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.”
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