Legacy Giving H E RIT A G E
S OC I E T Y FALL 2014
CARL AND MARY KOEHLER MAKE A LASTING DIFFERENCE Carl and Mary Koehler’s names are familiar to many in this community thanks to the generous contributions they made to support various organizations during their lifetimes and beyond. Both Carl and Mary grew up in Washington County, Iowa and spent many of their adult years in California where they invested in real estate. As they grew closer to retirement, they found their way back to Eastern Iowa and settled in Cedar Rapids in 1988. Not long after moving to Cedar Rapids, the Koehler’s began charitably supporting various organizations they cared about, including St. Luke’s Hospital, the American Cancer Society, MethWick Retirement Center and The History Center. The History Center bears the couple’s name to this day, in honor of their significant financial contributions to the organization. Mark Stoffer-Hunter, Research Historian at The History Center, remembers fondly his time spent with Mary Koehler in particular. “She loved history. It really
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List of New Members
captured her imagination and she felt it was very worthy of their support,” he said. “They felt that cultural institutions and the arts deserved as much support as hospitals and social service organizations, because when all these groups are supported the community is balanced,” said Stoffer-Hunter. “They were very passionate people who believed in community betterment and contributed generously.” And to this day the community continues to benefit from the Koehler’s legacy. Before their deaths – Carl in 1996 and Mary in 2007 – the couple made plans to disburse their estate gift in a visionary way. They wanted to leave gifts to those organizations they cared about in their lifetimes, but they also wanted to give a gift to help the future of the community they had adopted and grown to love. Twenty percent of the Koehler’s estate was designated for the Funds for the Community at the Greater Cedar Rapids Community Foundation. Today, this estate gift distributes approximately $30,000 annually to nonprofits with
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William B. Quarton: In Perpetuity
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Carl and Mary Koehler
the greatest community needs and opportunities through the Community Foundation’s competitive grant process. Carl and Mary Koehler’s generous estate gift will continue to grow and give to the community, forever.
10th Annual Luncheon
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Meet Michelle Beisker: VP of Development
LIST OF NEW MEMBERS The William Quarton Heritage Society welcomes the following new members in 2014. These donors have joined over 400 current members of the William Quarton Heritage Society. David Bowser and Linda Vance Gordon and Diana Lynn Bowser Michael and Mary Bowser Marsha and Larry Erb Janice and John Gilmour Fredrich and Gretchen Mellberg Jerry and Ann Pearson For a complete list of William Quarton Heritage Society members, visit www.gcrcf.org.
WHEN AND WHY TO GIVE THROUGH A COMMUNITY FOUNDATION The Greater Cedar Rapids Community Foundation is here to help you invest in the future of our community. Your gifts will do good work within the community, forever. The Community Foundation provides a simple and highly personal approach to giving and we offer custom solutions designed to meet your charitable goals. Here are some reasons giving through the Community Foundation may be a good choice for you: You want to support multiple nonprofits with one gift. It may be important to you to support several special charities. With one gift, you can support these organizations annually…forever. If you want to have a broader impact, you can create a fund that will allow the Community Foundation to meet future community needs and opportunities. You want to give to a cause, not a specific charity. Sometimes you know the issue you care about – hunger, education, the arts – but you don’t want to give to a specific organization. The Community Foundation can find initiatives and organizations in your area of interest and support them in your name. You want to leave a legacy that will last. The Community Foundation manages over 700 named charitable funds that will benefit our community…forever. The Community Foundation will always be here, making our community an even better place for your children and grandchildren to live. It will never leave, go out of business or retire. You want ongoing advice about community needs. The Community Foundation provides over $6 million in grants each year. The organization has knowledge of community needs and opportunities. It also has strong connections to nonprofits that are serving our community. You want to ensure your charitable intent. The Community Foundation will safeguard your charitable intentions, forever. For example, if the intended recipient of your gift ceases to exist, the Community Foundation will ensure that your gift will fulfill your intentions.
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.
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You don’t want the expense or paperwork of a private foundation. In most cases, setting up a fund with the Community Foundation will give you similar giving opportunities and a larger tax break. The best part? The Community Foundation will take care of the administrative details. You have a complicated financial transaction. For example, the sale of a privately-owned business or an inheritance could impact your tax status. As a public charity, the Community Foundation can receive your gifts now, while giving you time to plan for your charitable distribution. For more information about partnering with the Community Foundation to help you achieve your philanthropic goals, contact Michelle Beisker, Vice President of Development at 319.774.2362 or michelle.beisker@gcrcf.org.
IN PERPETUITY
William B. Quarton The Society is named in honor of William B. Quarton, a longtime resident of Cedar Rapids and pioneer in radio and television, and one of Cedar Rapids’ greatest philanthropists. Bill will forever be known as a major figure in the history of the Greater Cedar Rapids Community Foundation. He championed the organization’s conversion from a trust to a public charity in 1992 and he 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 had an expansive vision for the community. He did not believe that he could know what opportunities might arise or what needs might emerge, but he wanted community leaders to have the resources available to seize those opportunities and respond to those needs. He left a substantial portion of his estate in unrestricted endowed funds, funds that are the largest single component of what is now called the Funds for the Community.
Bill’s gift was prescient. The Community Foundation received those funds in 2007, and in 2008, the income from that unrestricted endowment enabled the Community Foundation to make grants to help get the community on the road to recovery from the devastating flood in June of 2008. In perpetuity became Bill’s anthem, reminding us all of our responsibility to leave Cedar Rapids and Linn County a better place. Bill’s historic gifts to the Community Foundation demonstrated his commitment. Those gifts generate more than $1 million annually to support, in perpetuity, causes that were important to him and to allow the community to grow and adapt through the support of the grant programs of the Community Foundation. The community will be forever grateful for his vision and generosity.
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Marjorie Fletcher and Terri Christoffersen
Kay and John Hegarty
Peter and JoAnn Bryant
Tara and Robert Moorman
Duane and Kay Nesetril
Jewel Plumb and Marci Graham
Dean and Gale Beer
CELEBRATING THE GENEROSITY OF DONORS IN OUR COMMUNITY
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Darrel, Mildred and Paul Morf
Mary Ann Kucera, Jay Petersen, Katrina Garner and Jean Hunnicutt
10TH ANNUAL
WILLIAM QUARTON HERITAGE SOCIETY LUNCHEON
Nearly 150 people gathered for the 10th annual William Quarton Heritage Society Luncheon on June 24, 2014 to celebrate philanthropy and the generosity and commitment of members to the future of our community. The event was held at the Cedar Rapids Country Club. Loren Coppock, current chair of the Board of Directors, extended a welcome to attendees and asked new William Quarton Heritage Society (WQHS) members to stand and be recognized. Loren shared highlights of the Community Foundation throughout the past year and emphasized the needs and opportunities that remain in the community. Specifically, last year the Community Foundation received $3.9 million in requests from competitive grants from our Funds
for the Community, and were only able to fund $1.1 million (or 24%). Loren shared the Community Foundation’s desire to continue its efforts to build assets so that one day we can fulfill these unfunded requests. Les Garner, President & CEO of the Community Foundation outlined the journey of philanthropy and discussed how each of us have our own journey that has led us to make charitable commitments to the future of our community. Les introduced a video highlighting fellow WQHS members who shared their journeys of philanthropy. The video, featuring Jewel Plumb, John and Kay Hegarty, and the Greg and Debbie Neumeyer family, can be found at www.gcrcf.org by clicking on Events.
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WAYS TO LEAVE A LEGACY There are many ways to leave a lasting legacy for your community through the Greater Cedar Rapids Community Foundation. The following giving options can offer ways to fulfill your philanthropic goals while maximizing tax benefits – a wonderful combination! The Community Foundation encourages you to consult with your tax advisor to review personal circumstances.
Outright Gift The simplest way to make a big difference.
Bequest by Will A legacy of giving.
You can make a gift of cash, stocks, bonds, real estate, or other assets to the Community Foundation. Most charitable gifts qualify for maximum tax advantages under federal law, as well as Endow Iowa tax credits.
Including a charitable bequest in your will is a simple way to make a lasting gift to your community. When you make this gift through the Community Foundation, we establish a special fund that benefits the community forever, and becomes your personal legacy of giving.
Gift of Real Estate A charitable gift unearthed. Making a charitable gift of real estate through the Community Foundation can help you turn your property gains into community good. The value of your real estate may exceed that of any other asset you own. With the help of the Community Foundation, you can use it to fulfill your charitable interests and receive financial and tax benefits.
Gift of Life Insurance Community as your beneficiary. By designating the Community Foundation as the beneficiary of a new or existing life insurance contract, you can make a significantly larger charitable gift than may be possible out of your current assets.
Retirement Plan Beneficiaries Working to provide for the future. Retirement plans provide an opportunity for you to help plan for your community’s future. They can be one of the most effective assets to transfer to the Community Foundation because retirement plans produce taxable income. By naming the Community Foundation as the beneficiary of your retirement plan, you could receive a number of benefits.
Gift of Appreciated Stock Turning stock market gains into community investment.
Charitable Gift Annuity Income for today, a gift for tomorrow. Giving through a Charitable Gift Annuity allows you to arrange a generous gift to your community, while providing yourself a new income source you can count on for the rest of your life.
Charitable Remainder Trust Planning for the future - for you and your community. Giving through a Charitable Remainder Trust allows you to receive income for the rest of your life, knowing that whatever remains will benefit your community.
Charitable Lead Trust Giving back to community and your loved ones. A Charitable Lead Trust helps you build a charitable fund with the Community Foundation during the trust’s term. When the trust terminates, the remaining assets are transferred to you or your heirs, tax free.
Gift of Grain Growing the future. By giving a gift of grain, you avoid including the sale of the grain in your farm income. Deducting the cost of the growing crops typically results in saving self-employment, federal and state income tax. And you can still benefit even if you take the standard deduction rather than itemizing your deductions.
Everybody wins when you make a gift of appreciated stock to the Community Foundation. Your gains are put to good use. Your gift of stock is reinvested in your community, and it qualifies for an immediate tax deduction based on the full market value.
For more information, contact Michelle Beisker, Vice President of Development at 319.774.2362 or michelle.beisker@gcrcf.org or visit www.gcrcf.org.
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WELCOME MICHELLE BEISKER The Greater Cedar Rapids Community Foundation is pleased to welcome Michelle Beisker as Vice President of Development. Michelle joined the Community Foundation in June 2014. As a key member of the Community Foundation’s leadership team, Michelle guides the strategy for asset development activities. She oversees donor services and stewardship and will provide a high level of leadership to the operations of the Community Foundation. Michelle brings impressive experience in building client relationships in both the nonprofit and for-profit sectors to her new role. Michelle has held development and operations roles at Four Oaks,
Mount Mercy University, Waypoint and PMX Industries. As Vice President of Development at the Community Foundation, Michelle appreciates the opportunity to strengthen nonprofit organizations by connecting donors to causes that are meaningful to them. She looks forward to celebrating the impact of donor gifts and helping donors fulfill their philanthropic goals and realize the legacy they want to leave behind. Michelle is a Cedar Rapids native and graduated from Prairie High School. She earned her Bachelor of Arts in Spanish with a Business minor at the University of Iowa. Michelle and her husband, Craig, have two children, Alyssa and Erik, and live on an acreage south of Shueyville.
Michelle Beisker Vice President of Development 319.774.2362 michelle.beisker@gcrcf.org
ENDOW IOWA CELEBRATES 10 YEARS OF SUCCESS The Endow Iowa Tax Credit Program celebrated its 10th anniversary in 2013. Endow Iowa promotes gifts to permanent endowments at Iowa community foundations by awarding an Iowa state income tax credit equal to 25 percent of the value of your gift. The goal of the program is to allow citizens an opportunity to make meaningful gifts to benefit their communities for generations, while receiving a tax credit in recognition of their investment in Iowa charities. Since its inception, gifts made to the Endow Iowa Tax Credit Program total more than $140 million. Currently, the annual appropriated limit for Endow Iowa tax credits is $6 million. As of July 8, 2014, $3.9 million is remaining. Because tax credits are available on a first-come/ first-serve basis until the limit is reached, the Community Foundation encourages donors to act early in the year. If the available Endow Iowa tax credits have been awarded, qualified donors will be eligible for Endow Iowa tax credits the following year.
For more information about Endow Iowa and the variety of gifts that qualify, visit www.gcrcf.org or contact Michelle Beisker, Vice President of Development at 319.774.2362 or michelle.beisker@gcrcf.org.
Income Tax Savings and Net Cost of Charitable Gifts With Endow Iowa, contributions to the Community Foundation cost donors less. For example, a $10,000 gift could cost just $4,100.* Gift Federal Deduction Endow Iowa Tax Credit Total Cost of Gift
$ 10,000 (3,400) (2,500) $ 4,100
* Based on a 34% marginal federal tax rate
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324 3rd St. SE Cedar Rapids, IA 52401
A new publication for members of the William Quarton Heritage Society
UPCOMING EVENTS
WHAT’S INSIDE Carl and Mary Koehler Leave a Legacy
List of New Society Members
Quarterly Investment Update October 29, 2014, 1:30 – 2:30 p.m. at the Community Foundation Join us for a presentation from our investment consultant regarding our investment portfolio and returns.
Ways to Give
William Quarton Heritage Society Luncheon
Michelle Beisker Joins Community Foundation
Endow Iowa Celebrates 10 Years
Celebration of Community November 13, 2014, 4 – 6 p.m. at Veterans Memorial Join us for a celebration of the work of nonprofits and the impact of grantmaking in our community.
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