WAYS TO GIVE

The Museum of Prairiefire Foundation is a public charity under Section 501(c)(3) of the Internal Revenue Code (Tax ID No. 27-1040521).  The Museum of Prairiefire Foundation has earned a GOLD SEAL of Transparency on Guidestar. By making a gift to the Foundation you can help ensure that the Museum at Prairiefire (“MAP”) continues as a catalyst for future generations to understand, love and protect our natural world. 

Gifts to MAP may be made for the general purposes of MAP or for a specific program such as KC Urban Advantage (“KCUA”).  KCUA is a standards and research-based collaboration between urban schools and Kansas City cultural and learning institutions (including not only MAP but also other museums, science centers and the Kansas City Zoo) to collectively provide extraordinary resources in direct support of Science and Natural History-specific goals. This innovative and world-class program, developed in New York City by the American Museum of Natural History, provides professional development for educators and administrators; equipment and supplies for schools; and field experiences and scholarships for students, their families, educators, and administrators in the greater Kansas City metropolitan area and in particular the urban core.

There are many different ways to contribute to MAP and KC Urban Advantage, including the following: 

Outright Gifts

Cash, Check or Credit Card – Gifts by cash, check or credit card may be made to MAP.  Credit card gifts may be made online at https://shop.visitthemap.org/products/donate.  

*Stocks and Bonds – If a donor gifts appreciated stocks and bonds that have been owned for more than a year to MAP, the donor will be entitled to an income tax deduction for the value of the stocks and bonds on the date of the gift but the donor will not be required to pay capital gains taxes on the gift. 

*Qualified Charitable Distribution from IRA - The Internal Revenue Code provides that a Qualified Charitable Distribution (“QCD”) may be made directly from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by a donor who is at least age 70½ to a charitable organization. A QCD allows the donor to exclude from gross income up to $100,000 of a QCD each year, and a QCD can be used to satisfy any required minimum distributions from the IRA for the year.

A QCD may be particularly advantageous to a married couple under the new tax law because the standard deduction for a married couple in 2018 is $24,000 and the deduction for state and local taxes (often times referred to as the “SALT” deduction) is capped at $10,000. Thus, a married couple will need at least $14,000 of itemized deductions other than the SALT deduction before contributions to charity will benefit them on their income tax returns. If one spouse makes a QCD to MAP (even if the QCD is less than $14,000), the amount of the QCD will not be taxable and it will reduce, or maybe even eliminate, the required minimum distribution from the IRA for the year of the gift. This is equivalent to receiving a 100% income tax deduction for the gift.

Real Estate – Gifts of real estate will be accepted subject to MAP doing an environmental assessment of the property.  The donor should consult with his or her tax advisor prior to making a real estate gift. 

Life Insurance – MAP will accept gifts of life insurance on donors.  Policies that are not fully paid up will generally be cashed in unless the donor or others agree to make donations to cover ongoing premium payments.

*2019 tax laws may make giving with IRAs or stocks a smart move:

Contributing some of your appreciated assets directly to charity may save you taxes this year.

If you are age 70 ½ or above this year, consider a charitable IRA distribution.

• IRA gifts can count toward your required distribution, lowering adjusted gross income, and saving you taxes.

• This tax benefit will work even if you don't itemize or have used up your allowable deductions.

Transferring appreciated stock can also be a very smart way to make a gift:

• Appreciated stock gifts are tax-deductible at the current market value.

• Giving stock instead of cash can reduce liability for capital gains taxes.

Investing in tomorrow's scientists through the Museum has additional benefits:

• Your gift to the Museum will help foster a new generation of explorers, as well as support Kansas City Urban Advantage.

 Planned Gifts

Planned gifts are those that will either take effect at death or provide the donor or others with an income stream today and benefit MAP in the future.  Common planned gifts include the following:

Bequests – A bequest can be made to MAP in a Will or Revocable Trust.  We recommend that the following language be used when making a bequest to MAP: 

Will - I give, devise and bequeath [dollar amount, specific asset or portion of estate] to MUSEUM OF PRAIRIEFIRE FOUNDATION, Overland Park, Kansas [to be used for its general purposes or for a specific purpose such as KCUA].

Revocable Trust – [Stated dollar amount, specific asset or portion of trust] shall be distributed to MUSEUM OF PRAIRIEFIRE FOUNDATION, Overland Park, Kansas [to be used for its general purposes or for a specific purpose such as KCUA].

Beneficiary Designations – A donor can designate MAP as the Primary or Contingent Beneficiary of life insurance or a retirement plan, including an IRA or 401k.  Designating MAP as the beneficiary of a retirement plan is particularly attractive to many donors because retirement benefits that are paid to individuals are subject to income taxes and possibly estate taxes but retirement benefits paid to MAP are exempt from both of those taxes. 

Retained Life Estate – A donor may contribute a residence, vacation home or farm to MAP while retaining the right to use and occupy the property for life.  At the donor’s death, MAP will own the property in its entirety.

Charitable Gift Annuity – A charitable gift annuity is a contract between a donor and MAP in which the donor agrees to make a gift to MAP and MAP agrees to pay a guaranteed annuity to the donor for life.  The donor receives a current income tax deduction for the gift.  The donor must be at least 55 years old when the annuity payments begin.

Charitable Remainder Trust – A charitable remainder trust is a tax-exempt trust that is created by a donor.  During the term of the trust (usually the life or lives of the donor and/or the donor’s spouse or a period of years), the donor or other beneficiary receives fixed (annuity) or variable (unitrust) payments of at least 5%.  When the term ends, the assets remaining in the trust are distributed to MAP.  The donor receives a current income tax deduction for the gift the donor makes to the trust.

Charitable Lead Trust - A charitable lead trust is similar to a charitable remainder trust except MAP receives fixed (annuity) or variable (unitrust) payments during the term of the trust and the donor or other beneficiaries receive the assets remaining in the trust at the end of the term.  Although the donor does not receive an income tax deduction when the trust is created, distributions from the trust to MAP are deductible for income tax purposes and the trust can reduce the gift and estate tax cost of transferring assets to family members.

While the Museum at Prairiefire does not provide specific tax or legal advice, we do share information about charitable options with our donors. Please consult your own advisor about your specific situation. 

For more information regarding MAP, KCUA or the different ways you can leave a legacy to MAP, please call Terri Thompson at (913) 333-3503, or email terri@visitthemap.org.