Dec 28 2010
Giving to benefit community
By all reports, charitable giving is down during our national recession. But fortunately for those organizations serving the needs of individuals and families hit hardest by the state’s natural disasters and economic woes, giving is not out of fashion. In fact giving in Iowa has extra rewards, thanks to the state legislature that encourages giving in support of Iowa communities.
In 2010, the state’s Endow Iowa program was increased from $3 million to $3.7 million. Under the program that was adopted by Iowa’s Legislature in 2003, individuals, businesses or financial institutions giving to a Community Foundation endowment fund can apply for and receive a 25 percent state tax credit. The state tax credit is in addition to the recognized federal tax deduction for philanthropic contributions.
There are few requirements of the Endow Iowa program. The gift must be made through a qualified community foundation such as the Community Foundation of Johnson County.
• Gifts must be made to a permanent endowment fund that limits distribution of the total funds to 5 percent
• Gifts must benefit one or more Iowa charitable causes
The Endow Iowa program benefits both givers and charities by providing incentives that encourage giving. These tax credits are available on a first-come, first-served basis until the yearly appropriated limit is reached. If the current year’s available Endow Iowa tax credits have been awarded, qualified givers will be eligible for the next year’s credits.
All qualified donors have up to five years to use their maximum credits. Tax credits are limited to $100,000 per person or business or $200,000 per couple if both are Iowa taxpayers.
The Endow Iowa Tax Credit program is expanding the impact that people have in improving their local communities through charitable giving.
Throughout the Johnson County area your donations have been used to support arts and culture, community development, ecumenical efforts, education, environment, health and human services and youth and agency matches.
The Community Foundation of Johnson County is the preferred vehicle to build a stronger community through philanthropy. Founded 10 years ago in 2000, the Community Foundation has granted more than $3.4 million to the community, and encouraged nearly $420,000 in-kind services from Foundation supporters. Volunteers have contributed more than 26,000 hours to support the Foundation’s philanthropic efforts. With nearly $6.5 million in endowment assets and $4.45 million in bequests, the Community Foundation administers its endowed assets at a minimal cost of only 1.249 percent to accomplish its goals – build an endowment for the greater community good.
The Community Foundation of Johnson County provides a simple, powerful and highly personal approach to giving . . . give now to receive Iowa’s tax credits. Your gifts can do good within the community forever.
For more information how Endow Iowa is changing lives in Johnson County and across the state, contact the Community Foundation of Johnson County at 319.338.0483, visit the website at www.communityfoundationofjohnsoncounty.org or e-mail info@communityfoundationofjohnsoncounty.org.
Mike Stoffregen, Executive Director
Community Foundation of Johnson County
