The Weisman Art Museum is a nonprofit 501(c)(3) university museum whose community of students, faculty, and friends throughout the Twin Cities community shares a belief in the power of creative work and its positive impact on society.
WAM is sustained by this belief and by the generous support of the community. Donors help provide vital funds for student scholarships, outreach, expansion of museum programs, and enhancements to the creative life on campus. Every contribution makes a difference, and annual supporters are essential to the museum’s accessibility by providing free gallery admission to over 70,000 visitors annually, in addition to keeping programs and membership free. Your gift creates opportunities for the art patrons of the future–preparing them to become leaders and innovators in the community and through their own artistic practice.
All gifts are tax-deductible and processed through the University of Minnesota Foundation. For your convenience, consider selecting a monthly option for your annual donation. In addition, many companies will match your contribution to WAM. To find out if your company has a matching gift policy, please click here to search for your employer. Or consider donating the earned interest from your bank account to WAM with no processing fees. Learn more about Interest for Others >>
View the adjacent menu to learn about all the different ways you can contribute to WAM.
CARES Act and Charitable Giving
As you have likely heard, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020 to address the current health and financial crisis. We have outlined below provisions in the Act that may impact charitable giving. If you have questions about how this will affect your donation to WAM, we recommend you consult with your professional financial advisor about how this law may affect you.
Change to required minimum distributions (RMDs)
RMDs from retirement accounts are temporarily suspended. Donors who would otherwise have to take their RMD do not have to do so for the 2020 tax year. Donors who are age 70 ½ can still make a tax-advantaged qualified charitable distribution from an IRA to charity and avoid the income tax that would otherwise be due on the distribution.
New charitable tax deduction
Donors may deduct up to $300 in charitable gifts on their 2020 tax return even if they do not itemize deductions. This deduction is available for cash gifts to public charities. (Stock gifts or gifts to donor advised funds do not qualify.)
Example: A taxpayer who takes the standard deduction and makes a $300 cash gift to a public charity in 2020 may claim the $300 deduction in calculating their adjusted gross income. The deduction is in addition to the taxpayer’s standard deduction.
Cap on annual contributions lifted
Contributions to public charities are generally limited to a percentage of a taxpayer’s adjusted gross income (AGI). The new law lifts the cap on annual contributions for those who itemize, increasing it from 60% to 100% of AGI for 2020. Any excess contributions can be carried forward over the next five years. For corporations, the new law raises the annual limit from 10% to 25% of taxable income.