* URGENT NEED *
The MHCM Sustaining Fund
The COVID-19 pandemic has created an unprecedented, unpredictable, and suddenly scary time for families, for our community, and for the Mid-Hudson Children’s Museum.
As a nonprofit museum, our annual $1.1M operating budget is typically supported by earned income that can only be realized when we are open to the public. In fact, 51% of our annual operating budget depends on revenue from museum admission, school field trips and birthday parties, the majority of which is historically realized from February through August. This revenue has traditionally supported everything we do from keeping the lights on and providing staff salaries, to ensuring a fresh stream of new educational experiences and operating our public farmers market.
Now, your support will help us pivot.
Despite the continued closure of our main building, we have remained committed to supporting and engaging families through new socially distanced onsite programs, community art projects, the creation of online toolkits for parents, and expansion of our farmers market.
We also know that the museum we will eventually reopen cannot be the same one we closed on March 15, 2020.
By making a generous gift today, your philanthropic support will help to ensure that we have the resources we need to create a new, safe and exciting museum experiences for families from our region and beyond.
All unrestricted gifts made during our COVID-19 closure will support the MHCM new Sustaining Fund. The Mid-Hudson Children’s Museum is an independent 501(c)3 nonprofit organization. All charitable gifts made to the museum are tax-deductible.
* * * *
UPDATE: New Federal Legislation to Encourage Philanthropic Giving
As you consider your gift, please know that the recently passed $2 trillion U.S. stimulus package contains tax benefits to individuals and businesses who make charitable contributions in this time of tremendous need, including:
For the rest of 2020, individuals will be able to deduct up to $300 for cash gifts to qualified charitable organizations, regardless of whether or not they itemize.
For the year 2020, individuals will be able to deduct cash contributions to charitable organizations up to 100% of the adjusted gross income (AGI) – the previous limit was 60%. This is an election, so donors who wish to use this provision must report their decision to the IRS. Any contributions in excess of the donor’s total adjusted gross income may be carried forward for up to five additional years. (These contributions need to go to individual nonprofits and cannot be used to fund Donor Advised Funds or Supporting Organizations.)
Corporations will now be able to take advantage of charitable deductions up to 25% of their taxable income, an increase from the former 10% limit.