With donations from people, the West Bay Music Academy has been able to service schools with music programs of all kinds. The students attending schools in our community would not receive music instruction and workshops if it were not for the generosity of donors. We are a non profit company that services students in the schools with much needed instruction in the Arts.
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Students attending an Instrument making workshop. These students are making percussion instruments from Gourds collected at the Gourd Farm. The Gourds are cleaned, dried and prepared for painting. |
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| After painted, the students are taught to macramé beads to the Gourd to make the musical instrument "Shekare". Other percussion and melodic instruments are prepared and a drumming performance is performed with drums and student made instruments. | |
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| Costumes are prepared for the "African drumming" eight week workshop and students perform with dance, song, and drumming. | |
| This workshop is made possible through the contributions of private donors. Please help to make this experience and others like it available for the students in our communities. | |
Your generosity to West Bay Music Academy makes a real difference. With the elimination of music instruction from the curriculum of many schools, these are children who might have otherwise missed the opportunity to experience the many wonders and joys of music. Music instruction has been shown to improve social and emotional well-being, to inspire creativity, and to increase skills in spatial reasoning, problem solving and academics such as reading and math.
With the growth of our programs, and the addition of more elementary classes, we are reaching more children. Now we face the challenge of providing sufficient funds to sustain the program. Funding for Music in the Schools is entirely from individual contributions, grants, workshops and recitals. We are asking all of you who believe that music education is important to help us carry on this vital program. With your tax-deductible gift you will be working with us to reach our vision of music education being available to all children.
We appreciate monetary donations, gifts of equipment, instruments, music, and please see the information we have provided below regarding gifts of stock.
Tax advantages are only some of the benefits from your gift of stock to the West Bay Music Academy. As partner with West Bay Music Academy, you will know the personal satisfaction in furthering the goals of music education. The key is to give your securities DIRECTLY to the Academy rather than selling them and donating the proceeds. The example that follows demonstrates the tax benefits of following this process.
An
example:
Bob has stock worth $10,000 now, which he bought several years ago for
$2,000. If he sells it, he must pay a 20% capital gains tax on the $8,000
appreciated value. With the $1,600 taken out, he will be left with $8,400
for his gift to the Academy. If Bob transfers the stock to West Bay Music
Academy instead, the Academy can sell it without paying capital gains
taxes. The result: West Bay Music Academy retains the full $10,000 donation.
Bob gets a deduction for the FULL fair market value which saves him $2,800
in his 28 percent tax bracket.
Guidelines for giving appreciated securities to West Bay Music Academy:
- The full fair market value of the stock is deductible in the year you give the gift (if you have owned it for more than one year)
- If your gift exceeds 30 percent of your adjusted gross income, the excess can be carried over and deducted over the next five years.
- You pay no capital gains tax on your profit no matter how much the securities have increased in value.
The value of your stocks for income tax purposes will be set by the value of the stocks on the day that your gift is made. On actively traded securities, the value is the mean or average between the highest and lowest quoted sales price on the day of the gift. Are you concerned that their value has skyrocketed since you bought them? Do you want to avoid paying capital gains tax on them? If you have marketable stocks which have increased in value, there are tax laws which make it possible for you to make a significant gift with double tax savings and benefits to West Bay Music Academy. A gift to West Bay music Academy development Fund would qualify for these savings.
After you make a decision, what do you do?
- Draft a letter stating: the purpose of your gift for the Academy A Statement of the issues of stock and the number of shares and certificates
- Obtain a "stock power" form from your broker or bank officer. Sign with "signature guaranteed" without filling in the name of the Academy (this way, the Academy will be able to sell the stock without going through the transfer process. You may also transfer the securities through your broker.)
- Send the UNENDORSED stock certificates, your letter, and the stock power form by registered mail or hand deliver to:
Linda Ponce,
Development, Director
West Bay Music Academy
204 Bradbury Lane
Redwood City, CA 94061
If you are interested in donating funds, stock, equipment, instruments, or music to the West Bay Music Academy, you may contact us directly via email at West Bay Music Academy
OR
Call or fax us at:
West Bay
Music Academy