Legacy Giving FALL 2016
COMMUNITY FOUNDATION EXPANDS THE MERVEAUX FAMILY LEGACY The desire to be remembered for what they have contributed to the world often leads individuals to ponder what their legacy will be after they’re gone. Often when we consider our legacy, we think about a life well-lived and what we will leave for future generations. For those who wish to make charitable giving a part of their legacy, community foundations are able to play a unique role. With multiple investment options, as well as deep community knowledge, these community institutions are able to utilize gifts to make the biggest impact, often forever. When Nina Merveaux approached the Greater Cedar Rapids Community Foundation in 1993, her intent was to leave a charitable legacy that could serve the people of Linn Country for years to come. A lifelong resident of Cedar Rapids, Nina gave to many great causes throughout her lifetime. The Nina E. and Victor D. Merveaux Endowed Fund for Historic Preservation and the Nina E. Merveaux Donor-Advised Fund have supported many nonprofit projects since the funds were established. When she was in her mid-80s, Nina, in consultation with her professional advisor, created a charitable remainder trust naming the Greater Cedar Rapids Community Foundation as the beneficiary of the remainder interest. By giving through a charitable remainder trust, Nina was able to receive income from the fund during her lifetime, with the remainder interest going to the Community
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Charitable IRA Rollovers
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Foundation at her death. Nina’s instructions specified for the remainder to be used to establish a fund to benefit children of low-income families, create scholarships, benefit the Cedar Rapids Zoo, benefit health and healthrelated programs, and help support the operations of the Community Foundation. Nina Merveaux passed away on May 29, 2003 at the age of 96. The community and causes that meant so much to her will benefit from her planning and generosity forever. Nina’s legacy began with a gift of $80,000 and the assurance that the Community Foundation would work to preserve Nina and Victor’s legacy for Nina Merveaux years to come. To date, the funds have provided $127,000 in grants— 150% of the value of the original gift—while the principal remains greater than the original gift. “Nina Merveaux’s philanthropy is an example of the power of endowed funds to create a legacy that will last forever,” says Greater Cedar Rapids Community Foundation
12th Annual Luncheon
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List of New Members
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Upcoming Events
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President & CEO, Les Garner. “The Merveaux Fund, because it is prudently invested in the endowment pool, has been able to grant out more than would have been possible had the initial amount been distributed directly. The size of the fund and its impact on the community will continue to grow in perpetuity.”
Countless individuals and organizations have benefited from Nina’s generosity since her passing. Over 50 different nonprofit organizations have received grants, her designated fund has helped sustain Old MacDonald’s Farm at Bever Park, and 47 students have received scholarship assistance.
Here are a few of the 53 nonprofit organzations that were impacted by Nina’s generosity... Indian Creek Nature Center
Tanager Place
Young Parents Network
The Arc of East Central Iowa
His Hands Ministries Foundation 2 Big Brothers Big Sisters
Brucemore
Old MacDonald’s Farm
ENDOW IOWA TAX CREDITS RUNNING LOW Giving a gift to an endowed fund at the Community Foundation offers maximum tax benefits, including the Endow Iowa 25% state tax credit. As of September 14, only a little over $800,000 of the allotted $6 million in Endow Iowa credits for 2016 remain. Gifts to any endowed fund at the Community Foundation benefiting an Iowa charity are eligible for this state tax credit, which can be coupled with federal tax deductions. A qualifying gift could be made to your own donor-advised fund, or to an existing endowment fund at the Community Foundation, including funds that benefit a number of local nonprofit agencies. Endow Iowa tax credits are available on a first-come, first-served basis until the remaining 2016 credits are claimed. At that time, qualified donors will be eligible for and first in line for 2017 Endow Iowa credits. 2
MESSAGE FROM SUSAN:
Charitable IRA Rollover Distributions Offer Appealing Giving Opportunity IRA owners who have attained the age of 70 ½ might consider a qualified charitable distribution by their IRA trustee to a charitable organization. This distribution is not included in the taxable income of the IRA owner. An IRA owner can count this charitable distribution as an IRA distribution that satisfies the minimum required distribution rules. A qualified charitable distribution will not generate a federal charitable contribution deduction because it is not included in taxable income. A qualified charitable contribution may be made to a designated fund, a field of interest fund or a scholarship fund. Transfers to donor advised funds or split interest trusts do not qualify for this provision. If an IRA owner makes a contribution to an endowed fund at a community foundation, that contribution will qualify for the Endow Iowa credit.
Individuals who might consider this strategy include: • An IRA owner who wishes to give more than 50% of their income in a cash contribution to a charity. • An IRA owner who does not itemize deductions and would therefore not benefit from a charitable contribution deduction. • An IRA owner with higher taxable income who would have their charitable contribution deduction limited by the phaseout of itemized deduction for higher income taxpayers. • IRA owners who face the taxation of their Social Security benefits at higher income thresholds.
SUSAN WILLEY, JD, LLM Director of Planned Giving 319.366.2862 susan.willey@gcrcf.org
Please contact Susan Willey if you have additional questions. Your tax advisor can help you model this option based upon your financial information.
YOUR PARTNER IN CHARITABLE GIVING We are here to help you invest in the future of your community and to make sure your gifts will do good work, forever. Here are a few reasons to partner with the Community Foundation to meet your charitable goals:
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You want to support multiple nonprofits with one gift.
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You want to give to a cause, not a specific charity.
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You want to leave a legacy that will last.
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You want ongoing advice about community needs.
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You want to ensure your charitable intent.
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You don’t want the expense or paperwork of a private foundation.
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You have a complicated financial transaction.
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You want to secure maximum tax advantages.
For more information about partnering with us, please call Michelle Beisker at 319.744.2362 or email her at michelle.beisker@gcrcf.org. 3
WILLIAM QUARTON HERITAGE SOCIETY LUNCHEON Nearly 120 people gathered for the 12th annual William Quarton Heritage Society Luncheon on June 21, 2016 to celebrate philanthropy and the generosity and commitment of its members to the future of our community. The event was held at the Cedar Rapids Country Club. Kevin Welu, Board Chair, extended a welcome to attendees. Kevin shared Community Foundation highlights from the past year and emphasized the needs and opportunities that remain in the community. In 2015, we received gifts of nearly $13.1 million and established 61 new funds. In total, $8 million was distributed in grants to 393 nonprofit organizations. Through the good work
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of these organizations, those grants are helping to improve our shared quality of life. Les Garner, President & CEO of the Community Foundation, shared information about family philanthropy and how to include family members in charitable giving plans. While there are numerous ways for families to approach philanthropy, inspiring examples were shared from the families of Jack and Nancy Evans and Ron and Sue Olson.
THE OLSON FAMILY
THE EVANS FAMILY
This year, Ron and Sue Olson transferred leadership of their family business, Paulson Electric, to their children. Tyler, Mindy and her husband Ethan are the fourth generation to lead the company.
Longtime Cedar Rapids residents, Jack and Nancy Evans, care about their community. They have built careers here and raised their three sons here. Their planned gift will divide their estate into four equal parts with one part to become a fund at the Community Foundation.
“We are confident they are well-suited to carry on the company leadership -- including Paulson Electric’s corporate philanthropy.” —Sue Olson
“In our estate plans, we are considering the community as our fourth child.” —Jack Evans
To view the videos and more photos from the event, visit www.gcrcf.org/william-quarton-heritage-society-luncheon/. 5
NEW SOCIETY MEMBERS The William Quarton Heritage Society welcomes the following new members in 2016. These donors have joined over 400 current members of the William Quarton Heritage Society who have made permanent gifts to the Greater Cedar Rapids Community Foundation through a planned gift or the establishment of an endowed fund. Ruth* M. and Clifford* M. Altermatt James and Sharon Altorfer Susan Baker Terri and Art* Christoffersen Gordon and Jean Epping Bertha Etzel George Etzel Dr. Kim William Lyle* and Janelle Graber James and Jo Ellen Haddad
Terry and Linda Heller Mary and Al Huneke Ted and Cheryl King Barbara and James Klein John Stephen Klima* Kevin and Kathy Knutson Lisa and Mike McGrath Mary Kay and Patrick McGrath Emily Meyer Tim Meyer Leo and Diane Monaghan
Sally Novetzke Wes and Nancy Nygren David and Carolyn Oliver Carolyn and Charles* Wellso *Deceased
For a complete list of William Quarton Heritage Society members, visit www.gcrcf.org/donors/williamquarton-heritage-society.
The William Quarton Heritage Society recognizes and honors individuals who have made permanent gifts to the Greater Cedar Rapids Community Foundation through a planned gift or the establishment of an endowed fund. 6
IN PERPETUITY The William Quarton Heritage Society is named in honor of William B. Quarton, a longtime resident of Cedar Rapids, a pioneer in the radio and television industry, and one of Cedar Rapids’ greatest philanthropists. Bill made the single largest gift in the history of the Community Foundation upon his passing at age 104 in 2007. Through his $35 million planned gift, Bill designated endowed funds for four organizations that fulfilled his charitable interests, but Bill also left a substantial portion of his estate to the Community Endowment Fund to meet the future needs and opportunities of the community. Today, his gift generates more than $1 million annually to help support the grant programs of the Community Foundation.
PLANNED GIVING CALCULATORS The Community Foundation website, www.gcrcf.org , offers a variety of tools to help you with your charitable giving – including giving calculators to help you explore planned giving options. The calculators provide customized options to meet your personal circumstances and needs. If you have questions about planned giving, contact Susan Willey at 319.366.2862 or susan.willey@gcrcf.org.
YOUR DEVELOPMENT TEAM – WE’RE HERE TO HELP
GRANT DIGEST The Community Foundation compiles a Grant Digest three times per year, which includes summaries of grant requests from local nonprofits. The Digest is sent to donors who have asked to receive it so they can be aware of giving opportunities. Many donors have worked with the Community Foundation to fund grant requests after reading about a project that inspired them. If you would like to receive the Grant Digest, please contact Josie Velles at 319.774.2363 or josie.velles@gcrcf.org.
LES GARNER President & CEO les.garner@gcrcf.org
MICHELLE BEISKER Vice President of Development michelle.beisker@ gcrcf.org
SUSAN WILLEY Director of Planned Giving susan.willey@gcrcf.org
JOSIE VELLES Director of Development Services josie.velles@gcrcf.org
LAURA BOOTH Donor Relations Officer laura.booth@gcrcf.org
AMY LOGSDON Executive Assistant amy.logsdon@gcrcf.org
EVENTS Quarterly Investment Update
Wednesday, October 26, 2016, 2-3 p.m. Community Foundation To RSVP, call 319.366.2862 or e-mail info@gcrcf.org.
Celebration of Community
Wednesday, November 16, 2016, 4-6 p.m. National Czech & Slovak Museum & Library Visit www.gcrcf.org for more information.
#GivingTuesday
Tuesday, November 29, 2016 Join the global day of giving and make a gift to a nonprofit organization you care about. 7
324 3rd St. SE Cedar Rapids, IA 52401 CONNECT WITH US
A publication for members of the William Quarton Heritage Society
Please join us at the Celebration of Community!
WEDNESDAY, NOVEMBER 16 | 4-6 P.M. NATIONAL CZECH & SLOVAK MUSEUM & LIBRARY Program: 4-4:45 p.m. with reception immediately following. Please join us as we celebrate how much we can achieve when we all come together. We will be sharing stories of how philanthropy and the good work of nonprofit organizations in Linn County are making a positive impact on our communities. The event is free and open to the public. The Community Foundation will also present two nonprofit awards at the event.
For more information, visit www.gcrcf.org/events/.