Lobby • New family restroom and larger men’s room • Spacious women’s room with easy accessibility, nine stalls • Dramatically increased energy efficiency with new LED lighting and HVAC system
• Lobby temperature stable through all seasons with zoned heating and cooling • Expanded new concession and gathering space • Improved elevator with increased accessibility and ease of use • New box office, relocated to front of the building; new vestibules • Behind the scenes – group dressing room for choruses and dance troupes
plans: the lobby
plans: the loft
Loft • Studio classroom space for master classes, workshops, programming and educational initiatives • 85-seat multi-purpose café theater – could serve as a screening room, festival satellite site or lecture space • Dedicated parking and safe drop off • Relocated administrative offices save The Music Hall $40,000 in annual rent • Windows on Congress Street allow passersby to see the action, sparking interest in the arts and upcoming programs. Music Hall literature and work by performing artists and community partners on display and for sale
Backstage • Relocated dressing room block – professional space for performers with new green room and dressing rooms • Critical space for production support including offices and storage for sets, props, instruments, and costumes
• 1901 hemp and sandbag system retired for new technology Full electrical and HVAC upgrade • Stage returned to the 35-ft depth required for current touring shows– new capacity for ballet, opera and broadway performances
plans: backstage
tax advantages of giving: new hampshire 1. Assume a five-year pledge period (2008-2012) or, for those solicited in 2007, six tax years, with an initial gift in 2007 and subsequent payments in 2008, 2009, 2010, 2011 and 2012. 2. Cost of giving: under current tax laws, the maximum tax benefit from a charitable gift is about 40% of the gift (lower than the sum of the 35% federal and 8.5% New Hampshire state rate because of the additional deduction resulting from the gift). For example, a gift of $25,000 requires a first payment of $4,167 plus five more payments. If the donor is in the 40% bracket, this gift will cost only $2,500 per year. ($4,166 - $1,666 = $2,500) Examples — Assuming 35% Effective Federal Tax Bracket Total Gift Amount $5,000 $10,000 $15,000 $20,000 $25,000 Tax Savings $1,750 $3,500 $5,250 $7,000 $8,750 After Tax Cost $3,250 $6,500 $9,750 $13,000 $16,250 Annual Payment $833 $1667 $2500 $3,333 $4,167 Annual Tax Savings $292 $583 $875 $1,166 $1,458 Annual After Tax Cost $541 $1083 $1,625 $2,167 $2,708
$50,000 $17,500 $32,500
$100,000 $35,000 $65,000
$150,000 $52,500 $97,500
$ 8,333 $2,917 $5,417
$16,667 $5,833 $10,833
$25,000 $8,750 $16,250
3. Gifts of appreciated securities: the tax consequence of giving certain appreciated securities which one has owned more than twelve months are compared as follows (assuming a 35% tax bracket): Example – Gift of Proceeds of Sale of Securities vs. Outright Gift of Securities Fair Market Value Cost Basis Long-term Gain (Line 1 – Line 2) Capital Gain Tax (Line 3 x 15%) After-Tax Proceeds (Line 1 – Line 4)
Sale $30,000 $10,000 $20,000 ($ 3,000) $27,000
Income Tax Savings on Gift of $27,000 @ 35% bracket (Line 5 x 35%)
$9,450
Gift of Stock $30,000 $10,000 $20,000 N/A N/A
Income Tax Savings on Gift of $30,000 in Stock @ 35% (Line 1 x 35%)
$10,500
Savings to Donor by transferring instead of selling Stock (Line 7 minus Line 6)
$1,050
Additional Benefit to The Music Hall because you did not pay Capital Gains Taxes (Line 4)
$3,000
Note: Gifts of appreciated property are deductible to the extent of 30% of Adjusted Gross Income (AGI). Excess contributions may be carried forward for five years. The AGI limitation with respect to cash gifts is 50%. 4. Charitable contributions can also be made from a “C Corporation.” The corporate charitable deduction limit is 10% of the corporation’s pre-tax net income. The maximum federal tax benefit of such corporate charitable gifts is 35%, but there may be no federal tax benefits if the corporation has no federal income tax liability as the result of other losses or credits. For gifts made through an “S Corporation” or partnership, individual rates do apply. 5. Advice of professional counsel: individual circumstances are unique, and prospective donors should seek advice from their accountant or attorney. Tax benefits are approximations only. Actual benefit may vary from these examples depending on personal tax situations. In some instances the deductions for charitable gifts may be further reduced as a result of limitations on total itemized deductions.
tax advantages of giving: maine 1. Assume a five-year pledge period (2008-2012) or, for those solicited in 2007, six tax years, with an initial gift in 2007 and subsequent payments in 2008, 2009, 2010, 2011 and 2012. 2. Cost of giving: under current tax laws, the maximum tax benefit from a charitable gift is about 40% of the gift (lower than the sum of the 35% federal and 8.5% Maine state rate because of the additional deduction resulting from the gift). For example, a gift of $25,000 requires a first payment of $4,167 plus five more payments. If the donor is in the 40% bracket, this gift will cost only $2,500 per year. ($4,166 - $1,666 = $2,500) Examples — Assuming 40% Effective Federal and State Tax Bracket
Total Gift Amount $5,000 $10,000 $15,000 $20,000 $25,000 Tax Savings $2,000 $4,000 $6,000 $8,000 $10,000 After Tax Cost $3,000 $6,000 $9,000 $12,000 $15,000 Annual Payment $833 $1,667 $2,500 $3,333 $4,167 Annual Tax Savings $333 $667 $1,000 $1,333 $1,667 Annual After Tax Cost $500 $1,000 $1,500 $2,000 $2,500
$50,000 $20,000 $30,000
$100,000 $40,000 $60,000
$150,000 $60,000 $90,000
$8,333 $3,333 $5,000
$16,667 $6,667 $10,000
$25,000 $10,000 $15,000
3. Gifts of appreciated securities: the tax consequence of giving certain appreciated securities which one has owned twelve months or more are compared as follows (assuming a 40% tax bracket): Example – Gift of Proceeds of Sale of Securities vs. Outright Gift of Securities Sale Gift of Stock Fair Market Value $30,000 $30,000 Cost Basis $10,000 Long-term Gain $20,000 Capital Gains and State Tax Ratecombined (20%) $(4,000) After Tax Proceeds $26,000 N/A Income tax savings on cash gift of $26,000 $10,400 Income tax savings on gift of $30,000 in stock $12,000 Additional tax savings on gift of stock over cash $1,600 Additional benefit to The Music Hall because you did not pay capital gains taxes
$4,000
Total Benefit of Giving Stock over cash in this example
$5,600
Note: Gifts of appreciated property are deductible to the extent of 30% of Adjusted Gross Income (AGI). Excess contributions may be carried forward for five years. The AGI limitation with respect to cash gifts is 50%. 4. Charitable contributions can also be made from a “C Corporation.” The corporate charitable deduction limit is 10% of the corporation’s pre-tax net income. The maximum federal tax benefit of such corporate charitable gifts is 35%, but there may be no federal tax benefits if the corporation has no federal income tax liability as the result of other losses or credits. For gifts made through an “S Corporation” or partnership, individual rates do apply. 5. Advice of professional counsel: individual circumstances are unique, and prospective donors should seek advice from their accountant or attorney. Tax benefits are approximations only. Actual benefit may vary from these examples depending on personal tax situations. In some instances the deductions for charitable gifts may be further reduced as a result of limitations on total itemized deductions.
gift chart Gifts Needed to reach $13,500,000 = Gift or pledge received
$1,500,000 (2) $1,000,000 ( 4) $500,000 (3) $250,000 (4)
$100,000 (15)
$50,000 (18)
$25,000 (34)
$10,000 (40)
$5,000 (50)
Numerous up to $5,000 Each icon = $10,000 in gifts
frequently asked questions What is the mission of The Music Hall? The mission of The Music Hall is to present the very best of diverse performing and related arts at The Music Hall as an active and vital arts center for the enrichment of the Seacoast community. Our vision is to be the Seacoast’s premier performing arts center fulfilling our role as the anchor cultural organization in our community and to emerge as an American Treasure through a combination of vibrant programming and a dynamic, respectful restoration that is historically valid while balancing contemporary needs. As a highly focused performing arts center we will enliven our community with a diverse array of performance genres and an outlook that is contemporary, inclusive and classic. We are invested in the health of our community through our commitment to outreach to the underserved and to educational opportunities for children and adults alike. How has The Music Hall historically raised funds? Over the last 10 years a number of small campaigns have been accomplished for the restoration of seats and the stage curtains and creation of our first operating reserve in honor of the Hall’s 125th Anniversary. In 2003, The Music Hall was designated an “American Treasure” by the National Park Service’s Save America’s Treasures Program. With funds from the program and matching contributions, The Music Hall restored key historical features of the Hall including the proscenium arch, auditorium interior and ceiling dome; and repaired the roof and stairs. A major campaign, with a scope as large as Treasure the Future, has never been undertaken. What’s the projected timeframe for the completion of the Treasure the Future Campaign and related projects? What’s the cost and what will be accomplished? The Treasure the Future project will be completed by 2011. The campaign for restoration, expansion and endowment including unrestricted operating reserves for programs of The Music Hall aims to raise $13.4 million. The comprehensive project includes: Critical Repairs & Upgrades to Technology and Infrastructure: strengthen the historic wooden theater grid with a modern steel grid; replace the antiquated HVAC system with new, greener system; upgrade the electrical and sound systems to meet 21st century standards; relocate and construct new projection booth, replace two outdated ticketing and fundraising systems with one fully integrated system. Historic Preservation, Restoration & Rehabilitation: repair and renovate the stage to its original size; complete the historic finishes throughout the theater; restore and rehabilitate the façade and windows; rehabilitate and expand the entrance lobby; reconfigure and renovate the upper lobby; replicate and hang the historic chandelier; reproduce the historic oleo curtain; and extend the historic presence of the theater to Congress Street, contributing to neighbors’ and city project to improve Chestnut Street with wider sidewalks and better lighting. The Music Hall Loft: the newly renovated space at 131 Congress Street includes a studio classroom, space for master classes, workshops, programming and educational initiatives; an 85-seat tiered theater for special events and performances; safe child drop off, and full accessibility for all ages. Endowment, including Unrestricted Operating Reserves: will preserve and protect the historic theater building for generations to come and build community capacity, ensuring the availability and accessibility of our highly valued educational and community-geared programs. The endowment, including unrestricted operating reserves, ensures the long-term stewardship of the organization as an historical treasure, a community resource and a center of learning. Funds raised in the Treasure the Future Campaign are in support of The Music Hall’s strategic plan to restore, rehabilitate and expand The Music Hall, its programs and financial strength, to serve as a performing arts center for the 21st century. Gifts are unrestricted except for endowment funds.
frequently asked questions What impact will the project have on other arts organizations and the community?
The Music Hall has active partnerships with numerous local arts organizations. These Community Partners will benefit from the increased capacity, physical space, and endowment/operating reserves afforded by the Treasure the Future project. Over the next 25 years, the fully restored and expanded Music Hall will contribute $250 million to the local economy, strengthening the region and its businesses.
Who will be asked to contribute to the campaign?
There will be opportunities for everyone to contribute to Treasure the Future project: corporations, governmental agencies, foundations, and individuals.
How can I obtain additional information about Treasure the Future?
For additional information about The Treasure Future project, please contact Laura Smith, Director of Institutional Advancement at 603-433-3100 ext 40, or lsmith@themusichall.org.
ways of giving Supporters of The Music Hall may choose from a wide variety of methods for making their gifts to the campaign. Outlined here are a few of these methods, but donors are encouraged to consult with their personal financial advisor for the one(s) best suited to meet their goals.
Planning A Gift
By carefully selecting the assets to be used in making a gift, a donor can achieve more than one objective. The primary reasons for making a contribution are the accomplishments that come about as a result of that gift and the personal satisfaction that is gained. While tax benefits are rarely the primary motive for giving, once a decision to contribute is made, the donor should consider the opportunities for gift enhancement available in the tax structure.
Cash
Cash contributions give The Music Hall capital that is immediately accessible and allows the donor to deduct the amount of the gift in computing his/her income tax. Most donors find they are able to make more significant contributions and accommodate personal cash flow more easily if pledge payments are spread out over a 60-month, or six tax-year, period. The actual amount of savings each donor realizes in tax payments depends on level of income. For those in the highest personal income tax bracket of approximately 45% (lower than the sum of the 39.6% federal and 8.5% state rate because of the additional state tax deduction as a result of the gift), the actual cost of the gift, after deductions, is 55% of the amount given. Thus, a $10,000 gift could produce a $4,500 tax savings resulting in an “out of pocket” cost of only $5,500.
Giving Securities
For many donors, giving appreciated stock to The Music Hall may be preferable to giving cash. Federal tax law offers special incentives for non-cash gifts of property, particularly if that property has appreciated in value.
Gifts of Appreciated Stock: The Benefits to You
• You avoid capital gains tax. Any gain is taxable if you sell the stock yourself, but not if you give it to The Music Hall. • Your charitable deduction for federal income tax purposes is based on the full fair market value of the stock on the date the gift is made. • You receive credit from The Music Hall for the full fair market value of the stock, but the cost to you is only your original purchase price.
Valuing a gift of securities
The value of a publicly traded security is the average of the high and low prices on the date of the gift.
Corporate Giving
Under the current tax laws, a corporation may claim a charitable deduction up to 10 percent of pre-tax net income. Any excess in a year may be carried over to as many as five (5) years. The maximum federal savings of such charitable gifts is 35%. (Note: Changes in the tax laws may alter the information given here. Consult your tax advisor for up-to-date information as it pertains to your situation.) (continued)
ways of giving (continued)
Life Insurance
Gifts of life insurance policies may be made to the campaign. When a fully paid-up policy is given, its value — and, therefore, the amount of the donor’s tax deduction — is measured by the policy’s replacement cost. If the policy is not paid-up, its value is approximately the cash surrender value. The exact value in either case may be obtained from the insurance company. A gift of insurance usually qualifies for the maximum deduction limitation (50 percent) of adjusted gross income. Merely designating the organization as a beneficiary does not constitute an immediate gift.
Matching Corporate Gifts
Many corporations have matching gift programs in which an employee’s gift to the campaign will be matched by the company. Donors are urged to forward the company’s matching gift form with their own contribution or pledge payment.
Planned Gifts
Normally, gifts to The Music Hall must be made within the five-year pledge period. However, donors who wish to make a significant gift to the organization, without losing income from specific assets, may decide upon a deferred gift. A planned gift is one made in trust to The Music Hall, with income or other benefits from the asset retained by the donor, or other beneficiary, for as long as they live. All planned gifts must be irrevocable and approved by the Campaign Cabinet if they do not fall under guidelines already established by the Board of Trustees or the Campaign Cabinet. (Note: Changes in the tax laws may alter the information given here. Consult your tax advisor for up-to-date information as it pertains to your situation.)
philanthropic recognition All donors to the Treasure the Future campaign will be listed on a single plaque prominently located in The Music Hall. Although gifts are unrestricted except endowment funds, major donors may be honored with recognition in these areas:
Center for Performing Arts & Education....$1,000,000 Entrance Lobby....$750,000 Honored Elevator....$150,000 Honored Proscenium Arch....$100,000 Mezzanine Lobby....$100,000 CPEA Theater....$100,000 Honored Oleo Curtain....$100,000 Grid....$100,000 Chandelier....$100,000 Opera Boxes (2)....$50,000 each Star Dressing Rooms (2)....$50,000 each Chorus Dressing Rooms (2)....$50,000 each Green Room....$50,000 Administration Area, CPEA....$50,000 CPEA Concession Area....$50,000 CPEA Box Office/Retail Kiosk....$50,000 Honored For additional information, please contact Laura Smith, Director of Institutional Advancement, at (603) 433-3100 ext. 40 or lsmith@themusichall.org
the music hall board of trustees 2009 Michael Harvell, Esq., President David Hills, Vice President Andrew Powell, Treasurer Josephine A. Lamprey, Secretary Douglas Nelson, Executive Committee At Large Jameson French, Ex Officio Patricia Lynch, Ex Officio ~ Gail VanHoy Carolan
Philip A. Marcus
Geoffrey E. Clark, M.D.
Albert Morales
Betsy Cole
Maxine K. Morse
Betsy Cosgrove
Kathleen Rochefort Murray
James Forbes
Danny H. O’Brien
Joanne Francis
Elisabeth Robinson
Brook W. Gassner
Donna Ryan
Angelynne Koromilas Hinson
Daniel Schwarz, Esq.
Ann Kendall
Jennifer Shulman
Michael Kane
Toby Stowe, CPA