There are many ways to make a tax-deductible gift to the CMA. We accept several forms of payment including check, cash, and credit card. In addition, the museum is happy to discuss other ways to give including stock, IRA rollovers, and matching corporate gifts.
As always, we suggest you consult your individual tax and legal advisor to determine how you can benefit from these changes as you make your gift to the Columbia Museum of Art.
Please contact our development office at 803-343-2214 if you have any other questions.
Give Appreciated Securities (Stock)
This year, consider a gift of appreciated securities. You may be able to deduct the full market value of the gift for both regular and AMT (alternative minimum tax) purposes if you have held the securities for more than one year.
To make a gift of stock to the museum, talk to your advisor and please complete this form and send it to the attention of Selina Ciarlone, firstname.lastname@example.org or call 803-343-2193. This will help us monitor the gift to ensure it is received at the time you give it.
If you contribute an appreciated security that has a basis of $20,000 and a fair market value of $100,000, you may take a deduction up to or equal to $100,000 (subject to certain limitations) and the Museum will receive the full gift worth $100,000.
If you sold the same $100,000 of appreciated securities and donated the after-tax proceeds, both you and CMA would get a lesser amount, due to the tax you will pay on the long-term capital gains. CMA would receive only the amount after tax, reducing your charitable contribution from $100,000 to $84,000, while you would both pay the 20% tax on the capital gains and receive a smaller income tax charitable deduction.
Give through your community foundation or donor advised fund
Your charitable giving can continue through community and family foundations and donor-advised funds—as more and more donors seek professional assistance in efficient management of their charitable dollars and effective grant-making to the causes and charities they value. When you give through your local community foundation or a donor-advised fund managed by your investment firm, you realize an immediate tax benefit and the advantages of professional investment and grant-making services.
Many companies will match employee charitable donations up to a certain level. Your H.R. department can give you information about matching gifts, or check with the museum’s Development Office to see if your company is a matching gift company.
Matching gifts are not limited to large corporations. Even if your company is small or a professional firm, it pays to ask if your employer will match all or part of your charitable gift to CMA.
Please indicate your matching gift on the donation form and submit along with your company's matching gift form.
Give using the IRA rollover provision
You may make a gift using the charitable IRA rollover. This provision allows you to donate up to $100,000 of taxable income you receive from the required minimum distribution of an IRA. To qualify for this deduction, you must meet the following criteria:
- be 70 1/2 or older
- make the gift transfer directly from a traditional or Roth IRA to the Columbia Museum of Art
- complete the gift transfer from your IRA by end of the year
For more details, please contact Selina Ciarlone, chief financial officer, at 803-343-2193.