Donate today to keep learning in play!
Your donation to the Children’s Museum means families will be able to continue learning through play for years to come!
The Children’s Museum relies on gifts from individuals, organizations, corporations, and foundations to serve more than 400,000 visitors each year. In fact, nearly 32% of the cost of operating the museum last year was provided through gifts from 300 individuals and nearly 100 organizations throughout Central Virginia.
Important Update Regarding the CARES Act
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. The Act offers charitable contribution incentives to both itemizers and non-itemizers alike. In both circumstances, the donation must otherwise constitute a charitable contribution, must be a contribution of cash, and must be made to a public charity (that is neither a supporting organization (section 509(a)(3)) nor a donor advised fund (DAF) (section 4966(d) (2)), a private operating foundation, (section 170(b)(1)(A)(vii)), or a flow-through private foundation (section 170(b)(1)(A)(vii)). These charitable contributions are ‘qualified contributions.’
The Act also permits non-itemizing individuals an ‘above-the line’ charitable contribution deduction not to exceed $300 in computing their 2020 adjusted gross income (AGI). This deduction is available only to current year contributions (i.e., not carryforwards of prior year excess contributions).
Itemizer and corporate taxpayer incentives
In addition, the Act provides for charitable giving incentives to individuals who itemize and corporations by increasing charitable deduction limitations for qualified contributions made in 2020, applicable to tax years ending after Dec. 31, 2019. It also increases the limitation for the enhanced deduction for food inventory from 15% of AGI or taxable income to 25% of AGI or taxable income.
Under the Act, individuals may deduct qualified contributions up to 100% of their 2020 AGI. For ordering purposes, an individual first applies the standard AGI limitations (i.e., 30%, and 20%) to non-qualified contributions and then utilizes his/her qualified contributions up to 100% of AGI. Any excess qualified contributions are carried forward. For example, if an individual makes nonqualified contributions representing 20% of 2020 AGI, the taxpayer would be permitted to take deductions of qualified contributions of up to 80% of AGI and carry forward any excess.
Corporations may deduct qualified contributions up to 25% of 2020 taxable income. For ordering purposes, a corporation first applies the standard 10% taxable income limitation to non-qualified contributions and then utilizes its qualified contributions up to 25% of AGI. Any excess qualified contributions are carried forward. For example, if a corporation makes non-qualified charitable contributions representing 12% of taxable income, the corporation would limit the deduction to 10% of taxable income and would be permitted to take deductions of qualified contributions of up to an additional 15% of taxable income and carry forward any excess.
The Act requires the taxpayer to make an election to treat contributions as qualified with respect to this provision. In the case of contributions made by a partnership or S corporation, the election rests with the partner or shareholder.
For more information regarding the CARES Act, please consult with your tax advisor.
Any gift, large or small, helps make a difference. Here’s how:
Gifts designated to the Annual Fund allow the museum to continue serving our community and may be used however needed in support of the museum’s mission.
Access for All
Our Access for All program makes it possible for low-income and at-risk children, families, and schools to receive free and/or reduced access to the museum’s resources. This includes single day admissions, Scholarship Family Memberships, field tripscaregiver education, and age-appropriate books, all as a part of our goal to provide growing access to the museum for those who need it most.
Gifts to the Book Bank allow the museum to purchase new books whenever the Book Bank’s needs outnumber the books being donated by members of the community. These gifts become particularly helpful when bilingual books are requested!
Gifts support caregiver education for low-income and at-risk communities.
Birdies for Charity
Every year, the Children’s Museum participates in the annual Birdies for Charity event to raise money for the museum.
All donations to the Children’s Museum are tax deductible as provided by law unless otherwise stated.
To give to the children’s museum please click the link below for further instructions.
Is your company looking to become more involved in its community? Through exhibit and programming sponsorships, a corporate gift to the Children’s Museum is an investment in your employees and families across Central Virginia!