How the CARES Act impacts Charitable Giving

The Folly is a resilient, vital, and uniquely relevant cultural asset.  Over the course of its first 120 years, this theater has survived the 1918 influenza pandemic, the Great War, a balcony fire, the Great Depression, the advent of “talking” movies and television, the decline of vaudeville and burlesque, and the prospect of a wrecking ball.  We are determined to ensure that it will survive this current crisis, and continue to present world-class artists on a world-class stage for generations to come.  Your sustained partnership in those efforts is critically important to our success. Please consider making a donation to the Folly today.  If you have already made a donation this year, please know how grateful we are for your support!

The recently enacted Coronavirus Aid, Relief, and Economic Security (“CARES”) Act includes several important changes that affect charitable giving this year.  With input from other organizations, we have summarized certain provisions from the CARES Act that may affect your charitable giving for 2020.

Non-Itemized Deductions for Individual Contributors

A deduction up to $300 in charitable contributions from your adjusted gross income (AGI) is permissible for those who take the standard deduction. Donations must be made in cash to a qualified charitable organization. Gifts of appreciated securities do not qualify.

Itemized Deductions for Individual Contributors

A deduction up to 100% of your adjusted gross income in charitable contributions is permissible for donations made in cash to a qualified charitable organization. This is an increase from the general limit on deductions to no more than 60% of the AGI.

Retirement Plan Distributors

All required minimum distributions (RMDs) from retirement accounts are suspended for 2020. Donors who are 70 ½ years or older are permitted to contribute up to $100,000 directly to a qualified charitable organization without paying tax on the distribution.

Business/Corporate Contributors

A deduction up to 25% of your taxable income in charitable contributions is permissible for donations made in cash to a qualified charitable organization. This is an increase from the general limit on deductions to no more than 10% of the taxable income.

Disclaimer: The Performing Arts Foundation dba The Folly Theater does not provide tax, legal, or accounting advice. This summary has been provided for informational purposes only, and should not be relied on for tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisor(s) before applying any deductions.

The Performing Arts Foundation of Kansas City dba The Folly Theater is a qualified 501(c)(3) exempt charitable organization which owns the Folly Theater and is solely responsible for the preservation, maintenance, and general operations of Kansas City’s only remaining 19th-century theater.  Completed in 1900, the Folly is listed on the National Register of Historic Places; a designated Kansas City Landmark; a Partner Place of the National Trust for Historic Preservation; and a charter member of the League of Historic American Theaters.  The Folly’s federal EIN is 43-6054615.

THE IMPACT OF YOUR SUPPORT

Your support of the Folly Theater will help extend transformative arts experiences to nearly 60,000 patrons from over 15 states, and education-enriching Folly Kids’ Series programming to more than 9,000 area students (nearly 65% of whom attend Title I schools).  In particular, your support sustains the Folly’s operations, innovative programming and national reputation as a prestigious performing arts venue.  For additional information, please contact Folly Development Director Brian Williams at 816-768-6886 or brian@follytheater.org.