Allamakee County Community Foundation endowment funds pay out $75,000 to Allamakee nonprofits
The Allamakee County Community Foundation (ACCF) recently authorized $ 75,920 in agency and donor-advised endowment payouts for fiscal year 2016.
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.
More than 20 Allamakee nonprofits 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 for the future 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.
“These funds help to preserve our area nonprofits forever,” said Betty Steege, ACCF foundation coordinator. “Each fund is unique and the payouts fund everything from special projects to facility repairs and general operations.”
For more information on the Allamakee County Community Foundation, visit www.allamakeefoundation.org or call 563.586.2046.
St. Patrick's School in Waukon is one of more than 20 nonprofits in Allamakee County that depends on its endowment fund for a reliable and sustainable source of funding.