Ways To Give
Greater Poweshiek Community Foundation offers many ways to give now or as part of your estate planning. We have experience working with individual donors, businesses, families, lawyers and financial advisors to achieve your philanthropic goals. Contact us and we can assist you to find a path forward.
Donors can accomplish a range of charitable goals and financial benefits with legacy giving through GPCF.
Bequest by Will: A 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 and exists in perpetuity.
- Additional Benefits
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.
Gift of Grain
When an agricultural producer transfers legal ownership of grain to a 501(c)(3) charitable organization such as 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.