Community Foundation shares tax strategies for donors

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ECCF shares tax strategies for donors

St. Marys, PA, January 2, 2020: The Elk County Community Foundation (ECCF) is inspired by working with donors to help them create charitable strategies and legacy gifts that benefit both the donors and their community. Donors can take advantage of various tax strategies to make the most of their charitable giving.

ECCF has resources to help donors do the most with their means, at whatever level they are comfortable sharing. In addition to making a difference in the community, charitable giving can have tax benefits that are well worth exploring.

One strategy is to celebrate your 70 ½ birthday in a special way. At this age you must begin taking Required Minimum Distributions from your IRA and paying taxes on that additional income. Fortunately, the IRS allows generous donors to direct all or a portion of their distribution (up to $100,000) to entities like the Elk County Community Foundation. Any gift made directly to the Foundation is excluded from your taxable income.

Another strategy is called “Bunching”.  In today’s tax environment, your charitable gifts may or may not be deductible on your tax return, depending on your ability to itemize in a given year. Charitable donations are deductible only if you itemize, which may be a less likely scenario for many taxpayers given today’s higher standard deduction. In 2020, the standard deduction will be $12,400 for individuals and $24,800 for married couples.

Taxpayers can benefit from the new tax law and get back some of the tax advantages of their charitable contributions by using Bunching. Essentially, this means combining perhaps several years’ worth of donations into a single tax year so that – along with your other deductions – you exceed the standard deduction. Then you’d take the standard deduction in the interim years.

Of course, bunching multiple contributions into a single year can feel daunting if you’re not sure how much you want to give and to whom. So to build some flexibility into your giving plan, you may wish to set up a donor-advised fund account at a community foundation, which allows you to donate a lump sum in the current tax year, invest the funds for future growth, and parcel out the money to qualified charities over time. The money can continue to appreciate once invested in a donor-advised fund account, which means the potential for even greater giving down the road.

ECCF is a nonprofit organization that manages endowed funds established by donors to benefit area nonprofit organizations. Donor gifts are tax deductible to the full extent allowed by law. For more information about donations, grant requests or other opportunities at the Foundation please contact Elk County Community Foundation at 814-834-2125.

ECCF open grant applications are due January 15

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Elk County Community Foundation open grant applications are due January 15

St. Marys, PA, January 4, 2020:  The Elk County Community Foundation (ECCF) is accepting grant applications through January 15 from 501c3 organizations who wish to apply for funding from The Harrison and Muriel Dauer Stackpole Family Fund, the Elk County Society for Special Services Fund, or the Elk County Development Fund and Fund of the Future. 

The Harrison and Muriel Dauer Stackpole Family Fund is an open grant that supports worthy projects that provide services for the residents of our communities. Their goal is to ensure that the Fund continues the good works that both Mr. & Mrs. Stackpole had done in our community during their lifetime and to support the philanthropic causes that were important to both of them

The Elk County Society for Special Services fund is designated for any nonprofit agency which provides services for the purposes of providing Pre-K education. The application should improve programs that are already established or develop new programs. This fund will not cover direct operating expenses of an agency, rather it hopes to enhance already established programs.

The Elk County Development Fund and Fund of the Future generally look to support community development initiatives that will enhance the economic and community wellbeing of Elk County. Projects should include activities that are innovative and have a plan to sustain themselves.

For instructions on how to apply for a grant go to the Foundation website at www.elkcountyfoundation.org. Please call our office at 834-2125 with any questions. ECCF is a non-profit organization that strives to strengthen our region through development, stewardship and grant making as it works with donors to achieve their philanthropic goals.

PHOTO: The St. Marys Christian Food Bank received a 2019 grant from The Harrison and Muriel Dauer Stackpole Foundation for the holiday baskets distributed to families in the St. Marys area.

Farmers National Bank presents EITC check to Community Foundation

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Farmers National Bank presents EITC check to Community Foundation

Recently, Farmers National Bank presented a check for $2,500 to the Elk County Community Foundation(ECCF) from their Educational Improvement Tax Credit Program (EITC) approved donations. These dollars will be used to provide local school districts or agencies that serve Elk County School students K-12 with pre-approved innovative educational programs for the upcoming 2020 grants.

Any entity authorized to conduct business in the Commonwealth of Pennsylvania and subject to certain taxes is eligible to apply to be involved with the EITC program. Tax credits are limited to 75% of the business’ contribution with a maximum of $750,000 annually. If a business agrees to make the same contribution for two consecutive years it may receive a tax credit equal to 90% of its contribution.  Interested participants must submit a brief application to the DCED. More information about applying can be found at https://dced.pa.gov/programs/educational-improvement-tax-credit-program-eitc. 

As an approved EITC partner, the Community Foundation receives donations from qualified businesses to provide innovative educational programming within the public schools K-12.  In the photo: Paula Fritz Eddy, on left, and Tom Jesberger of the Community Foundation, on right, accept the check from Shawn Gouldthread, Branch Manager of the St. Marys Branch of Farmers National Bank.  For more information about the Community Foundation or EITC opportunities contact Paula at 814-834-2125 or visit our website at www.elkcountyfoundation.org .

Women Who Care announces Donor Advisor for a Day Membership Drive

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Women Who Care announces Donor Advisor for a Day Membership Drive

St. Marys, PA, Nov. 4, 2019: The Steering Committee of Women Who Care (WWC) invites area women to become a Donor Advisor for a Day! All women who renew their membership or become new members by December 27 will be entered into a drawing for the opportunity to give their favorite 501c3 charity a special $500 award in the New Year. The Steering Committee has set aside $1,000 in granting money as an early-bird membership incentive to two members.

Women Who Care, a project of the Elk County Community Foundation, invites all area women to join their caring group of close to 250 area women. This women’s philanthropic organization continues to grow and make an impact throughout our communities. WWC brings women from diverse backgrounds together to combine their philanthropic leadership and strengthen the Elk County community through the power of collective giving. Members are invited to participate in a spring social event and the annual meeting in the fall, where women gather, socialize, award grants, and make a difference in their communities.

It’s easy to become a member of Women Who Care. A yearly gift of $100 or more begins your annual membership. Donors may donate at that level, or opt to give at a higher level. Various levels of membership allow women to pool their funds to make impactful contributions to the community. Your membership entitles you to vote on the organizations and programs that will receive funding each year. The Annual Membership Year runs from October 1st to September 30th. Gifts can be made anytime within the Annual Giving Period from October 1st to June 1st. But remember, early-bird paid memberships come with the added incentive of being entered into the Donor Advisor for a Day drawing!

This year marks the 10th anniversary of the founding of Women Who Care. Since 2009 a total of $222,700 has been invested back into our communities.  Our philanthropic organization continues to grow and make an impact throughout our communities. For more information, to renew your membership, or to become a member, contact the Elk County Community Foundation at 834-2125 or join online at www.elkcountyfoundation.org.

PHOTO: Members of the Women Who Care Steering Committee announce their 2019 Donor for a Day Membership Drive. Front row: Kris Kronenwetter, Chairperson; Paula Fritz Eddy, Executive Director; Jane Bryndel. Back row: Pam Allegretto-Diiullo; Barb Duffy, Jen Dippold; June Sorg; Ann Bauer; Beth Constable; Linda Buchheit.

Women Who Care awards $35,000 in grants for community projects

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Women Who Care awards $35,000 in grants for community projects

St. Marys, PA, Oct. 28, 2019: Eleven non-profit organizations and schools in Elk County received a total of $35,000 in grant funding at the 2019 annual meeting of Women Who Care (WWC), a project of the Elk County Community Foundation.

This year marks the 10th anniversary of the founding of Women Who Care. Since 2009, WWC has been empowering area non-profit organizations by funding worthy projects that benefit families in Elk County. A total of $222,700 has been invested back into our communities.

WWC celebrated its 10th anniversary with a dinner and annual meeting held at the Johnsonburg Firehall. Non-profit organizations that were chosen as final grant candidates provided a brief overview of their projects. Members voted on their favorite projects and awarded grants to eleven organizations.

Grants were awarded to the following: Boys & Girls Club, $5,000 for cooking club supplies and appliances; Catholic Charities, $3,000 for toddler program; WRC Ridgway Campus $2,687 for wellness program; Dickinson Center, Inc. $3,500 for Time for Me hygiene project; Elk Co. Humane Society $4,619 for computer/server upgrade; Johnsonburg School District $2,500 for walkie-talkie/safety system update; Johnsonburg Little League $5,000 for backstops & fencing; Ridgway Area HS Drama Boosters $2,750 for production support needs; St. Marys Area Middle School $4,000 for a Care Closet; St. Marys Public Library $1,255 for Next Chapter book club; Special Olympics of Elk & Cameron Counties, $689 for tent canopies and chairs.

Women Who Care brings women from diverse backgrounds together to combine their philanthropic leadership and strengthen the Elk County community through the power of collective giving. Close to 250 women make up the membership of Women Who Care. All area women are welcome and encouraged to join WWC. For more information about Women Who Care or the Elk County Community Foundation please contact the Foundation at 834-2125.

PHOTO: Grant checks totaling $35,000 were awarded to area non-profit organizations by Women Who Care.. Seated: Melissa Roell and Jenna Johnson, WRC Ridgway campus; Michelle Casey, St. Marys Public Library; Stephanie Hetrick, Dickinson Center; June Glass, Humane Society; Molly Wehler and Missy Cadori, St. Marys Area Middle School;  Tiffany Boschert, Catholic Charities.  Back Row: Women Who Care Steering Committee members: Paula Fritz Eddy, Kris Kronenwetter, Linda Buchheit, June Sorg, Pam Allegretto-Diiulio, Ann Bauer, Jane Bryndel.  Grant Recipients; Joe Jacob & Tracy Snyder, Boys & Girls Club of St. Marys; Beth Kronenwetter and Caroline Flacinski, Special Olympics. Missing from photo were Johnsonburg Little League, Johnsonburg School District, and Ridgway Area High School Drama Boosters.