Jackson County nonprofits receive more than $300,000 in endowment payouts
The Community Foundation of Jackson County recently authorized $323,700 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 CFJC 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 Jackson County nonprofits have established endowment funds through CFJC. 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 endowments provide a tangible way for families and community members to give back to our area forever,” says Mary Jo Gothard, CFJC Executive Director. “With the generosity of donors and the commitment of area organizations, we are able to continue to provide this necessary support for the future of Jackson County.”