Frequently Asked Questions
about the Cade Museum’s Capital Campaign
about the Cade Museum’s Capital Campaign
Does the Cade Museum operate as a 501(c)3 charity and are my gifts tax-deductible?
Yes, we are a 501(c) 3 and your gifts are fully tax-deductible. However, We have begun the IRS approved 5-year application process to transition from a private to a public charity.
What is the difference between private and public status?
Both private and public foundations operate as 501(c) 3 charities, with donations being fully deductible, but a private foundation receives the bulk of its funding from one or two sources, whereas a public foundation receives a minimum of 33% of its funding from the general public.
Why is this important?
A public charity is the highest status of 501(c)3 designation and offers many benefits, including eligibility to apply for many federal and corporate educational grants, eligibility to book traveling exhibits and partnerships with the Smithsonian, as well as the most advantageous tax rates. (private foundations must still declare some taxes when declaring as a 501(c) 3 with private status)
Where do our operating funds come from?
Dr. and Mrs. Cade donated a sizable portion of their Gatorade shares to the museum in 2006. The Cade Museum owns these shares and will continue to receive income from them as long as Gatorade is sold. This forms the basis of the museum’s endowment and allows us to run all of the great programs that you are familiar with. To date it covers all of our operating costs and will be used for this purpose in the future. This puts us in a very strong position in the future, and means that we DO NOT need to raise cash to pay our bills or to keep the lights on.
Where are we now?
We have been in a silent phase of our capital campaign and have raised $3,200,000 in cash and pledges from the general public to be used for the construction of a 21,000sf building in Depot Park, These donations from the general public get us very close to 27% of our total expenditures, but we need to close the 3% gap. We are very close! (Remember 33% is the magic number that opens up so many more possibilities for us and for the community)
How are we planning to close this gap?
Mary Cade will be issuing a $500,000 challenge grant to the general public at a special event on October 10th. She will match dollar for dollar every gift that we receive, but will only donate in proportion to what we receive. This ensures that we maintain the proper 30% balance that we need to successfully complete our five year public foundation application process.
How can you help?
Please consider making a gift or pledge to the We Believe Community Campaign. Visit our Facebook for campaign updates, post our We Believe logo as your profile photo and use #WeBelieve on Facebook to show your support.
Yes, we are a 501(c) 3 and your gifts are fully tax-deductible. However, We have begun the IRS approved 5-year application process to transition from a private to a public charity.
What is the difference between private and public status?
Both private and public foundations operate as 501(c) 3 charities, with donations being fully deductible, but a private foundation receives the bulk of its funding from one or two sources, whereas a public foundation receives a minimum of 33% of its funding from the general public.
Why is this important?
A public charity is the highest status of 501(c)3 designation and offers many benefits, including eligibility to apply for many federal and corporate educational grants, eligibility to book traveling exhibits and partnerships with the Smithsonian, as well as the most advantageous tax rates. (private foundations must still declare some taxes when declaring as a 501(c) 3 with private status)
Where do our operating funds come from?
Dr. and Mrs. Cade donated a sizable portion of their Gatorade shares to the museum in 2006. The Cade Museum owns these shares and will continue to receive income from them as long as Gatorade is sold. This forms the basis of the museum’s endowment and allows us to run all of the great programs that you are familiar with. To date it covers all of our operating costs and will be used for this purpose in the future. This puts us in a very strong position in the future, and means that we DO NOT need to raise cash to pay our bills or to keep the lights on.
Where are we now?
We have been in a silent phase of our capital campaign and have raised $3,200,000 in cash and pledges from the general public to be used for the construction of a 21,000sf building in Depot Park, These donations from the general public get us very close to 27% of our total expenditures, but we need to close the 3% gap. We are very close! (Remember 33% is the magic number that opens up so many more possibilities for us and for the community)
How are we planning to close this gap?
Mary Cade will be issuing a $500,000 challenge grant to the general public at a special event on October 10th. She will match dollar for dollar every gift that we receive, but will only donate in proportion to what we receive. This ensures that we maintain the proper 30% balance that we need to successfully complete our five year public foundation application process.
How can you help?
Please consider making a gift or pledge to the We Believe Community Campaign. Visit our Facebook for campaign updates, post our We Believe logo as your profile photo and use #WeBelieve on Facebook to show your support.
