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

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WAYS TO GIVE…

WHAT INSPIRES YOU ABOUT OUR COMMUNITY?

Whether you want to give now or give later, the Community Foundation has flexible solutions to help you make a long-lasting impact on what inspires you about our community. Explore the ways we can help you give back.

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.

There is still time and opportunity to make a difference in our community by contributing to our foundation. Most of Montana's community foundations are like Glendive's; less than ten years old, have no paid staff, and have limited resources to expand. With accelerating state and federal budget cuts, it is increasingly important that communities operate collaboratively and efficiently. Community foundations can effectively support this culture and help foster civic engagement and local philanthropy. Our funds, like 500 other non-profits, are expertly managed by the Montana Community Foundation professionals and their financial investors. Their records speak for themselves.

…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 406-441-4954 or her direct line, 406-541-7406, or email her at amy@mtcf.org. The Montana Community Foundation website has accurate information on options for leaving a legacy.

Planned Gifts benefit you now in tax credits and annual payments, and later will benefit the place you call home. Remember, corporate or business checks qualify for the Montana Endowment Tax Credit of 20%, up to a maximum of $10,000 per year.

Individuals can save up to $10,000 in taxes per year by making a planned gift, a way of giving that gives income during their lifetime, provides a tax tool and will help a Montana charity after they are gone. Planned gifts, like a gift annuity of at least $5000, qualify for a 40% tax credit on the year given. For more information, contact nick@mtcf.org, or call 406-443-8313.

There are tools that can help you take care of your financial future, your families and the causes you care about while taking advantage of the maximum tax benefits.

GIVE ONLINE

Online donations are accepted through the Montana Community Foundation. Choose "Greater Glendive" and who the memorial is for, so we know who to thank. For more information on any of these topics please contact members of the GGCF Board of Directors, Montana Community Foundation, or your tax advisor.

IRA Charitable Rollover Offers Unique Giving Opportunity

An IRA Charitable Rollover provides owners of Individual Retirement Accounts (IRAs) with a unique giving opportunity to support their favorite charities without being subject to federal income tax on the distribution from a traditional IRA. This is particularly beneficial for those with a passion for charitable giving who need to take their required minimum distribution, but do not necessarily need the income this year.

How does it work? IRA owners who are 70 1/2 and older can transfer up to $100,000 of IRA assets to public charities without being subject to federal income tax on the distribution. If married, each spouse can transfer up to $100,000 from his or her IRA. The charitable gift must be made directly from the custodian of the IRA to the qualifying charity.

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:
Nick Dietzen, Planned Giving Officer
Montana Office of Gift Planning
Montana Community Foundation
1 N Last Chance Gulch, Ste. 1,
Helena MT 59601
nick@mtcf.org
406-443-8313 ext. 112 or 406-442-0482
www.mtcf.org