Tax Advantage
Gifts to the Foundation are tax deductible to the full extent of the law. See below for more information on the Endow Iowa Tax Credit Program.Flexibility
In addition to cash contributions the Foundation can accept a wide range of gifts including: stocks, bonds, life insurance, real estate, bequests, IRAs.Recognition
Donors may establish a fund in their name or the name of the loved one. The name the donor selects is always connected with any grant from the donor's fund.Simplicity
Creating a fund is not complicated.Supervision
The Board of Directors monitors grants to assure they are achieving their stated purpose.Expertise
Donors are relieved of the need to invest, keep records and make reports in order to carry out their charitable activities.Satisfaction
Donors derive pleasure from knowing that their favorite charities are benefiting from their gifts. By making gifts through the Foundation you can achieve business, family and estate planning objectives while assisting charitable agencies and causes that you favor.Endow Iowa Tax Credit Program
Greater Poweshiek Community Foundation is a qualified community foundation that provides access to Endow Iowa Tax Credits. Endow Iowa allows taxpayers to receive a 25% Iowa tax credit in addition to normal federal charitable income tax deductions for certain charitable gifts. Approximately $4 million in Endow Iowa Tax Credits will be awarded in 2010.The charitable gifts must be made:
* Through a qualified community foundation.
* To a permanent endowment fund which limits distributions to 5%.
* For the benefit of one or more Iowa charitable causes.
* By individuals, corporations or financial institutions.
How it works:
* Tax credits of 25% of the gifted amount are limited to $100,000 per person or $200,000 per couple if both are Iowa taxpayers.
* Eligible gifts will qualify for credits on a first-come/first-serve basis until the yearly appropriated limit is reached. If the current available Endow Iowa Tax Credits have been awarded, qualified donors will be eligible for the next year’s Endow Iowa Tax Credits. GPCF encourages donors to act early in the year to ensure they receive Endow Iowa credits.
* All qualified donors have five years to use their Endow Iowa Tax Credits.
* Endow Iowa Tax Credits allow donors to have even greater impact on their philanthropic interests in Poweshiek County now and into the future.
This is an exciting program that benefits both donors and charities. Below is an approximation of the net after-tax costs of contributing to a fund. Donors should contact their professional advisors to confirm accuracy.
Cash Gift (examples of different gift amounts) $ 1,000 $10,000
Less tax benefits:
* Net federal tax savings - 350 - 3,500
(approximated assuming maximum tax bracket)
* Endow Iowa Tax Credit - 250 - 2,500
(before federal tax effect)
Net cost of contribution $ 400 $ 4,000
Gifts of appreciated assets: The net cost could be even lower if capital gains taxes and/or alternative minimum taxes are avoided.
For more information about Endow Iowa or establishing a fund at Greater Poweshiek Community Foundation contact Delphina Baumann at 641-236-5518 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it