Capital Fundraising Campaign
Update September 2013
In an unprecedented show of support for the preservation of Bluegrass music’s history, artifacts, recordings and collections, the City of Owensboro, Kentucky pledged to give $3 million to the International Bluegrass Music Museum, provided that the museum can raise the remaining $7 million needed to convert the former “state office building” into a fabulous new International Bluegrass Music Center. This building is located at the very best address in the city. It is on the corner of the main east-west and north-south arteries. It is on the Ohio River at the center of an $80 million new waterfront park with glittering fountains and gorgeous public spaces. It is next door to two new hotels and a new convention center, all of which will open in 2014. In short, the new Bluegrass Center will be the focal point of the City of Owensboro, Kentucky, and the museum will have ongoing support from the City in the form of free rent for 99 years. We have been greatly encouraged by the outpouring of support from donors. In just a few months, we have raised $5 million dollars from Owensboro residents and have $2 million to go. It is time to take this campaign to the rest of the worldwide bluegrass community so that the only full-scale Bluegrass music museum in the world can move into a 3x larger building, with far more exhibit space, a 1,000 seat concert hall, an outdoor concert area for 2,000, an expansive gift shop, an international hall, a research library, teaching rooms… and visits from you.
We need your help. Please consider donating to this capital campaign. We owe it to all the terrific bluegrass musicians, now living or gone on, to preserve their great legacy in the manner and style that is befitting their talent and creativity.
Giving is simple and tax deductible. You may pay with any currency using your credit card by clicking the button below. You do not need to be a member of Paypal in order to use their service. After you have made your payment, you will be taken to another page that allows you to fill out complete contact information on yourself and your business. Thank you for your support!
IBMM, incorporated in 1991 as a non-profit arts organization, operated in the 1990s as a small museum open by appointment only. With a grant from the State of Kentucky, IBMM renovated its current facility in Owensboro’s RiverPark Center, expanded its programs, and by 2003 was open year-round as the only museum exhibiting the international history of bluegrass music. Since that time, IBMM has been steadily acquiring an archive of rare and important artifacts and collections– recordings, posters, instruments, and stage attire worn by legendary bluegrass musicians that will preserve and honor this quintessential American genre.
We need space, lots more space, to preserve this collection, allow it to grow, and exhibit it to the public. In pursuit of that goal, in January 2013 the IBMM embarked on the most exciting, most challenging, and most enduring project in its 23-year history — transforming the former State Office Building in Owensboro into the 66,000 square-foot International Bluegrass Music Center. This $10 million project will allow IBMM to house the foremost collection of bluegrass artifacts, with concert halls and performance spaces in which to celebrate and present one of the most exciting art forms in all the world: bluegrass music.
New Tax-Deductible information Regarding IRA Contributions – Ends 12/31/13
The Pension Protection Act of 2006 allowed persons aged 70 1/2 and older to make tax-free charitable gifts directly from Individual Retirement Accounts to a qualified charity. The provision actually expired at the end of 2011 but was revised and is now in effect through the end of 2013 under the American Taxpayer Relief Act of 2012.
The amount of such gifts is capped at $100,000 and under the law, the opportunity ends December 21, 2013.
What are the advantages for you to contribute to qualified charities in this manner?
- Your donation can count toward your Required Minimum Distribution
- Your donation may lower your Adjusted Gross Income, which could reduce the tax you owe or pay on Social Security income. This in turn could lower your exposure to the Alternative Minimum Tax.
- You may enjoy additional benefits if you do not itemize or have Schedule A limitations pertaining to previous gifts.
The direct nature of a gift made on these terms from your IRA makes it prudent to seek technical advice from a tax advisor prior to initiating a gift under these provisions.