Opportunities for Giving at the Finger Lakes Boating Museum
The Finger Lakes Boating Museum (FLBM) is a non-profit 501(c)(3) tax-exempt designated charitable educational organization. The FLBM's tax I.D. (EIN) is #16-1542277 and donations are tax deductible as allowable by law. Besides memberships and general donations, below are many ways to give to the Museum that could benefit all involved! As always, please consult with your financial advisor.
Donor Advised Funds (DAF)
Donor Advised Funds are the fastest-growing giving method and tax-efficient way to manage charitable donations. Donor Advised Funds allow donors to make a charitable contribution, receive an immediate tax deduction, and then recommend grants from the fund over time.
Grants made to FLBM through Donor Advised Funds can be designated for FLBM to use wherever the need is greatest or aligned with areas that match supporters’ interests.
Clients of Fidelity Charitable, Schwab Charitable, and BNY Mellon can easily make a designation through the DAF Direct window on this page.
FLBM's tax I.D. number is 16-1542277.
Individual Retirement Account (IRA) charitable donation
At the end of 2019 the FLBM received a sizable IRA charitable donation due to the annual Required Minimum Distribution (RMD). The donor explained he would rather us have it than the IRS! If you feel that way as well, the FLBM would be honored to be included in your plans.
Details on IRA charitable donations:
The IRA charitable rollover for tax year 2020 allows individuals 70-½ and older to donate up to $100,000 in IRA assets to a qualified charitable organization. The rollover is tax-free and not included in a donor’s adjusted gross income.
A gift to a charitable organization from an individual’s IRA can count toward the annual Required Minimum Distribution (RMD)* by the IRS. (*The RMD has been suspended for 2020. Please check with your financial advisor.)
Transfers must be made directly from your IRA's custodian to FLBM.
Transfers must be completed by 12/31/20 in order to qualify as a tax year 2020 gift.
If you have a distribution that you would like to make for 2020, please consider making a direct IRA rollover gift to the Finger Lakes Boating Museum.
Gifts of Stock
A gift of stock is a great way to support the FLBM. If you have stock that has appreciated greatly in value, you may consider giving securities as a year-end gift to the Museum. Giving long-term appreciated stock offers you a two-fold tax saving. First, you avoid paying capital gains tax on the increased value of your stock. Second, you receive a tax deduction for the full fair market value of the stock on the date of your gift to the Museum. For income tax purposes the value of a gift of stock may be deducted up to 30% of your adjusted gross income with an additional five-year carry forward of any balance. Making a gift of stock to the FLBM is easy. Just inform your broker of your intention to make a gift and notify the Museum!
Memorial and Tribute Gifts
The FLBM is honored to receive memorial or tribute gifts for both Museum members and non-members. The Museum accepts memorial gifts in the form of checks, credit cards, or gifts of stock. When making your memorial or tribute gift, please note the name of the individual you wish to honor and contact person you would like notified of your gift.
Please make your gift payable to:
Finger Lakes Boating Museum
PO Box 575
Hammondsport, NY 14840
The FLBM has recently created an Endowment to support the Museum. As the Endowment grows, a designated percentage of the interest earned will help support the annual operating budget. An Endowment helps to guarantee that the Museum will be here for many years to come. Please contact the Museum if you are interested in making a donation to the Endowment fund.
Areas of Opportunity for Giving at the Finger Lakes Boating Museum
General Operating Support & the Annual Appeal
Any non-profit organization will tell you that this is the most critical area for fundraising. These gifts support staff salaries, utilities, insurances, and other essential costs of operation. At FLBM these costs are covered by memberships, admissions, gift shop and other sales, unrestricted donations, and non-designated fundraising events.
“Bricks & Mortar” type funding is often hard to come by as FLBM expands. The Museum is fortunate to have two local foundations that have supported these types of needs, however, as the Museum continues to grow it will require other sources of support for needed renovations. There are currently many opportunities in this area as we seek to expand into Building #9 of the campus, which will exhibit many of the fishing boats and sailboats built in the region.
Restoration & Collections
Pat II Tour Boat – The FLBM’s signature project, the renovation of a 39’ tour boat originally built in 1924. Renovated by Museum volunteers, the Pat II will become a public tour vessel with its home berth in Hammondsport.
Small Boat & Motor Restoration – The restoration of collection boats and motors, and the building of replicas, fulfills one of the Museum’s main goals of preserving and teaching the history of Finger Lakes boat building.
FLB Academy activities for adults and children – Adopted in 2016, the Finger Lakes Boating Academy is the umbrella for all of the Museum’s educational activities. Courses, workshops, lectures, boater safety, and children’s programming and field trips are planned throughout the year. For example, the 2020 Lecture Series is sponsored by the Keuka Area Fund of the Community Foundation of Elmira-Corning and the Finger Lakes, Inc.
The annual golf tournament fundraiser is a popular event and brings in sponsors from the area who support the FLBM’s mission and like to play golf!
Dragon Boat Club
The new FLBM Dragon Boat Club, the “Keuka Dragons,” has been created and dragon boats secured. Membership in the Museum is required, but the team has its own rules and fundraising structure.