Major funding for the Foundation is provided by Mr. Joe Martin through his personal income as owner of Sherline Products, Inc. However, daily operating costs are quite high, particularly with the purchase and opening of the new museum in Carlsbad, so the Foundation is most grateful to those who would like to help out by making contributions. We are seeking corporate sponsorship from organizations who would like to associate their name with excellence in craftsmanship. We are also seeking personal donations of both projects and funding. Being qualified for 501(c)(3) status under the U.S. Tax Code, the Foundation is entitled to offer a tax deduction for the full value of donations. Others can contribute their time by spending some time at the museum as volunteers.
Anyone can make a donation to the Foundation. Every dollar helps with our ongoing costs and future plans. Checks to the Joe Martin Foundation can be mailed to 3190 Lionshead Avenue, Carlsbad, CA 92010. A letter acknowledging the donation is provided upon request for your tax accountant should you wish to apply it as a deduction on your taxes. If you wish to leave money to the foundation after your passing, see the section on BEQUESTS below.
Craftsmen wishing to have the best of their life's work maintained with care by experts and honored and professionally displayed in perpetuity can donate qualified projects to the museum. Doing so while living offers the advantage of not only experiencing the pleasure of seeing your work on display in a prestigious museum, but also being able to benefit from a tax deduction while you are still living. Potential donors can send photos and/or descriptions of their work for consideration to the foundation at the mail or e-mail addresses listed on the CONTACT page.
Craftsmen often make the mistake of thinking that their relatives will have a full understanding of what it took to create the projects they invested a good portion of their life creating. In many cases, the craftsman's prized work is seen only for what it will bring in cash at a yard sale, swap meet or on eBay. It is for this reason we suggest you consider donating, if not all, at least some of the best examples of your work to a museum that can properly display and care for them. These donations can best be made while you are still alive, but can also be made in the form of a bequest. See the section on BEQUESTS below.
Corporations can make monetary or equipment donations and also benefit from the museum's tax deductible status. In addition, the donor's logo can be displayed as a sponsor in a visible position on key pages in the foundation's museum web site as an excellent way to associate their company with support for craftsmanship.
Create your own personal legacy by providing support for a worthy cause through a bequest in your will or living trust. Naming the Joe Martin Foundation in your will or trust assures that your respect for and support of the work of the world's great craftsmen continues beyond your life. Bequests offer several benefits for you:
A few sentences in your will or trust complete your gift. It's that easy. (See below)
You can change your beneficiaries at any time, keeping you in control of your assets during your lifetime.
Bequests can be structured to achieve your personal goals, both for your loved ones and for support of the Foundation.
Following is a helpful guide on how to add a bequest to your will or trust:
|Type of Bequest||When to Use It||How to Say it|
|General Bequest||To give a stated sum of money or a particular item||
I give $15,000 to the Joe Martin Foundation (Tax ID 93-1221845), 3190 Lionshead Avenue, Carlsbad, CA 92010.
I give my 1/3 scale Challenger V8 engine to the Joe Martin Foundation (Tax ID 93-1221845), 3190 Lionshead Avenue, Carlsbad, CA 92010.
|Percentage of Remainder Bequest||To leave the foundation a percentage of what is left of your estate after taking care of your loved ones||I give to the Joe Martin Foundation (Tax ID 93-1221845), 3190 Lionshead Avenue, Carlsbad, CA 92010, a sum equal to __ percent of the rest, residue and remainder of my estate.|
|Contingent Bequest||To leave a gift to the Joe Martin Foundation only on the condition that a certain event must occur first||I give $25,000 to my wife, Susan, provided she survives me; otherwise, I give it to the Joe Martin Foundation (Tax ID 93-1221845), 3190 Lionshead Avenue, Carlsbad, CA 92010.|
A will is a public document. A court will see that bequests are carried out. A trust is a private document between you and your executor(s). You are entrusting them to carry out your bequests after you pass away. It has been our sad experience that in some cases bequests have not been honored by the executors when the person or organization to which the bequest has been made is not aware of the details of the agreement as it relates to them. People you trust sometimes do unexpected things when substantial amounts of money change hands. You might want to consider giving a copy of the portion of your trust that stipulates a bequest to the individuals or entities involved so that they have some legal recourse if your executors do not honor your wishes. An alternative would be to let the designees know which legal office is handling the trust so that they can ask to see a copy if it relates to them after your passing.
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