated are not included in the foundation assets, instead being employed directly for the acquisition of artworks or other support for the Museum Folkwang.
For financial donations, please use a bank transfer with the word “donation” under reason for payment. Upon receipt of the payment in our account, you will immediately receive a donation certificate. For this, please note your name and address on the bank transfer form.
Tangible Asset Donations
Tangible asset donations concern above all works of art which complement the Museum Folkwang collection, round out its holdings and open new perspectives. They will be made available to the museum as permanent loans in accordance with the foundation statutes.
Tangible asset donations may also include other objects of value such as real estate and property or any other object of value which provides yields for the foundation (e.g. rent income) or which can be sold to increase the foundation’s assets or to acquire specific works of art.
A bequest can be intended for the foundation as heir (or joint heir) or as legatee. In the case where the foundation is named as heir, the money or tangible assets inherited are transferred directly to the foundation at the time of death. In the case where the foundation is named as legatee, the heirs are legally obliged to transfer a certain amount of money or tangible assets from the estate to the foundation.
There are two different forms of wills, the notarial (or so-called public) will and the handwritten (or so-called privately written) will.
When establishing a notarial will, the notary advises the testator in the composition of the will, writes it down and completes its certification. The notary ensures that the will is read and executed when the testator has passed away.
A handwritten will must be handwritten and signed by the testator. Wills written on a computer or typewriter are invalid. The testator signs using his or her first name and surname, also noting the date and place of writing. By depositing a handwritten will at the district court, you ensure that your will is executed when the time comes.
Naming an Heir or Legatee
Appropriate wording in your will for naming the Stiftung für das Museum Folkwang as heir or legatee is “I hereby name the Stiftung für das Museum Folkwang, Museumsplatz 1, 45128 Essen, as my sole heir” or “I hereby name as legatee of my estate: N.N., date of birth, address, …% share, as well as the Stiftung für das Museum Folkwang, Museumsplatz 1, 45128 Essen, …% share.”
Making a Bequest
Appropriate wording in your will for making a bequest is: “The Stiftung für das Museum Folkwang, Museumsplatz 1, 45128 Essen will receive, upon my death, as bequest, … % of my estate” or “…. my entire collection of art” or “the work of art (title) by (name of the artist)”.
The Stiftung für das Museum Folkwang can act as trustee for legally independent, non-profit foundations whose purpose is the support of art and culture, especially through the support of the Museum Folkwang.
A non-profit trust foundation – also known as dependent or fiduciary foundation – offers the donor a rapid and administratively uncomplicated possibility of creating his or her own foundation so that the foundation will already be associated with the donor’s name during his or her lifetime.
A trust foundation can be set up in a relatively short time. For the state, only the responsible tax office is involved, long bureaucratic application processes are unnecessary.
Organization and administration of a fiduciary foundation is in the hands of the trustee, that is the Stiftung für das Museum Folkwang.
As with an independent foundation, initial funding and endowments are permanent assets; only the yields from the assets are used for the purposes established in the foundation’s statutes.
Apart from monetary contributions, other assets such as limited liability company shares, real estate, securities or works of art may be contributed.
The legal form of the trust foundation is generally the best method for an endower who wishes to dedicate his assets to a purpose permanently without having to create a structure necessary to administer foundations with legal capacity.