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OTHER WAYS TO GIVE A beneficiary designation is not the only way to make a gift of life insurance. You can also:
• Donate a paid-up policy.
In many cases, the after-tax cost of this generous gift is only a fraction of the benefit provided to us, and you would qualify for an income tax charitable deduction equal to the policy’s replacement value or your basis in the policy, whichever is less.
• Donate an existing policy that is not yet paid up. This would require you to make annual gifts to us to pay the premiums. These annual gifts are, of course, tax-deductible.
• Buy a new policy and transfer ownership to us.
This method would require you to make annual gifts to us to pay the premiums. These annual gifts are, of course, tax-deductible.
• Transfer a policy to a charitable remainder trust.
This giving option provides many tax and financial rewards. The trust will pay an income for life to your beneficiaries. At the death of the trust beneficiary, all remaining proceeds pass to us. A charitable remainder trust lets you deduct the present value of our remainder interest as a charitable contribution.
Would you like to talk more about leaving a gift of life insurance or other ways you can become a member of The Community Foundation’s Legacy Society? Talk to Kallie Sulanke, community engagement officer at the Foundation, by calling 765-747-7181, or your professional advisor, for more information about leaving a lasting gift in your estate plan.
THE COMMUNITY FOUNDATION IS GROWING Thanks to the generosity of neighbors across our community, The Community Foundation of Muncie and Delaware County has seen impressive growth. At the end of 2021, Foundation assets reached an all-time high of $88 million. These assets are here to support the community today, tomorrow, and always. Growth in assets has led to the need for added capacity for The Community Foundation, including increases in staff size and physical space. In June, the Board of Directors of The Community Foundation identified and purchased a property and building to serve as the organization’s new home. Later this summer, The Community Foundation will relocate its offices from the Muncie Power Products building at 201 E. Jackson to the former USI building at 302 E. Jackson.
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Our new building allows us to continue contributing to the vibrancy of downtown.
“Keeping The Community Foundation in downtown Muncie was a priority as the search for expanded space began,” said Trent Dowling, Chair of the Board of Directors of The Community Foundation. “Our new building allows us to continue contributing to the vibrancy of downtown.” Since 2015, the Foundation staff has grown from five employees to eight. A ninth position will be added later this year. This growth in personnel aligns with a 50 percent increase in grantmaking and growth of assets of more than $30 million over the same period.
The Community Foundation is pleased to welcome two new team members.
Joel Brumley Joel Brumley, program officer, works closely with nonprofit organizations partnering with The Community Foundation. Joel brings to The Foundation nonprofit experience as well as experience in agriculture, natural resources, education, and outreach through experiences with Purdue Extension and the University of Illinois Extension, public school teaching, and county Soil and Water Conservation District work. “I am happy to be working for an organization that I greatly admired through several interactions on the job as Youth Development Educator and County Extension Director for Purdue Extension – Delaware County,” said Joel. “I also feel very fortunate to be able to re-ignite many relationships that were developed throughout the community during my time at Purdue Extension and Delaware County 4-H.”
Rachel Spodek Rachel Spodek, communications administrator, oversees gift entry for The Community Foundation and will support other external communications. Rachel is a Muncie native who brings administrative and communications knowledge to The Foundation. “I am so thrilled to join the team at The Community Foundation and have the opportunity to serve the community that has given me so much over the years,” said Rachel.
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