Thinking about giving. Are we like Rodin’s statue “The Thinker” and ponder about giving our money and to whom or what charity?

I bet we do in some form. I know that I sometimes fantasize about winning the Powerball and what I would do with the winnings. Aside from personal “wants,” I would look toward my community’s needs. As my passion is theatre, I would love to give money for an auditorium for the South Tama County Community School District. I believe in the power of the arts, in any form; however, my philanthropy would not stop there. I mean, what does one do with millions of dollars in winnings?

I would set up a philanthropic fund to help community and county organizations. I am sure that I would leave money in my Will to specific charities that my husband and I support. Speaking of Wills, most people do not have an updated Will or haven’t revisited theirs in several years. Some people do not even have Wills created!

Did you know that most lawyers do not ask this question? “Have you considered leaving a charitable gift to benefit the community or a charity(ies) in your estate plans?” If not, you had only a 4.9% chance of actually giving to any charity. According to Behavioral Insights 2013, ‘Applying behavioral l insights to charitable giving’, if your lawyer would ask you, “Would you like to leave any money to a charity in your Will?,” you might have been among the 10.8% who decided to do so.

Also according to Behavioral Insights 2013 in the same article, if your lawyer said to you, “Many of our clients like to leave money to a charity in their Will. Are there any causes that you are passionate about?” Over 15% of those asked that question gave to charities in their Wills. Knowing my lawyer, I am sure that he would ask that question as he knows my husband and I are inclined to give to charity.

We all have different passions and interests in our lives. We have been lead to those passions and interests through our own natural inclinations or because of the paths that our lives have taken. But, we all have charities and causes that are near and dear to us. Perhaps some of you might be passionate about the needs of Tama County or a particular community you resided. If so, perhaps leaving a permanent legacy through a permanent endowment might be a great choice for you.

This can be done through the Tama County Community Foundaiton (TCCF), an affiliate of the Community Foundaiton of Northeast Iowa. There are many options for people interested in “giving back” to the community they’ve grown up in, made a living, and call home. Some ways people can create a permanent legacy include establishing one of the below funds.

Scholarship Fund: By creating a permanent scholarship endowment fund with the TCCF, you can invest in your community’s future and demonstrate your commitment to education. A scholarship fund through the TCCF could target any particular school district in the county, or it might be more general in nature. For example, a donor who has been a supporter of 4-H could establish a fund to annually benefit an Tama County 4-H member, no matter what school district he or she attends.

Creating a scholarship endowment fund through the TCCF is a simple process.

You make a gift to the TCCF (cash, appreciated securities, real estate, grain, or other assets)

TCCF establishes a scholarship fund in your name, the name of your family or business, or in honor of any person or organization you choose.

Your gift will be placed in a permanent endowment that is invested over time.

You receive significant tax benefits in the year your gift is made.

TCCF handles all administrative details and awards scholarships to deserving students in the name of the fund you establish.

You receive updates on the impact your gift is making, as well as recognition as a donor to the TCCF.

Field of Interest Fund: These endowment funds help you target your giving to address specific areas of need in your community, such as arts and culture, senior care, education, or the needs of at-risk youth. Gifts to establish these funds in the TCCF have broader scope, while still permitting the donor to focus giving on strong personal interests.

Donor or Corporate Advised Fund: These funds allow you to make a gift to the TCCF and then remain actively involved in recommending grants from your fund each year. You receive maximum tax benefits for each new gift. Grant awards are issued to charities in the name of the fund or anonymously, if you prefer. An added benefit includes appointing a successor advisor like your children when you are done advising or upon your death.

Designated Fund: With these funds, you can support the good work of one or more specific nonprofit organizations. If for any reason the organization(s) you select ceases to exist or changes its mission, the fund can be redirected so that it continues to address your original charitable intent.

Unrestriced Fund: This fund allows the TCCF to address the every changing needs of Tama County. As the needs change, grants can be awarded appropriately with a local committee reviewing grant applications annually and awarding dollars where they are needed most. This fund could be named after a donor, family, or in honor of a loved one.

One of the benefits of giving through the TCCF is the Endow Iowa 25% state tax credit. Through this program, gifts to permanent endowment funds with the TCCF are eligible to receive a 25% state tax credit in addition to normal federal deductions for charitable gifts. This tax credit is only available to donors who establish or contribute to a permanent endowment fund at a qualified community foundation, like the Tama County Community Foundation, an affiliate of the Community Foundation of Northeast Iowa who meets National Standards for U.S. Community Foundaitons.

There are $6 million dollars in tax credits available annually on a first come, first serve basis. Donors who give after the tax credits have been allocated will be put on the list to receive the tax credit the following year. Tax credits for 2015 have been used up so a gift now through December 31, 2015, would be eligible to receive the tax credit in 2016. This is actually a good development as it means that more Iowans are understanding the benefits of giving back to their communities and the power of permanent endowment funds.

I will continue to think about giving. I know winning the Powerball is probably just a dream, but I hope that my husband and I will be able to do something for a charity, organization, or cause for which we are passionate. Odds are that it will be community related. I encourage you to think about giving back to your community as well. If your lawyer doesn’t ask you, “Many of our clients like to leave money to a charity in their will. Are there any causes that you are passionate about?” Make sure you tell them this is something you are interested in.

The TCCF has been created by and for the people of Tama County. The Foundation’s primary goals are to support charitable projects and programs, to attract additional funds, and to assist donors in creating lasting legacies through a variety of giving options within Tama County. For more information about the TCCF, contact Brian Sokol, Chair of the TCCF at 641-484-2980 or Mary Fasse-Shaw, TCCF’s Development Associate at 641-751-5251. TCCF is a wonderful and deeply meaningful way to impact your community for generations to come.

The Tama County Community Foundation is a local organization making grant investments to organizations that create a stronger and more vibrant quality of life in Tama County and helps people establish permanent funds for the causes they care about in their community. The Tama County Foundation is an affiliate of the Community Foundation of Northeast Iowa, a nonprofit committed to creating long-term impact in 19 counties in Iowa. For more information, contact 319-287-9106 or visit www.cfneia.org. CFNEIA is confirmed in compliance with National Standards for U.S. Community Foundations.