Named Fund

A Fund in your own Name

Teylers Museum offers private individuals the opportunity to establish a fund in their own name ('Named Fund'). A Named Fund is a gift to a registered charity, in this case Teylers Museum, which is earmarked for a specific purpose. As the founder, you determine the fund's name and its purpose. It is also up to you to determine how much money it spends. The designated purpose must, of course, fit within the general mission of Teylers Museum. People may have all sorts of reasons for wanting to set up a Named Fund: some may wish to preserve the memory of their name, or that of a deceased loved one, within the museum.

Your Named Fund will be managed by the museum's supporting foundation, Teylers Museum Fund. Management by a large foundation provides good safeguards to ensure continuity. This Foundation ensures that the money is spent on the specific goal that you defined, besides taking care of the administrative processing of the gift. Teylers Museum pays the notary's fee.

There are two different ways of setting up a Named Fund: either by making a donation during your lifetime, or by including a testamentary disposition in your will.

If you set up a Named Fund during your lifetime, you can get a clear picture of the projects that can be accomplished at Teylers Museum thanks to your support and of how glad Teylers Museum is to receive that support. If you decide to set up a Named Fund during your lifetime, by making a periodic gift, registered by notarial deed, to Teylers Museum (a public benefit organisation or ANBI), the gift will be fully deductible from income tax, yielding a tax benefit that may rise to as much as 65%.

Example of a calculation

Let us take the following example. Suppose you plan to set up a Named Fund with capital amounting to €50,000. To transfer this capital to the Fund, you have a notarial deed drawn up to register the periodic gift. Every year you make a gift of €10,000 to the Fund. In the case of a periodic gift, you are not restricted by the statutory lower threshold or upper limit, and the entire sum is fully tax deductible. Depending on your income, you will receive up to 52% of the donation back from the tax authorities. If you are in the highest tax bracket, you donate a total of €50,000, you receive €26,000 back from the tax authorities, and actually pay a net sum of €24,000. In the period up to 2018 there is an extra fiscal advantage: in this period, you can apply the 25% multiplier: you can claim a deduction of 125% of the actual donation, making the fiscal benefit much greater. In the case of a gift of €50,000, you would receive in total €32,500 back from the tax authorities, so that your gift would actually only cost you €17,500.

Tax deductions are not relevant to funds set up as bequests, by means of testamentary dispositions. However, the sums of money transferred to the Fund are exempt from taxes for the recipient: the museum does not have to pay any inheritance or gift tax on them.

Gifts

Whether you wish to make a gift during your lifetime or after your death is a personal choice, and Teylers Museum will be equally grateful in both cases, since in either case you will be helping to ensure the continued existence of this remarkable piece of cultural heritage. For the museum, it is very important that the specific goals that you want your Named Fund to support are chosen in joint consultation. We will be happy to make an appointment to discuss your dearest wishes with you. 

Contact

Would you like an opportunity to review all the possibilities at your leisure? You are welcome to contact us by e-mail at vrienden@teylersmuseum.nl. Alternatively, you can always call us, at +31 (0)23 516 0984.