Building a sustainable future for Dawson County

Building a sustainable future for Dawson County

Greater Glendive Community Foundation
PO Box 1122
Glendive, MT 59330

406-939-7422
406-939-2686
ggcf@midrivers.com

Under the umbrella of the Montana Community Foundation
www.mtcf.org


About Community Foundations of Montana

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WAYS TO GIVE…

Give Local Montana Day is on May 3, and we are hoping to raise $1,000,000 for Montana. Glendive is one of the participating communities hoping to raise at least $20,000. Please help and make our communities an even better place to live by going to MT Gives and clicking on communities/Glendive.

Contributions to the Greater Glendive Community Foundation are deductible for income, estate and gift tax purposes. Planned gifts like deferred gift annuities also offer Montana Tax Credits.

Online donations are accepted through the Montana Community Foundation.

For more information on any of these topics please contact members of the GGCF Board of Directors or your tax advisor.

…START YOUR OWN FUND

Donors can also establish their own endowment fund through the Greater Glendive Community Foundation. The assets are professionally managed by the Montana Community Foundation and donors can specify which organizations or what type of causes they wish to benefit each year. The minimum for a donor designated endowment is $25,000, but donors have three years to build their fund to the $25,000 level. Donors may also take advantage of the Montana Endowment Tax Credit and build their fund through planned gifts instead, which offer substantial savings on federal and state taxes.

Donor advised funds are an option for people who are thinking about starting their own private, family foundation. Donor Advised funds are less expensive to start and operate, far less time-consuming to manage, and can be started with $25,000. Private foundations, on the other hand, require expensive legal fees to establish, high overhead costs and are not cost-effective unless they have at least $2 million in assets. Working with a community foundation allows everyone to be a philanthropist and create their own legacy with a minimum of fees and hassle.

Deb & Wes Toepke started the Toepke Fund, a donor advised fund to benefit Glendive Little League and Girls Softball Association. MTCF allows three years to build the fund to at least $25,000. Your legacy will live on to help the organization(s) you designate.

For more information about starting your own family designated fund now or through a planned gift or bequest, call Peggy at 939-7422 or Deb at 939-0711 board members with the Greater Glendive Community Foundation or call Cathy Cooney at the Montana Community Foundation at 441-4954.

MONTANA ENDOWMENT TAX CREDIT

The Montana Endowment Tax Credit allows donors to pay less in Montana state income taxes when they give a qualifying planned gift to a qualified Montana charitable endowment. The incentive is 40% of the value of the gift, up to a maximum $10,000 tax credit in one year, and a credit of 20% of a direct gift (check) by a qualified business, up to a maximum of $10,000 in one year.

Example: A donor, 65, purchases a $10,000 charitable gift annuity with a certificate of deposit that has matured. As income beneficiary, the donor will receive 6.0% or $600 per year for life. The donor names the Greater Glendive Community Foundation as the remainder beneficiary of the annuity.

Therefore, the donor is eligible for the Montana Endowment Tax Credit. the federal charitable deduction for the gift is $3,553 and the qualifying amount of the Montana Endowment Tax Credit is $1,421 or 40% of the present value of the planned gift.

Contact:
Cathy Cooney, Program Director
ccooney@mtcf.org
406-443-8313 ext. 108
www.mtcf.org