Do you ever think of being an art sponsor? Art sponsorship leads to unexpected benefits. You may end up with unique marketing and corporate hospitality situations. At the evolution stage, you may have to face some struggles to motivate and interest staff, change consumer insights of your product, etc but that will be very beneficial in the long run. Now we will be focused into what are the benefits we will face if we choose to be an art sponsor.
- Attract crowd
In today’s busy world people are thrown to live anywhere for work. But a question pops out-is they want to live there? Or does this situation make them do this? Whatever the reason, study after study shows that communities that have an art museum, vibrant art scene, including galleries, live-performance opportunities, and venues, and a strong collection of talented artists, attract people to them. And when this art scene happens, independent pubs, breweries, shops, restaurants, and other locally made businesses show up, which makes an even bigger draw.
- Shows prosperous business
A community’s overall progress can be measured by how successful the arts are. Regardless of the overwhelming number of studies that prove how important investing in the arts is at every stage of life and across every dimension, when budgets get tight or cuts have to be made, the arts are always the first to go. Interestingly enough, when a business or a city has made remarkable investments in the arts and they are flourishing, it’s a concrete sign that the rest of the business or community is doing well, too.
- Draw talent from outside
Another important benefit of being an art sponsor is attracting talent from the outside. Generally, businesses carefully vet communities for their probability to fill positions before relocating or expanding. Interestingly enough, art plays a huge role in that choosing part because, with a deep meaningful art scene, it’s easier to draw talent from the outside, especially those with families who are searching for how they will incorporate into a new community.
- Make your generous
Art is something that makes everything plain, simple, and better. You know what when you see downtown and shopping areas with terrific architecture, shops to peruse, public art and spaces that keep your eye warm by seeing all kinds of art forms, and greenspace where outdoor performances can be hosted, feel awesome. You will realize this makes a community more than a collection of people. It will help you to connect with your neighbors and do care about coworkers which makes you work hard for making your place better.
- Captivate young employees longer
Generally in today’s world keeping young workers is a tough job for many businesses. And it is getting harder by day by day as you know that millennials will average four jobs before they turn 32. So if your businesses have already figured out how to bring the arts and creativity to their employees, they have a higher chance of keeping young employees longer because of this investment.
If you wish to do something for needy people?Great! You will be happier when you come to know that you get tax benefits while contributing to charitable organizations, also known as 501 ©organizations. Interestingly enough, these organizations are not practiced for profit and include charitable, scientific, religious, and educational organizations. Though the tax code has some limits on how much you can discount and the records you have to keep, knowing how this process works helps you to have a clear idea about maximum tax savings from your generous giving.
You Can Calculate the value of donated property
If you donate goods to charity, you are only restricted to reducing the fair market value of the items. Though the IRS does not set a single formula that you are bound to use to calculate the fair market value of the items, you can check what similar items are selling for at stores in your area for a clear idea. In case you are donating used items, then the fair market value is generally lower than the original retail price.
You may be surprised to know that donations of vehicles, including cars, airplanes, and boats are subject to different rules.
- If the vehicle is used for charitable purposes, you can reduce the fair market value.
- If the charity decides to sell it, you are bound to deduct the smaller of the fair market value.
- Impact Your Community
Your donation to the local 501(c)organizations has a direct link with the community in which you live. It helps people to stand on their feet and upgrade their local economy as people are back to work and becoming donating members of the community once again.
- Bring Additional Support
Your donation to the local 501(c)organizations has a direct link with the community in which you live. It encourages people to stand on their feet and upgrade their local economy as people are back to work and becoming donating members of the community once again.
- Raise big-hearted Kids
Kids learn from their parents. When they see their parents donating time, energy, and money to those who are needy as a priority, they also grow the habit of helping people eventually. So when they grow older, donating to non-profit organizations is more likely a normal part of their lives.
Limitations on Tax Deductions
There are even some strict limitations in tax reductions also. Generally, the maximum amount you can discount depends on the types of contribution you give to charity.
- If you donate cash, your contribution is restricted to 60 percent of your adjusted gross income for the year.
- If you donate property, Your contribution is limited to 50 percent of adjusted gross income.
- If you donate appreciated property and want the discount based on the appreciated fair market value, your discount is restricted to 30 percent of your adjusted gross income.