How do you grow a community fund?


Giving to your local community fund is easy and will be matched

“Imagine being able to make a gift to your community that you know will go towards making the place you love better for your grandchildren – and their grandchildren,” says Chris Fulton, Grand Rapids Area Community Foundation Executive Director. “That is the permanent power of community funds, and why this opportunity to create and grow these funds is so important.”

Community Giving to Community

Community Funds provide a way for citizens and businesses to give to their local community. Each Fund has an advisory committee of local volunteers that oversee grants for programs and activities throughout the community. Annual earnings derived from the invested endowment are granted to local non-profit and charitable needs that benefit local families.

The Grand Rapids Area Community Foundation Community Giving To Community campaign provides matching funds for all donations to Community Funds through a $1M grant from the Blandin Foundation. The Community Giving To Community campaign allocates the million-dollar match in equal amounts to create and build five Community Funds:

  • Deer River Area Community Fund

  • Greater Itasca Area Community Fund

  • Greenway Area Community Fund

  • Hill City Area Community Fund

  • Nashwauk Area Community Fund

Donations to a Community Fund can take many forms, from cash to gifts of assets such as property or stock. All gifts and donations to Area Community Funds are accepted through the Grand Rapids Area Community Foundation and go directly in to the specified Area Community Fund. You can make your donation in person, through the mail or online. Call (218) 999-9100 to find out more about donating assets to support your favorite community fund. We can help you arrange something now, or as part of a future estate plan.

Here are examples of how assets can be turned into charitable gifts:

Not everyone has a full checkbook, but many people have assets, which can be gifted for charitable purposes.

  • Appreciated securities, such as stock, make an excellent charitable gift, particularly if there are large capital gains expected from the sale. Gifting these securities directly to a fund at the Community Foundation allows the full value of the sale of those securities to transfer, and the donor gets credit for a charitable contribution at the full value. No capital gains are added to your annual income, and you know your gift went to a cause you support.

  • Real Property. Think of real property as something that can’t be moved, such as, real estate and buildings. The example of the Latvala land sale worked well because the land was in the trust of a nonprofit agency. Selling the land and donating the sale value to the Nashwauk Area Community Fund made sense; however, it might not have

made sense if the land had been privately owned, sold, and then the money donated, because a private landowner would have to deal with the capital gains associated with the appreciation of the land over time. Instead, real estate donated directly to a charitable organization (not sold) can result in significant tax advantages to the donor, plus, it provides a lasting gift to your favorite cause.

  • Personal Property. Think of personal property as something that can be moved. Betty’s 1956 Ford T-Bird was considered personal property, as are furniture, boats and collections. To be a good donation there must be value, and it has to be sellable or able to be used to directly support the charitable purposes of the nonprofit. An example of this might be a personal coin collection that no one in the family wishes to continue. Donating the coin collection to a charitable organization such as the Community Foundation could provide a very nice gift to your favorite community fund, and could provide some advantages to you on your annual taxes. If you remember the story of Betty’s beautiful T-Bird, you can see the lasting legacy that provided for the Greater Itasca Area Community Fund.

There are numerous other ways to donate assets and leave a legacy to your community.

Everyone’s situation is unique and has different implications for your tax and family situations.

The Community Foundation is happy to

discuss your dreams for the future and how we can help you and your professional advisors achieve your goals. The Grand Rapids Area Community Foundation has the capacity to assist with most donations of assets. Call (218) 999-9100 to find out more about donating assets to support your favorite community fund. We can help you arrange something now, or as part of a future estate plan.


0 views

 

350 NW 1st Ave, Suite E  | Grand Rapids, MN 55744  |  218-999-9100

  • Facebook Social Icon