News & Events
On December 16, the Senate passed and the President signed HR5771 which included a one-year extension of expired tax provisions retroactive to January 1, 2014. This reauthorizes the IRA Charitable Rollover through December 31, 2014.
Individuals may begin taking distributions from their Individual Retirement Accounts (IRAs) as early as age 59½, but are required to begin taking them at age 70½. Normally, these distributions are subject to income taxes.
In order to qualify, contributions must go directly to a public charity and be made from traditional IRAs or Roth IRAs. The maximum rollover is $100,000. In the first two years the IRA Charitable Rollover option was available, more than $140 million was donated from IRAs to support the work of public charities across the U.S. The median gift was just under $4,500. Beneficiaries included social service providers, religious organizations, cultural institutions and schools – organizations that benefit communities and improve lives every day.
The tax benefits of the IRA Charitable Rollover are available to taxpayers regardless of whether they itemize their returns. In particular, this helps older Americans who may have paid off their mortgage and no longer file itemized returns. The mandatory distribution from their IRA would otherwise trigger a tax burden, even if they donate the money to charity. The IRA rollover provisions removes these negative consequences and encourages American to give back to their communities during their life.
One final note -- for a limited time the Foundation is matching $0.50 for every $1 contributed to numerous Fountain County organizations. This match is a GREAT way to get a 50% return on your donation. Gifts to an unrestricted fund are being matched $1 for every $1 donated – a 100% on your generosity. Call for details about the matching program or the IRA Charitable Rollover.
Attica Community Foundation is pleased to announce the establishment of two new endowment funds, the Harold & WaStella VanDame Community Fund and the Harold & WaStella VanDame Scholarship Fund. As graduates of Attica High School and long-time community servants, the VanDame's desire to "give-back" to the Attica community as a result of their positive childhood and youth experiences and through their extra-curricular activities in the Attica School Corporation.
Harold says, "Stella and I have been blessed and we want to "give-back" to the community that has given so much to us."
The Harold & WaStella VanDame Community Fund will support projects in a wide-variety of areas, including, but not limited to: education, health & wellness, economic improvement, community leadership development, park & recreation ventures, child & youth activities, senior citizen endeavors, school-based initiatives, visitor & tourism promotion, and others.
Post-high school education is also an important value held by Harold & WaStella and a a result they have also established the Harold & WaStella VanDame Scholarship Fund. This annual scholarship will benefit Attica High School graduates and Attica area home-schooled students. Donors like the VanDame's enjoy the opportunity to choose the selection criteria and they chose to focus on four key areas including; community/volunteer service, financial need, a student's school/work activities, and academic performance.
"We want to aid someone in getting started with their life after high school. Assisting with a student's education is one way we can help to make a difference," says the VanDame's.
Community Foundation Receives $500,000 Matching Grant! Western Indiana Community Foundation is pleased to announce a $500,000 grant opportunity through its partnership with the Lilly Endowment, Inc. (LEI)
From now through March 31, 2016, Lilly Endowment will match up to a cap of $500,000 for Fountain County, through its three affiliates of the Attica, Covington and Southeast Fountain Community Foundations.
According to Dale White, executive director of the community foundation, “there are two components to this tremendous opportunity. First, Lilly will match $1 for $1 all unrestricted endowment gifts. Unrestricted endowments provide the funding for the majority of our grant making throughout the county. We often refer to this as the community grant-making fund. The grants from unrestricted funds allow the community foundation to support youth activities, food pantries, senior citizen groups, school-based initiatives, park and recreation activities, and more.”
“For instance,” White says, “if someone makes a gift to an unrestricted endowment fund or establishes an unrestricted fund, Lilly Endowment will match their gift $1 for $1. Now a person or family can create an unrestricted endowment fund for only $500 as Lilly will add the other $500!”
White goes on to state, “the second component of this opportunity is that donations to restricted endowment funds will be matched 50 cents for every $1 donated. Restricted endowment funds include scholarship funds, park funds, education funds, library funds, historic preservation funds, etc. A person who donates $500 to one of these funds will have it matched by $250 by Lilly.”
For individuals looking for a way to give back to their community, this $1 for $1 and/or $1 for $2 matching gift program provides the perfect opportunity. Imagine a 100% or 50% return on their donation – doubling the impact of their gift and they can benefit their community forever by making a gift to a new or existing endowment fund.
It has been nearly a quarter of a century since Lilly Endowment launched its initiative to encourage the establishment and strengthening of community foundations as vehicles to improve the quality of life in Indiana communities. During this same period the Western Indiana Community Foundation has grown from a $100,000 anonymous donation to nearly $14 million in assets, and distributes nearly $600,000 a year in community grants and scholarship awards. These results would not be achieved without the imagination, generosity, commitment and leadership of thousands of donors and volunteers throughout Fountain County.
For more details about this matching grant opportunity contact Dale White by phone at (765) 793-0702, ext. 4, or by e-mail at email@example.com.
Covington Community Foundation is pleased to announce the establishment of the V. Edward & Diana (Johnson) Grogg Unrestricted Fund. Ed and Diana, of Carmel, IN, are 1978 graduates of Covington High School and Attica High School, respectively. They both earned their college degrees from Indiana University. The Grogg’s desire to “give-back” to the Covington community as a result of V. Edward’s positive childhood and youth experiences in the Covington community and through his education and extra-curricular activities in the Covington Community School Corporation. “As a youth I didn’t realize how fortunate I was to come from such a close-knit, small town community. After living in a few other communities I came to realize how blessed I was. It’s time to give-back and make a difference in my hometown.” Ed stated.
The Grogg’s are especially interested in supporting innovative and creative problem-solving projects that have the potential to make significant long-term impact in the Covington community. The projects may be in a wide-variety of areas, including, but not limited to: education, health & wellness, economic improvement, community leadership development, park & recreation ventures, child & youth activities, senior citizen endeavors, school-based initiatives, visitors & tourism promotion, and others.
Age Does Have its Rewards! The Community Foundation is now offering the following rates on our Gift Annuities. Age 60 = 4.4%, 65 = 4.7%, 70 = 5.1%, 75 = 5.8%, 80 = 6.8%, 85 = 7.8%, 90+ = 9%. CALL TODAY (765-793-0702) for more details or to get started!
Check out these funds that benefit your community.
* Attica Community Healthcare Fund provides... More →
* Southeast Fountain Needy Children Fund assists... More →
* Covington Youth Soccer League Fund supports... More →
Congratulations to recent grant recipients: Fountain/Warren Honor Band ($750), City of Attica ($3,000), Attica Elementary School ($1,500), Attica Heritage Days ($787), Hoosiers Feeding the Hungry ($1,000), Southeast Fountain Elementary School ($1,000), Salvation Army ($1,500), Covington Public Library ($8,000), Excel Haiti Missions ($1,600). More →
Congratulations to the 150 Fountain County students who were awarded $285,000 in scholarships this spring thru the Community Foundation. More →
Read the Foundation Forum and Visions in Personal Planning newsletters. Learn about recent grants, new endowment funds, upcoming events and more... →