THE ELK RAPIDS AREA HISTORICAL SOCIETY is a privately funded, tax exempt organization. The Society receives no tax money from any government entity for operating expenses. The Elk Rapids Historical Society, whose members operate the Museum, depend on the generosity of businesses and individuals to fund the many programs offered. There are many ways members and friends can make tax deductible contributions to the Historica Society. There are many methods of giving that may have significant tax advantages to you. Please contact your tax professional to see if any of the following methods of giving might benefit you as well as the Society and its Museum.
If you are thinking about one or more of the “Ways of Giving” outlined below, and have any questions or concerns, please write (P.O. Box 2, Elk Rapids, MI., 49629), phone (231) 264-5692 or e-mail: firstname.lastname@example.org the Elk Rapids Area Historical Society.
Ways of Giving to the Elk Rapids Historical Society and Its Museum:
CASH GIFTS are certainly the most direct and immediately beneficial way of contributing to the Elk Rapids Area Society. We quality as a charitable institution and have our 501 (C) 3 designation. Checks can be made out to the Elk Rapids Area Historical Society (or ERAHS). Donations are income tax-deductible to the extent provided by Federal Tax Laws.
GIFTS IN KIND include artifacts donated to the museum for our collections. This also includes items that may be used in our administration and operation such as office equipment, display materials or maintenance supplies. We always have a “wish list” of items we need in all price ranges. The tax deductible value is determined by the donor.
GIFTS OF SECURITIES can be advantageous to the donor in that capital gains taxes can usually be avoided. The current market value at the time of giving is tax deductible.
MEMORIALS AND BEQUESTS are placed in the Elk Rapids Area Historical Society Endowment Fund unless otherwise directed. You many request that your bequest be used for a specific purpose or project. Memorial or honoraria donations to the Fund are acknowledged on regularly updated plaques displayed in the museum.
PROPERTY may be donated with significant tax advantages. The land you own can even be donated now while reserving the right to use the property for the remainder of you life. By giving the property now substantial income and property tax advantages may be realized. Some arrangements allow for the Society to receive income from property now with the property passing to your heirs upon death.
LIFE INSURANCE can provide a substantial gift with a relatively small cash outlay. The donor pays premiums on a policy listing the Historical Society or the Endowment Fund as the beneficiary. The donor received a tax deduction for the premiums and the Historical Society receives the face value of the policy.
MATCHING GIFTS are offered by some employers who will match your donations to qualified charitable or educational organizations. The Museum’s Finance Committee has a list of companies with Matching Gift Programs. Contact your employer to see if the Museum qualifies for matching gifts.
UNITED WAY donations to your local United Way may be designated for the Elk Rapids Area Historical Society.
THE MUSEUM ENDOWMENT FUND was created to preserve the principle from major donations and bequests made to the Elk Rapids Area Historical Society. The Endowment Fund is currently administered by the Historical Society Board of Directors. Only the income generated by the Endowment Fund may be used to pay operating expenses. Currently the Fund provides about 1/3 of the operating income for the Museum. The principle may be invaded for only extreme emergencies (“Acts of God”).
SUPPORTING the Elk Rapids Area Historical Society and its Museum for most of us is something we do by joining the Elk Rapids Area Historical Society or by renewing our membership each year with a tax-deductible monetary donation. These donations, made by our members, are a means by which the Historical Society carries out its educational and preservation responsibilities each and every year. Bottom line is, these annual, short-term donations are critical to getting the job done!
WHAT ABOUT LONG-TERM GIVING where you make a future oriented support commitment? Not for you, you say? Well, maybe — maybe not. Yes, you’ll have to get your attorney and other professionals on your team to handle all the details, but just consider the impact on your personal finances and the future of the Elk Rapids Area Historical Society and its Museum.