Colony Meets MCF Challenge Grant

The Hippodrome/Colony Theatre Association is pleased to announce that it has met the Marietta Community Foundation Challenge Grant of $15,000. Thanks to the Foundation’s support and private matching contributions, the Colony has generated $30,000 toward restoration of the theatre. Although the Community Foundation matching funds program has been completed, contributions are still being accepted by the Colony Theatre office at 222 ½ Putnam Street.  The Colony is fast approaching its Phase I goal of $1.5 million which will allow it to open the doors of the theatre. For additional information call 740-373-0894.

The Marietta Community Foundation and the Colony Theatre would like to remind the community that this year only, due to Hurricane Katrina, a special federal tax deduction has been established for gifts given after August 28th 2005, but before year’s end.

Normally the deductibility of charitable contributions is limited to 30% of adjusted gross income for appreciated property and 50% for cash. This year, the IRS has permitted a 100% deduction for cash only contributions until the end of 2005. Many of us have helped those suffering in New Orleans, but donations are not limited to Katrina relief contributions. Any non-profit organization can benefit from the contribution and there is no limit to the deductibility of the contribution from an individual donor.

Retirees or others who have modest income, but considerable savings or retirement assets might be able to write off 100% of their income based on the size of their charitable gift.

Of course you should consult your accountant or financial advisor before making any sizeable contribution. This is a one time opportunity to convert a large gift to your favorite charity without the restrictive clauses limiting the deductibility.

Contacts:
R. Hunt Brawley, Hippodrome/Colony Historic Theatre Association, 740-373-0894
Jack Moberg, Marietta Community Foundation, 740-373-3286