Community Foundation can help donors make meaningful gifts from IRA assets

Danville, Virginia – On January 2, 2013 President Obama signed the American Taxpayer Relief Act of 2012 (H.R. 8) into law, which renews the Charitable IRA provision of 2006, making it easier for Americans to give to causes they care about. This provision has the power to help local charities strengthen their communities by allowing individuals to roll over up to $100,000 from an Individual Retirement Account (IRA) to charity without being federally taxed. This extension expires December 31, 2013.

Millions of Americans continue to save pre-tax dollars in their IRAs. Thanks to regular investments and long-term returns, an estimated $5.3 trillion is invested in IRAs. The law allows taxpayers 70 ½ and older to share the wealth by giving retirement savings directly to charity—and bypassing income tax.

This law is important to local charities operating as agents of philanthropy in order to continue to build community and improve social service programs that benefit people every day. This tax benefit is scheduled to expire at the end of 2013.

“It is a win-win—for people who would rather give to charity than pay taxes and for the nonprofit organizations they choose to support,” said Debra Dodson, Executive Director of The Community Foundation of the Dan River Region.

Thanks to decades of deliberate saving, some of today’s retirees have more money in their IRAs than they need for daily living expenses and long-term care. Charitable individuals and couples have expressed an interest in giving the funds to charity, but income tax must be paid on all withdrawals, which reduces the value of the gift. Others are concerned about designating their children as IRA beneficiaries, since that may draw unintended tax consequences.

“For larger estates, a good portion of IRA wealth goes to estate taxes and income taxes of beneficiaries,” Dodson said. “Experts estimate heirs may receive less than 50% of IRA assets that pass through estates.” A provision in the federal law extends this special option: transferring IRA assets directly to charity. By going directly to a qualified public charity such as The Community Foundation, the money is not included in the IRA owner’s income and—most important—is not taxed, preserving the full amount for charitable purposes.

Through 2013, holders of traditional IRAs who are at least 70½ years old can make direct charitable transfers up to $100,000. Individuals may exclude the amount distributed directly to an eligible charity from their gross income. The Community Foundation of the Dan River Region can help donors execute the transfers and choose from several charitable fund options for their gift. Donor Advised Funds do not qualify for tax-free IRA transfers.

“This really is a powerful and limited opportunity. The window will close at the end of the year,” said Dodson. “For anyone interested in establishing a permanent legacy in this community, this is the opportunity of a lifetime to make the gift of a lifetime.”

For more information about charitable IRA transfers or other year-end giving strategies, contact The Community Foundation of the Dan River Region at 434-793-0884 or https://www.cfdrr.org

Gift of a Lifetime: Shopping for Charity

Having more retirement money than you need is a great problem to have, and one that’s now easier to solve. But generous IRA donors still face multiple options for their gifts: Support the entire community? Underwrite a special cause? Shore up a favorite charity? Here are three top charitable fund picks of Debra Dodson, Community Foundation of the Dan River Region Director

Community Foundation Unrestricted Fund —Meeting ever-changing community needs.
IRA transfers to The Community Foundation Unrestricted Fund address a broad range of current and future needs. The Community Foundation evaluates all aspects of community well-being—arts and culture, community development, education, environment, health and human services—and awards strategic grants to select projects and programs.
Dodson: “For people who care deeply about this community and its people, this fund is an excellent way to address our most pressing needs, today and tomorrow.”

Field of Interest Fund—Connecting personal values to high-impact opportunities.
IRA transfers to Field of Interest Funds allow donors to target gifts to causes important to them: arts, cancer support, youth and families, animal welfare and more. The Community Foundation of the Dan River Region awards grants to community organizations and programs addressing the donor’s specific interest area.
Dodson: “For those who are particularly passionate about a single cause, Field of Interest Funds provide strategic, lasting support—even as needs change over time.”

Designated Fund—Helping local organizations sustain and grow.
IRA transfers to Designated Funds allow donors to support the good work of specific nonprofit organizations —a church, local fire department, food banks, museum or any qualifying nonprofit charitable organization.
Dodson: “For people who want to help continue their support of their favorite charities, our endowed Designated Funds give nonprofits a steady stream of income for years to come.”

Danville Bar Association donates $5,000 to Spiros Skenderis Scholarship
Founded the Scholarship in memory of judge

 

 

 

The Danville Bar Association has presented a $5,000 donation to the Spiros Skenderis Scholarship with The Community Foundation of the Dan River Region.

The Skenderis Scholarship was originally created by the Danville Bar Association in memory of Judge Spiros Skenderis, Judge of the Danville Juvenile and Domestic Relations District Court. The scholarship was first managed through the Danville Academic Boosters Club and then transferred to The Community Foundation in 1999.

The Skenderis Scholarship provides support for Danville-Pittsylvania County graduates who have demonstrated achievement over obstacles. Twenty-three students have received the Skenderis scholarships from The Community Foundation.

“What a wonderful legacy the Bar Association has created for Judge Skenderis’ work with youth,” said Debra Dodson, Executive Director of The Community Foundation. “Every year the Skenderis Scholarship helps students who may not receive any other support.”

The Foundation currently has assets of more than $25 million and now manages 109 separate funds, including 37 scholarships. The next round of scholarship applications will be available online at www.cfdrr.org by the first of the year.

The Community Foundation of the Dan River Region works with donors and their professional advisors such as trust officers, attorneys, accountants, brokers and financial advisors in their charitable giving plans. The Community Foundation allows donors to begin an endowment fund with a minimum of $10,000 or a scholarship fund with a minimum of $25,000. Or to give to an existing fund. Many donors choose to establish the funds upon their death, with a will bequest or naming the Foundation as a beneficiary of IRAs, life insurance, etc.

To learn more about giving back through The Community Foundation, visit www.cfdrr.org or call 434-793-0884.

The Community Foundation of the Dan River Region featured stories of impact by donors and grant recipients at its Appreciation Luncheon held Thursday, November 7, 2013 at the Danville Golf Club.

Nearly 200 supporters heard from speakers representing three areas of The Community Foundation’s work – Give, Impact and Receive. Vic Millner shared how he established the Audrey Millner Fund and became a future bequest donor. Jeff Smith described his vision for the Veterinary Emergency Treatment Fund, and how it is already helping area pets and their families.

Steven Gould shared the impact of receiving a scholarship from the Community Foundation and how he has returned to the area. Special entertainment was provided by the Danville Junior String Quartet.

Debra Dodson, Executive Director, stated, “This is such a great opportunity for us to thank our many supporters. We thank them for proving that together we can truly make a difference. Through their support, this past year we have helped to save lives, given hope to college students, filled our community with music, and relieved much suffering.”

Some highlights of The Community Foundation’s impact this past year include: –

a) Receiving gifts of more than $1,025,000from hundreds of donors.

b) Awarding 76 scholarships of $125,000.

c) Presenting grants of more than $1 million to 118 area organizations.

d) Reached more than 3,000 individual donors in our giving history.

e) Received approval for recertification for National Standards for U.S. Community Foundations.

f) Hired Dahab & Associates as a new investment consultant after careful study and analysis.

Donors established 10 new funds under the Foundation’s umbrella for a total of 108 funds with total assets of $25,302,767 as of June 30, 2013. The Community Foundation has returned more than $16 million in grants and scholarships to the region since 1996.

New endowment funds began since July 1, 2012 include:
• William E. Barr Scholarship
• Boys & Girls Clubs Endowment Fund
• Disaster Relief Fund
• Susan L. Edwards Memorial Scholarship
• Juanita G. “Nita” Grant Fund
• Diane Marie Gross Scholarship
• Hokie Bird Scholarship
• Hospice Support Services Fund
• Peter and Jo Ann Howard L’Dor V’Dor Fund
• Rotary Club of Yanceyville Scholarship

The Community Foundation’s mission is to improve and enrich the lives of people in our community by encouraging the generosity of donors. Donors may establish their own endowment fund to support particular areas of interest or may make unrestricted gifts to any existing fund.

For more information, contact the Community Foundation at 541 Loyal Street, Danville, VA 24541, (434) 793-0884 or visit their web site www.cfdrr.org.

We are pleased to have our 2012-13 Annual Report completed.  You may download a copy here or come by our office to pick one up.  We are open everyday from 9-5.

 

Caswell County has received nearly $650,000 in grants from The Community Foundation of the Dan River Region since it began in 1996. The complete listing of Caswell County grants was shared at an October 24 luncheon for Caswell County supporters and potential donors at Caswell Pines.

Caswell County donors have also established five endowment funds under The Community Foundation umbrella, including:

– Jean Hines Vernon – Claudia Vernon Smith Fund (’03)
– Linda Rhue – Kang-A-Rhue Children’s Cancer Fund (’04)
– Gary A. and Sherry M. Carroll “Good for Youth” Fund (’07)
– Lori Daniel – Susan L. Edward Scholarship (’13)
– Rotary Club of Yanceyville Scholarship (’13)

Six Caswell County citizens have served on The Community Foundation Board, including currently serving members Verla

Wall, Bill Woods (treasurer) and Stuart Watlington. Past Caswell County Board members include Rev. Wilson Carter, Betty Sartin, Dr. Jack Turner, and founding Board member Katherine Watlington.

“Caswell County has been a part of our core service area since The Community Foundation began,” said Debra L. Dodson, Executive Director.
Donors, organizations or businesses may start their own endowment funds for as little as $10,000 and scholarships for $25,000. Once a fund is established anyone can make designated gifts to that fund.

The Community Foundation of the Dan River Region is an independent, public charity established in September 1996 by a steering committee of local civic leaders to gather permanent funds to support our area. The Community Foundation of the Dan River Region is a public charity with total assets exceeding $25 million.

While the Foundation works with donors to establish funds to benefit any geographic area, our primary service area is Danville/Pittsylvania County, Virginia and Caswell County, North Carolina. Donations are also being sought to build up resources for South Boston/Halifax County, with consideration being given to other neighboring counties.

Community foundations are established to manage a collection of separate funds created by individuals and corporations – a community of donors – to enhance the quality of life in a local area. These funds are pooled and invested under the direction of a board of directors comprised of community leaders. Income from the funds is distributed in the form of grants and scholarships. The first community foundation was created in 1914 in Cleveland, Ohio. There are now more than 700 community foundations nationwide, controlling aggregate assets in excess of $25 billion.

The Community Foundation is fully tax-exempt as an organization described in Sections 501(c)(3) and 170(b)(A)(vi) of the Internal Revenue Code.

For more information, contact the Foundation office at 434-793-0884 or visit its web site www.cfdrr.org

The Community Foundation of the Dan River Region is now accepting proposals for its next round of grant making in Halifax County.

Information has already been mailed to approximately 20 community non-profit organizations in Halifax County. The Foundation is accepting applications from 501(c)(3) charitable organizations serving Halifax County until October 7, 2013. The Halifax County Advisory Committee will then review the applications and recommend which organizations will be awarded.

Approximately $1,300 is available for grants this year.  This total includes money from the Fund for Halifax County as well as the South Boston Medical Fund.

The Community Foundation is a public charity established in September 1996 by a steering committee of civic leaders to meet a variety of social, educational, cultural and other charitable needs in the Danville, Pittsylvania County and Caswell County area, as well as Halifax County and Northern North Carolina.

Organizations interested in receiving more information should contact The Community Foundation office at 541 Loyal Street, Danville, VA 24541, (434) 793-0884 or visit www.cfdrr.org.

The Boys & Girls Clubs of the Danville Area recently announced the kick-off of its $2 million Community Endowment Fund Campaign, which the organization says is critical in establishing a long-term funding strategy for the Club and the 900 children it currently serves.

In 1998, Kenny Lewis Sr., Pat Daly, Sr., James Slade and other concerned community members, launched a campaign which began the start of the Boys and Girls Club in Danville, and the building of the much needed facility located at 123 Foster Street (Danville). To meet the needs of the children in Pittsylvania County, a second location was added in Chatham. Due to a generous donation made by Phil & Fran Daly, the Foster Street location was able to complete the Daly Teen Center.

 “Over the past several years the Boys and Girls Club has experienced tremendous growth,” said Trina Pratt, Executive Director of the Club. “Now it’s time to aggressively plan for the future by establishing this endowment which will provide a stable foundation on which the Club can continue to give kids a safe place to learn and grow, as well as provide opportunities for them to realize their full potential as productive, responsible and caring citizens.”

In just a brief campaign time, the endowment has reached 10% of its goal, with $200,000 in donations and pledges already received by the Community Foundation of the Dan River Region (CFDRR). One hundred percent of donor gifts and pledges will be placed in the endowment with a percentage of the earnings from the endowment made available for operational use by the Club each year.

 “We are very excited to partner with the Boys & Girls Club in securing funds for this endowment,” said Debra Dodson, Executive Director of the CFDRR.  “The Community Foundation was established in 1996 with a mission of improving and enriching the lives of those living in our community primarily through the generosity of donors.  What better way to support our mission and our community than enriching the lives of our youth.”

Nearly half a million dollars is needed annually (approximately $475,000 per year) to operate our two clubs,” said Steve Farrar, Treasurer of the Club. “With the help of generous donors and other supporters, our plan is to reach and exceed our $2 million campaign goal. Eventually we’d like to see this endowment support 25% of our Clubs operating expenses.” 

The Boys and Girls Club strives to provide kids a safe, positive environment where they receive tools to fulfill their potential – and to have fun! Focus areas for the Club include academic success, character and leadership development, and healthy lifestyle behaviors.

“Our staff and board are committed to providing high-quality educational programs, building a sense of character and citizenship, maintaining diversity, and offering kids a safe, nurturing, and affordable environment,” said Mike Taylor, President of the Clubs Board of Directors.  “Kids in our community need the Boys and Girls Club and we’re glad we can be here for them.”

 

Note:  An Endowment is a permanent fund, kept separate from the Club’s operating fund, consisting of cash, securities, and/or property, which is invested in a diversified manner to produce income. A Club can only use a portion of the fund as directed by the policies and procedures governing the endowment fund and without invading the principal.

 

About The Boys & Girls Clubs of the Danville Area

Established in 1998, the Boys & Girls Clubs of the Danville Area serves over 900 children each year in the City of Danville and Pittsylvania County.  The Club has locations at 123 Foster Street in Danville and 115 South Main Street in Chatham, Virginia. Donations and pledges may be made at the Club, the Community Foundation and online here.  All checks should be made payable to the Community Foundation of the Dan River Region, c/o Boys & Girls Clubs Endowment Fund, 541 Loyal Street, Danville, VA 24541. For more information on the Boys and Girls Clubs, visit their www.bgcdanville.org or call 434.792.3449.

Make plans to attend the September 25 Estate and Charitable Gift Planning Institute at the RCATT center in Danville. The event will be hosted by The Community Foundation of the Dan River Region and co-sponsored by the Danville Bar Association and the Piedmont Chapter of the Virginia Society of CPAs.

In this national webinar broadcast, participants will learn from nationally-recognized speakers Ann Burns and Kathryn Miree as they share new strategies, practical solutions and opportunities for planning following the American Taxpayer Relief Act of 2012. 

Do not miss:

• Current case law updates
• Drafting estate plans in light of recent tax law changes
• Strategies to address charitable estate goals without using traditional charitable vehicles
• Simple ideas to maximize lifetime and estate charitable gifts
• Ethical considerations in charitable and estate planning
• Why estate planning is more important than ever

Advance registration through August 31 is $30; registrations after August 31 are $40. To register online, go to http://bit.ly/11cjm6u  or mail your check made payable to The Community Foundation, 541 Loyal Street, Danville, VA 24541 with a note for Estate Planning Seminar.

The Community Foundation of the Dan River Region is an independent, public charity established in September 1996 by a steering committee of local civic leaders to gather permanent funds to support our area. The Community Foundation of the Dan River Region is a public charity with total assets exceeding $25 million.

For more information on the webinar broadcast or The Community Foundation, contact the Foundation office at 434-793-0884 or visit its web site www.cfdrr.org

Area donors have generously established four new endowed scholarships recently with The Community Foundation of the Dan River Region.

  

The Diane Marie Gross Scholarship was opened by Inara Aster Dodson in memory of her daughter Diane Marie Gross, who was tragically killed in an automobile accident at the young age of 16. The scholarships will be given to deserving Danville area students attending Washington & Lee University or the College of William and Mary.

 
 
 

 

The William E. Barr Scholarship was started by Lamar Barr, in memory of her son, William E. Barr, who graduated from Hampden-Sydney College in 1987. The scholarships will be given to Danville-Pittsylvania graduates attending Hampden-Sydney College.

 
 
 
 
 
 
 

The Rotary Club of Yanceyville Scholarship Fund has been created upon the dissolution of the Rotary Club of Yanceyville. The Club was pleased to find a way to continue their legacy of providing scholarships to Bartlett Yancey High School graduates.

 
 
 
 
 

 

The Hokie Bird Scholarship was established by Pat and Cathy Daly to benefit Danville-Pittsylvania County High School graduates attending Virginia Tech.

 

Other people who wish to support a new or existing Community Foundation scholarship can make donations to The Community Foundation, with the specific scholarship designated, 541 Loyal Street, Danville, VA  24541. Scholarship applications will be available by February 1, 2014 at the high schools and the foundation’s web site www.cfdrr.org.

The Community Foundation of the Dan River Region is an independent, public charity established in September 1996 by a steering committee of local civic leaders to gather permanent funds to support our area. The Community Foundation of the Dan River Region is a public charity with total assets exceeding $25 million.

While the Foundation works with donors to establish funds to benefit any geographic area, our primary service area is Danville/Pittsylvania County, Virginia and Caswell County, North Carolina. Donations are also being sought to build up resources for South Boston/Halifax County, with consideration being given to other neighboring counties.

Community foundations are established to manage a collection of separate funds created by individuals and corporations – a community of donors – to enhance the quality of life in a local area. These funds are pooled and invested under the direction of a board of directors comprised of community leaders. Income from the funds is distributed in the form of grants and scholarships. The first community foundation was created in 1914 in Cleveland, Ohio. There are now more than 700 community foundations nationwide, controlling aggregate assets in excess of $25 billion.

The Community Foundation is fully tax-exempt as an organization described in Sections 501(c)(3) and 170(b)(A)(vi) of the Internal Revenue Code.

For more information on the new scholarships or The Community Foundation, contact the Foundation office at 434-793-0884 or visit its web site www.cfdrr.org

The Rotary Club of Yanceyville Scholarship Fund has been endowed with The Community Foundation of the Dan River Region. The Scholarship will provide post-secondary educational scholarships to graduates of Bartlett Yancey High School.

Unfortunately, the scholarship was established upon the dissolution of the Rotary Club of Yanceyville. “We are deeply saddened that the remaining members found it necessary to dissolve the Club after 76 years”, said Barbara Scott, secretary of the Rotary Club of Yanceyville. “However, we are thrilled to have The Community Foundation continue the legacy of providing scholarships to graduates of Bartlett Yancey High School.”

“We are excited to accept this scholarship on behalf of the Rotary Club of Yanceyville,” said Debra L. Dodson, executive director of The Community Foundation. “What an honor it will be to continue the club’s good name and good work in the community.

Other people who wish to support Bartlett Yancey High School scholarships can make donations to the Rotary Club of Yanceyville Scholarship Fund. Checks should be made to The Community Foundation, c/o the Rotary Club of Yanceyville Scholarship, 541 Loyal Street, Danville, VA 24541. Applications for the scholarship will be available by February 1, 2014 at the high school and the foundation’s web site https://www.cfdrr.org