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U.S. Airline Industry Museum Foundation, Inc. Giving |
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| Giving Through Membership
Giving of any kind can make you a member of the museum foundation. Whether it be by a cash donation, donating artifacts or assets of reasonable value or even donating your time and talents will qualify you as a member of the USAIMF. Many organizations require annual or sustaining memberships. Not so with the Foundation. Any donation, (Though $20+ is suggested), monetary or not will place you on the rolls. This is General Membership and the first 1,000 are considered Founders. Donations of cash or assets valued at $100 to $999 are Friends of the Museum; $1,000 to 2,499 are Special Friends, $2,500 to 24,999 are Benefactors, $25,000 to 249,999 are Sponsors, $250,000 and above are Senior Sponsors. Sponsorships may include sponsoring a hall, a hangar, an airplane, a library, a hall of fame, or a part of one. All donations will be appropriately honored and credit displayed. To make a donation of cash or an asset, merely send it along with your name and address and any past or present airline affiliation to the address on the back. You may want to contact the Foundation first for specific instructions. All donations will be acknowledged and are tax-exempt. Though the tangible benefits of membership may seem few they do include the acknowledgement of the donation, a lapel pin and the quarterly newsletter, Imprint. The intangible benefit is the deep satisfaction in knowing that you have helped a great and long-past-due endeavor to preserve the heritage of one of America’s most treasured industries. Giving by Pledging Pledging a gift to the museum foundation is an expression of your desire to help fund the foundation’s projects in a way that best meets your best intentions. Whether it is a gift of money or a valued asset such as an aircraft engine, display case, etc., it can be pledged to the foundation. A pledge is nothing more than a formal promise to deliver at a future date. And the foundation’s pledges are non-binding since we believe that a person’s situation is always subject to change. This is all done in writing and may even involve a pledge of payments over a period of time. The Foundation welcomes pledges of all kinds determined by the donor. Donating Appreciated Assets As far as the IRS is concerned, there are two types of charitable donations: cash and appreciated assets. An appreciated asset is anything from stocks to a stamp collection or to an antique airplane, that has gained in value and has been held more than a year. If you donate this you avoid the tax on the capital gain and generally get a tax deduction equal to the fair market value on the day it is delivered to the charity. For example: Suppose you purchased 100 shares of XYZ Corp. for $10 a share in 1998. Suppose that as of this date it has increased to 150 shares at $65 per share. If these shares were “cashed out”, this increase in value over the purchase price could be fully taxable as a capital gain. However, if these same shares were donated to the Foundation, there would be no capital gain tax and the full fair market value of the shares would be tax-deductible as a charitable donation on your federal income tax return. Your mortgage interest, taxes, medical expenses and other deductions are generally fixed. The amount and timing of your charitable deductions, on the other hand are completely under your control. Corporate Donations and Sponsorships By contributing to the museum foundation, corporations receive certain significant components of recognition. All contributions from corporations of $1,000 or more will receive a framed certificate appropriate for you to display at your headquarters. You will also receive choice site selection for your product display at any trade shows held at the museum. Larger corporate funding will be appropriately acknowledged by possibly sponsoring and naming a hall, hangar or other part of the museum after or in honor of someone named by that corporation. The Foundation will gladly meet with corporate representatives to work out the details to accommodate your wishes. Leaving a Legacy Gift or Bequest by a Will When developing the terms of their will or legacy, many persons consider leaving either personal property, real property or both to charitable organizations. Without getting into legalities too deeply, suffice to say that a legacy is the same as a bequest which is leaving money or property to someone by a written will. Also, using your life insurance to make a sizeable donation to a charity can benefit your favorite charity and provide you with significant tax savings. Simply by naming a charity as the irrevocable beneficiary will allow these benefits. If there are unpaid premiums you don’t have to keep paying premiums, the charity will make this election and you can deduct an amount slightly higher than the cash surrender value of the policy. If premiums are paid up you will receive a deduction based on the cost basis or replacement cost whichever is smaller. Giving the policy away now can provide current income tax benefits by also removing it from your taxable estate without generating a gift tax. By all means, consult your tax advisor. - Gifts
by Will: You can name the USAIMF as a beneficiary Charitable giving is an American tradition. It has the effect of carrying forward our tradition of preserving our heritage. Exactly what is the USAIMF? The U.S. Airline Industry Museum
Foundation, Inc. was chartered January 1, 2000, incorporated in the State
of Florida. The document number is N99000007254.
The Employer Identification Number (EIN) is 59-3614541. The Foundation received
a 1045 letter from the Internal Revenue Service granting exemption from federal
income tax under section 501(C)(3) of the Internal Revenue Code, dated August
25, 2000. This allows all gifts of property or money to be tax deductible
to the donor. The IRS lists all recognized charitable organizations in its
Publication 78, Cumulative List of Organizations. This list can be seen on
the Internal Revenue informational website: http://www.irs.gov/plain/bus_info/eo/eosearch.html This publication may also be found in public libraries or you can call the
IRS exempt organizations hotline at 877-829-5500 toll free and ask if the
organization is qualified. |