Community Arts Council Launches Crowdfunding Campaign
Prince George, B.C. – A crowdfunding campaign has been launched to help raise money for improvements to Studio 2880 on 15th Avenue.
“We have some parts of the facility that are at the point where it’s very difficult to have people come in and use them,” says executive director Sean Farrell of the Community Arts Council of Prince George & District.
“So it’s kind of a temporary thing – to keep us going until we are actually able to understand if we are going to completely rejuvenate this complex or possibly work with some provincial and civic partners in moving to a new location.”
He says they are hoping to raise $25,000 in 45 days to give the site, which includes several buildings totalling around 25-30,000 square feet, an immediate facelift.
“Some of the rooms need new paint and carpet, cupboards. Our artists and gift shop is looking very tired – it needs to be spruced up so we get more people in here buying local art work. Its really about getting those fundamental improvements made as soon as possible.”
To lean more about he crowdfunding campaign or to donate click here. Farrell says it will be well worth your while.
“It’s really interesting how it works. There’s tens of thousands of dollars’ worth of really high end, original art work and artistic services available as perks,” he says.
“So if you make a donation, not only will you get a full tax receipt for your donation, but you’ll get a really amazing item at no extra cost to go with it.”
Farrell and others celebrated the launch this morning which also coincides with Studio 2880’s 40th anniversary.
The organization plans to honour the many people and arts organizations who have contributed to the local arts scene over the past forty years with a special celebration at the upcoming 40th Anniversary Studio Fair November 4th through 6th at the Civic Centre.
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Editor’s Note:
We have received the following note from Sean Farrell to clarify questions:
Comments
old cop shop has potential
Sorry to rain on the parade a bit, but your donation receipt has to be reduced by the fair market value of anything you get as a gift in return. So, unless you see real value in what they are going to give you, don’t accept it. The tax credit is about 43 cents on the dollar. If they give you a painting worth $1000.00, you’ll lose $430.00 real dollars.
See CRA pamphlet 113
Eligible amount of the gift – This is the amount by which the fair market value (FMV) of the gifted property exceeds the amount of an advantage, if any, received or receivable for the gift. There are situations in which the eligible amount may be deemed to be nil. For more information, see Official donation receipts and Deemed fair market value.
For example, a donation of $1,000 is made to the Anytown Ballet Company, which is a registered charity. In gratitude, the charity gives the donor three tickets to a show that are valued at a total of $150. The donor is considered to have received an advantage of $150. Therefore, the eligible amount of the gift is $850 ($1,000 – $150).
The problem with determining a fair market value in the art business is that it is totally unregulated. Anyone can call themselves an art dealer, anyone can call themselves an artist, anyone can open an art gallery, anyone can sell whatever they feel like selling and call it art, and anyone can price their so-called art however they please.
As long as they don’t engage in fraud or misrepresentation and operate within the law they can arbitrarily price a work of art at $10, $100, $1000, $10000, $100,000 or more whether it makes any sense or not.
So, if the artist donates his/her work to the CAC and places no value on it, it presumably has no fair market value until a donor gives the CAC a $500 cheque and receives a tax receipt for $500 and the donor can select a piece of art which all have no value.
By this act, do we have a FMV of $500 for the art work and does the CAC have to take back the receipt?
Or should the CAC simply give each piece of art a value of $10 since every artist was paid $10 for their donation to the CAC?
Good question. If they gave an artist a receipt for 500.00 for a donation in kind painting then gave it to a cash donor for a 1000.00 donation either he gets a 500.00 receipt or cra will have issues with the receipt given to the artist.
They need to sort this out before asking the public for money:
“So it’s kind of a temporary thing – to keep us going until we are actually able to understand if we are going to completely rejuvenate this complex or possibly work with some provincial and civic partners in moving to a new location.”
I won’t give them any money for upgrades if there is the potential that they will move in the near future. Seems like a waste to me.
They need temporary fixes whether they stay or move in the future. 25k buys you almost nothing when it comes to renovations or upgrades. Ever order new cupboards for your kitchen? Kiss 10gs goodbye in a heartbeat
Hope they meet their goal, donations are not always about a 100% tax deduction, sometimes you just support it and the donation slip is an added bonus
My 2c
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