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FOR IMMEDIATE RELEASE Contact: Abby Tucker
--Art collection of Barbara and Donald Jonas nets $40 million for charity in one of the greatest private acts of philanthropy in art world's recent history -- New York, May 12…When Barbara and Donald Jonas decided to contribute to their charitable gift fund at the Jewish Communal Fund (JCF), one of the country’s largest donor-advised funds, they went about it in a unique manner. They donated an extraordinary collection of 15 Abstract Expressionist masterpieces to JCF, which then arranged an auction at Christie’s on May 11. The auction raised a total of $40 million for charity. Wanting to decide within their lifetimes how to support charitable issues and to be directly involved with the gifting process, the couple made this singular gift to contribute to the areas that matter most to them: medical research, education, and programs to end global poverty. They hope that their act will inspire others to donate their property to support charitable causes. The paintings, drawings and sculptures sold were of the highest quality, and rare to the market, according to Christie’s. They included the giants of Abstract Expressionism – de Kooning, Kline, Gorky and Rothko – and set 5 world auction records. To be sure, the Jonases could have achieved greater tax benefits had they given their collection to an art museum. In that case, they would avoid paying a 28% capital gains tax on the appreciated value and also be entitled to an income tax deduction for the fair market value of the art. By giving their collection to JCF, the Jonases’ income tax deduction is valued at cost basis only. Their motivation for parting with their collection in this manner? According to Donald Jonas: “To do something really worthwhile and do it as a family.” In the words of Laura Paulson, International Director for Christie’s, “this extraordinary collection, which has given these collectors a lifetime of pleasure and beauty, will continue to give in a new dimension . . . to improve the lives and the well being of many.” Additional Information Jewish Communal Fund: The JCF is an independent, public charity serving the philanthropic community of Greater New York. Donors at the JCF enjoy the privilege of recommending distribution of their donor-advised fund’s principal and income to sectarian and non-sectarian organizations recognized by the IRS as tax-exempt, publicly supported charities. Donors receive a tax deduction for the assets contributed to JCF in the year they make the gift, but can advise JCF to make donations to individual charities over time. The JCF manages some $700 million and is the nation’s second largest donor-advised fund grantmaker, according to The Chronicle of Philanthropy’s 2005 survey of gift funds. For the year ended June 30, 2004, JCF distributed $188 million to over 5,000 charities covering a wide range of needs including health, education, social services, the environment, religion, and the arts.
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