Allamakee County Community Foundation Endowment Funds Pay Out $110,000

The Allamakee County Community Foundation recently authorized $110,920 in agency and donor-advised endowment payouts for fiscal year 2018.

Community foundations are charitable organizations that administer funds to benefit their communities and improve the lives of people in their geographic region. Nonprofit organizations and community members can create endowment funds at ACCF to benefit charitable causes. These funds are invested and pay out 5% annually to the designated nonprofits, providing a reliable source of income to sustain organizations’ operations forever. Any earnings beyond the 5% are reinvested.

Endowment payout helps support local schools and scholars.

Betty Steege, Allamakee County Community Foundation Coordinator, said, “Our advisory board is thrilled that donors have funded so many endowments that touch our youth.  This year over $40,000 from 12 different funds, will go to support our local schools and our local scholars.”

More than 20 Allamakee County nonprofits like St. Pats have established endowment funds through ACCF. Nonprofit leaders look to the Community Foundation to hold their organizations’ endowments because the reliable source of funding helps them respond to emerging needs as well as plan and sustain the good work they do.

Donors who give to endowments through a community foundation also benefit from the Endow Iowa 25% State Tax Credit in addition to federal charitable income tax deductions.

“Endowment funds are permanent and ensure that the causes we love are funded today and tomorrow,” said Betty Steege, ACCF Foundation Coordinator. “Each fund is unique to a donor’s dreams for the future of Allamakee County.”

For more information about the Allamakee County Community Foundation, visit www.dbqfoundation.org/ACCF.