WAYS TO GIVE
Greater Poweshiek Community Foundation offers many ways to give. Our flexible giving options can be customized to fit your unique financial and charitable interests. You can give now, or include a gift as part of your estate planning. We are here to help. We can work with you and your lawyer or financial advisor to help you choose the giving strategy that is right for you. Contact us to discuss your giving options.
What to Give
One of the advantages of giving through Greater Poweshiek Community Foundation is that we can accept a range of assets, and we can facilitate even very complex forms of giving. Most gifts to the Community Foundation qualify for maximum tax advantage under federal law, but when giving to charity, all assets are not equal. We are happy to work with you and your professional advisor to assess ways to maximize the value of your gift and its tax benefit.
- Publicly traded securities and appreciated stock
- Mutual fund shares
- Real estate
- Retirement assets
- Tangible personal property
Most gifts qualify for maximum tax advantage under federal law.
Wondering how to get started? Contact us for help with outright gifts of cash or direct transfers of stock. We can also work directly with you or your estate planning advisor on planned gifts of real estate or retirement assets.
Starting a Fund
It is easy to establish your own named charitable fund at the Greater Poweshiek Community Foundation. Working with a member of our staff, and your financial advisor if you choose, we will take these simple steps:
1. Determine what your charitable goals and purpose are.
2. Select the type of charitable fund that will best support your purpose. Our staff will outline your options and discuss advantages of each.
3. Select a name for your fund. You can choose your name, that of a family member, the name of a favorite cause or a name that allows you to remain anonymous.
4. Complete a fund agreement form. Our staff will help you complete a document that makes your intentions clear.
5. Make an establishing gift. See Ways to Give for the types of contributions you can make. You will receive a tax deduction when the gift is given.
6. Once your fund is established you may add to the fund at any time, in any dollar amount.
Ways to Give
You can give many different kinds of charitable assets as an outright gift to the Community Foundation.
For appreciated stock or qualified retirement assets, a direct transfer will deliver maximum tax advantage. Contact us for more information.
You can accomplish a range of financial and charitable goals with planned gifts.
Including a charitable bequest in your will is a simple way to make a lasting gift to your community. When you make this gift through Greater Poweshiek Community Foundation, we establish a special fund that benefits the community forever and becomes your personal legacy of giving.
How it Works:
- You include the Community Foundation in your will as a bequest; we can help you or your attorney with recommended language.
- You determine the type of fund you would like to establish with your gift.
- Upon your death, we set up a special fund in your name, in the name of your family, or in honor of any person or organization you choose.
- Your charitable gift is excluded from your assets for estate tax purposes.
- Our board considers your charitable wishes and determines the areas of community need that would be most impacted by grants from your gift.
- Our board issues grants in the name of the fund you establish (if you prefer, grants can be made anonymously).
- We handle all the administrative details.
- Your gift can be placed into an endowment that is invested over time.
Making a bequest to your community foundation is an easy way to transfer assets to charity. You can decide to do it at any age by adding to an existing will or drafting a new one. Doing so allows you to leave a legacy to your community, while enjoying the assets you need to maintain your current lifestyle. Plus, you are able to distribute some or all of your assets, tax free.
You can give cash, appreciated stocks, or other assets. Some of the most tax-efficient asset types to give through your will come from retirement plan accounts, since heirs would be taxed on the income in respect of the decedent (IRD). You can choose to give a stated dollar amount, a specific property, a percentage of your estate, the remainder after distributions to other beneficiaries, or you can make your gift contingent on certain events.
Earnings from your fund are used to make grants addressing community needs. Your gift — and all future earnings from your gift — is a permanent source of community capital, helping to do good work forever.
You can save significant taxes by contributing commodities such as corn or beans to Greater Poweshiek Community Foundation instead of making a cash contribution after selling the commodities.
When an agricultural producer transfers legal ownership of grain to a 501(c)(3) charitable organization such as the GPCF before the commodity is sold, the producer will not realize taxable income from a sale, thus minimizing taxes. The producer is still able to deduct the entire cost of the production of the commodity on the producer’s Schedule F. Depending on the producer’s specific circumstances; savings may be realized on federal and state income tax and self-employment tax.
For example, a gift of 1,000 bushels of corn when the market price is $3.00 and the cost of production is $2.00 reduces taxable income by $1,000 ($1/bushel). The producer still receives a deduction for the costs of production. A typical farmer who does not itemize deductions on Schedule A might reduce his federal income tax by $150 (15% X $1,000), his state income tax by $60 (6% X $1,000) and self-employment (social security) tax by $141 (15.3% X $1,000 X 92.35%) for a total tax estimated savings of $351. A producer should consult with his or her tax advisor to determine whether a contribution of commodities is appropriate to his/her tax situation.
GPCF can help you make a gift of commodities to benefit your local community foundation fund and get the desired tax treatment. Please contact us for additional details.
For qualified retirement plans you can designate the Greater Poweshiek Community Foundation as the beneficiary.
You can provide for family and charity by setting up a charitable trust.
PRIVATE FOUNDATION ALTERNATIVES
Greater Poweshiek Community Foundation donor advised funds offer easy, affordable, lasting alternatives to private family foundations.
Have you included the Greater Poweshiek Community Foundation in your plans? We can help you create a strategic giving plan to meet your goals.