Friday, January 18, 2013

Organizations and Donors Benefit from Greater Poweshiek Community Foundation


The Mayflower Community, Grinnell Regional Medical Center, and the Grinnell Area Arts Council are the latest recipient organizations to benefit from gifts to the Greater Poweshiek Community Foundation.

At the close of 2012, Bruce and Martha Voyles made the decision to donate a gift of appreciated stock to the Greater Poweshiek Community Foundation and directed their gift to be invested in funds designated for the Grinnell Area Arts Council, Grinnell Regional Medical Center, and the Mayflower Community’s Human Needs Endowment Fund. They also created a donor-advised endowment that gives them the opportunity to specify each year where the proceeds from the endowment are used in the community.

“There were many benefits to using our community foundation to make these gifts,” says Bruce Voyles. “We appreciate the flexibility to make the donations as we wish them to be.”

The Voyles gave a gift of stock that Bruce had received from his grandmother when he turned 21.

“The capital gains tax after 45 years would have been substantial,” Voyles says, “but there is no tax when stock is given to a charitable foundation so the entire value of the stock can go toward charitable ends. And, of course, I can take a deduction on my taxes for the full value of the stock donation.”

Certain gifts to GPCF are eligible for Endow Iowa tax credit. In addition to normal federal charitable income tax deductions for certain charitable gifts, Endow Iowa also allows taxpayers to receive a 25 percent Iowa tax credit.

“The Endow Iowa incentive is one way the Legislature can help strengthen Iowa’s small communities,” says Martha Voyles. “It is not only altruistic, but it is also good for the welfare of Iowa’s towns as funds are reinvested through community foundations. We’ve supported the Arts Council and hospital for more than 30 years and began supporting the Mayflower Human Needs fund when we moved here about five years ago. The GPCF endowments mean that we can continue to support these important organizations far into the future.”

Austin Jones is the president of the GPCF and serves as treasurer for the Grinnell Area Arts Council.
“Everyone wins in this situation,” Jones says. “Donors can support the organizations they care about and receive excellent tax incentives. The community as a whole benefits because of the services these organizations provide for our quality of life.”

Through a community foundation, gifts are pooled for investment purposes, creating the potential for a better return on the investment than if each individual organization or fund invested separately. Donors can direct their gifts to specific funds, or not. Undesignated gifts help to build the unrestricted endowment to meet future community needs.

“Endowment gifts are truly visionary,” says Denise Lamphier, director of communications and development at GRMC. “These are funds that benefit the next generation of area residents who will rely on GRMC to be here when they need medical care. GRMC is fortunate to have several donors, including the Voyles, who support GRMC’s endowment fund at the community foundation ensuring that exceptional care will be here for decades to come.”

Bob Mann is the executive director of Mayflower Community in Grinnell and a member of the Greater Poweshiek Community Foundation board.

“The Mayflower Community is honored to be considered by Bruce and Martha for this gift that will forever produce income to help pay for healthcare for those whose funds have been depleted,” Mann says. “One of the biggest fears that older people have is outliving their resources, but due to people living longer, it is happening more and more. In our 62-year history, we have had a number of people who have been faithful stewards of their resources, but have still run out of funds in the later stages of their life.  Our Human Needs Endowment Fund has assured that no Mayflower resident has been asked to leave because they couldn’t pay. The Voyles’ gift will help continue this legacy.”

For more information about Endow Iowa, or ways to make gifts through the Greater Poweshiek Community Foundation, contact Delphina Baumann at 641-236-5518, or www.greaterpcf.org. For more information about Mayflower Community, contact Bob Mann at 641-236-6151 and to learn about GRMC, call Denise Lamphier at 641-236-2589.                               

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