Frequently Asked Questions
Q. Is Mystic Seaport tax exempt?
A. Yes. Mystic Seaport is a private, non-profit corporation existing under and by virtue of a charter granted by the State of Connecticut. In addition, the Museum was issued a ruling in August 1938 as exempt from Federal income tax under section 501(c)(3) of the Internal Revenue Code. Mystic Seaport is not a private grant-making foundation within the meaning of section 509(a) of the Internal Revenue Code as described in sections 509(a)(1) and 170(b)(1)(vi).
Q. Is my gift to Mystic Seaport tax-deductible?
A. Yes! This means that Mystic Seaport can devote 100% of your gift to education and public outreach. Contributions to the Museum, including gifts to the Annual Fund, are fully tax-deductible to the extent allowed by law. Membership dues are partially tax-deductible, excluding the value of membership benefits.
Q. How do I make a gift of securities to Mystic Seaport?
A. If you wish, you may contribute securities (stock) to the Museum instead of cash. For some people with highly appreciated, low cost-basis securities there are tax advantages to contributing securities instead of cash. You may deduct the mean, full fair-market value of the securities on the day they are transferred to Mystic Seaport from your regular income taxes, with certain restrictions. If you are planning to donate securities, contact your broker and/or financial advisor for assistance. You may also call the Museum's Development Department at (860) 572-5365.
Q. Will my company match my gift to Mystic Seaport?
A. Many companies recognize the importance of their employees' support of education, human services, and arts and culture by offering to match employee contributions to charitable organizations. Some companies also match the value of volunteer hours contributed by their employees. Matching gifts are a great way to provide extra support for Mystic Seaport if you are making a monetary gift or if you volunteer for the Museum. Contact your company's Human Resources or Personnel department and ask if there is a matching gifts/volunteer hours program. Complete the program form and send it to Mystic Seaport along with your contribution, and we'll do the rest.
Q. When is the best time to make a gift to Mystic Seaport?
A. Mystic Seaport operates 364 days a year, so we always welcome your support. Our fiscal year ends on the last Friday in April, so it's a good idea to make your gift to the current Annual Fund by then. Many donors find that the end of the calendar year is the best time to make a gift. Gifts made by December 31 can be deducted from your taxes due the following April 15. It is often beneficial to make a gift of securities or appreciated assets at year-end.
Q. Whom can I contact regarding a gift to Mystic Seaport?
A. If you have questions or need help making a gift to Mystic Seaport, please contact the Development Department at (860) 572-5365. If you prefer, you may e-mail us. We're always ready to assist you.
Q. May I restrict my gift to a special Museum project?
A. Mystic Seaport seeks support for a wide range of activities and projects. Most donors choose to give to the Annual Fund, Mystic Seaport's yearly drive for unrestricted funds to support the Museum's daily operations. However, if you wish to restrict your gift to a special project, you may do so.
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