Legucy Fund: Help the Community by "Gifts of Grain"

Hamilton County farmers can help their community by giving commodity donations to Legacy Fund, and save the taxes at the same time.  The farmers do not have taxable income from selling the production if the legal ownership of it is firstly transferred to charity organization.  So the cogent taxes are saved, but they still may deduct the costs of commodities.  It could be grain, corn, or soy beans, it does not matter.

“Grain gives us another option of dealing to the fund, says Craig Wallace, owner of Wallace Grain Company in Sheridan, Indiana - giving is a great business!”  Craig donated soy beans to Legacy Fund to give additional funding for the fund in the name of his parents.  He also advised two farmers to do the same because the savings were really compelling.

“Gifts like Craig’s make incredible sense,” said Terry Anker, president, Legacy Fund.  “First and foremost, gifts of grain enable farmers such as Craig to give back to their community and make a real difference in Hamilton County.  They may also provide financial and tax-based benefits for the donor, and that’s especially important in today’s economy.”

As Hamilton County’s community foundation, Legacy Fund, an affiliate of the Central Indiana Community Foundation, can accept gifts of commodities directed to a particular foundation fund.  Before making such donations farmers should consult their tax advisor or accountant and notify our organization about the intention of giving.

Philanthropy: Saving Taxes trough Smart Giving (Part 2)

To continue on with our last topic, saving taxes while giving to charity we offer some new kinds of philanthropy that includes making a donation and saving taxes. Here are some other types of donations.

The first one is giving a paid up, life insurance policy to charity. It suits you, for example, if your children are grown and gone, but you have their life insurance policies paid up, keeping them artificially inflates the value of your personal balance sheet and makes it more likely your estate will owe federal estate tax. You have two options. You can retain the ownership of the policy and simply change the beneficiary designation so that the charity will receive the proceeds out of probate, and your taxable income will be reduced. You can also claim an income tax deduction by making a charity the owner and beneficiary of the policy.

The second way is to make a donation by giving a savings bond (i. e. Series EE) to charity. Giving a Series EE bond still triggers income tax, but it also qualifies for a tax deduction.

Finally you can fund a donor advised fund, this is an alternative to private foundation with assets and you receive an immediate income tax deduction. You’ll be able to make grants to charities at any time, even years in the future. DAFs enjoy higher tax deduction limits compared to private foundations and do not require a separate tax return.

As you can see there are several different ways to make a donation while saving on taxes.

Philanthropy: Save Taxes trough Smart Giving! (Part 1)

Christmas is coming and it is a great time for giving gifts!  Giving to charity is a good idea especially when you know that your gift will be useful and wanted.

How can donating save on taxes?  First, you can make donation from your individual requirement account (IRA.)  People age 70 and older are required to take minimum distributions from their IRAs which increase their taxable income.  According to the Pension Protection Act of 2006, you can make annual charitable distributions up to $100,000 from your IRAs.  Satisfying your minimum distribution, you can exclude the charity amounts from your taxable income.

Distributions must be made directly to public charity, i.e. a community foundation (private foundations and donor advised funds do not qualify) from the IRA trustee.  Unfortunately, the deadline to take advantage of this opportunity is December 31, 2011, so hurry up so it is not to late!

Another option, is to make non-cash donations by donating assets.  If your assets have decreased in value recently it’s quite nice for you.  Transferring an appreciated asset to charity allows you to claim a charitable deduction for the fair market value of the gift and avoid the capital gains tax you would have paid when you sold it.  These gifts can be given outright or be used for charitable arrangements.

We will discuss other ways to save on taxes though donating in following articles, Interested? Follow us!

Corporate Philanthropy: Benefits for Company: Part 2

Corporate philanthropy can improve a company's relationship with the government.  Thanks to charity activity, the company can expect the support of the government.  Philanthropy can  also lead to the receiving of grants from a community foundation.  This is also a form of advertising.  The brand of the company can appear in newspapers or even on TV and, considering the topic, this can attract a great deal of attention from potential customers.

When a company engages in charity this also tends to affect the composition of employees.  Such company's will attract employees who want to make the world better.  This means that they will be more loyal and good specialists will not leave the company during the difficult moments.  The company itself will be more consolidated and the quality of work will rise.

The difference between corporate philanthropy and individual philanthropy is that, the first one can often be more significant in a shorter amount of time.  A company that is involved in charity can often donate more to charity organizations or to community foundation than single philanthropist.  Thus it can make a real change in a short amount of time.

Corporate Philanthropy: Benefits for Company: Part 1

Even though by definition,  corporate philanthropy means to give away, charitable activity also provides significant benefits to the company.

The most obvious benefit from charitable involvement is the rise of company popularity.  If the company is involved in charity it will likely be looked upon in a positive light by society.  People will start to view the company as helpful and compassionate.  This will lead to a rise in sales.  This is because conscious people tend to prefer companies who donate money from sales to charity organizations or to a community foundation.

Charitable activity raises the publics' interest in the company.  When the company is associated with a charity, the chances that people will start to look for more information about the company rise.  In result, more people will visit the company, and more sales will be made.

There will always be people who want to change the world, and they will use the services and products from a company that engages in charity work, even if market competitors offer better services and products.

Video about 2011 Living Legacy Award Winner

Recently, Legacy Fund has published a video about the 2011 "Living Legacy" award winner Judi Campbell.  The award ceremony took place during the Celebration of Philanthropy event on November 10th, at the Ritz Charles in Carmel, IN.

In this interview Judi Campbell admitted that philanthropy is one thing that is typical for her family.  Her mother engaged in charity work as well as her grandfather.  Her first husband Bob Campbell, (deceased, 2004) took part in the establishment of Legacy Fund.

Judi Campbell started to engage in charity when she was in the seventh grade, at which time she began to volunteer at a medical center.  Later her charitable activities became focused on the parks.  She also made a founding gift for Chaucie’s Place.  In the video there is a detailed story of Chaucie Quillen and how her suicide led to the creation of Chaucie’s Place in Carmel.


You can watch the video about the 2011 Living Legacy award winner below, or here on YouTube.com.  You may also subscribe to the Legacy Fund channel.

Celebration of Philanthropy: 2011 Living Legacy award winner

On November 10th the Celebration of Philanthropy event was hosted by Legacy Fund, the community foundation of Hamilton County, at the Ritz Charles in Carmel.  Forty-six non-for-profit organizations that serve Hamilton County were present.  During the event, Legacy Fund presented the "Living Legacy" award to honor those who do a great deal to raise the quality of life in Hamilton County.  Dr. Judi Campbell became the 2011 Living Legacy award winner.

Judi Campbell is the president of Friends of Hamilton County Parks, the Hamilton County Parks Board charitable foundation.  She is the third person to receive the Living Legacy award.  Before Campbell was the Beck family in 2010 and the Crosser family in 2009.

Judi Campbell has been involved with charity work for a long time.  Her main achievement in terms of philanthropy, is the creation of Chaucie’s Place in Carmel.  Campbell was the original donor, she made a founding gift of $2500.  Chaucie’s Place is a not-for-profit child advocacy center.  It was named in honor of Chaucie Quillen, the child who committed suicide in 1995 after the years of child abuse he was a patient of Dr. Campbell's.  Thanks to the Chaucie’s Place it has become much easier for children to report abuse.  After 10 years of existence Chaucie’s Place has conducted more than 2600 interviews.

Corporate Philanthropy: Where to Donate

There are a lot of charity organizations to which companies can make  donations.  Each organization typically has its own program.  The company studies these programs and then makes a decision as to where to donate.  Among the non-profit organizations, there are several, including the education field, the health field, supplying of goods, food for those less fortunate, foreign countries, etc.  The donation can be also made to the community foundation which then distributes funds to different charity organizations with different programs.

There is another important field to which companies can donate, the environment.  Even though there is often no material aid, other types of commitments can be very helpful, especially if made by a large company.  The influence on the environment made by companies is significant.  This is due to the amount of resources and transportation they use, and the bigger company is, the greater is the influence.

Corporate philanthropy, in terms of the environment means that company will make efforts to:

• cut down its carbon emissions
• not waste raw materials and its goods
• use recycled packaging (if possible.)

Corporate Philanthropy: Types of Donation

Corporate philanthropy is defined as a philanthropic act made by a company.  The primary difference between this and individual philanthropy is that companies tend to have a much larger capacity to be able to donate with, thus benefiting more non-for-profit organizations.  Corporate philanthropy is also called corporate giving.

The most common way for one to be philanthropic is to donate money, though there are several other types of donations.  Companies can make a donation by providing advertising support or their specific services to a non-profit organization.  Companies can also offer the use of their facilities or property.

An example of corporate philanthropy could be when the manufacturer donates part of its sales profit to a certain charity organization or community foundation.  Another example could be when a company organizes and funds a charity event benefiting orphans and or sick children.

One last example of corporate philanthropy could be the donation of manpower, the company creates a volunteer group of its employees and they help where help is needed.

Legacy Fund: Celebration of Philanthropy

Celebration of Philanthropy will be hosted by Legacy Fund on the 10th of November at the Ritz Charles in Carmel.  This will be the third time Legacy Fund hosts the Celebration of Philanthropy event.

Legacy Fund is a community foundation that has helped to strengthen Hamilton County since 1991.  It is an affiliate of the Central Indiana Community Foundation (CICF.)  The purpose of Legacy Fund is to make grants to not-for-profit organizations, and provide leadership to address community needs.  You can find more information on Legacy Fund at www.legacy-fund.org.

The Celebration of Philanthropy event, allows people to learn more about Legacy Fund and other not-for-profits organizations that serve Hamilton County.  This year it will be attended by 46 not-for-profit organizations.  There will also be an award ceremony, Legacy Fund will honor a family that has given back to Hamilton County.  You can watch the beautiful video about last years winner and what he had done in terms of philanthropy on the Celebration of Philanthropy, official website.  There is also a photo gallery from the last years event.

If you want to take part in a charity activity, you may donate money to Legacy Fund via this page.  The transaction is completely secure and all personal information is kept private.  Help Legacy Fund and other charity organizations change the lives of those who are in need.

N.T. Wright Interview: “Simply Jesus” & Wright Responds to Critics

Click this link to read the unedited interview:

http://frankviola.org/2012/01/23/ntwright