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We hope you're having a great 2018 and enjoying every minute with family and friends. The Community Foundation for Brevard has had an amazing first quarter - in large part to our many wonderful donors and supporters.
We can't wait to experience this spring season with you!
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The Community Foundation hosted an intimate evening reception for donors and supporters on February 28 at the Nyami Nyami River Lodge at the Brevard Zoo. The event featured Keith Winsten, executive director of the Brevard Zoo, who provided guests with a behind-the-scenes preview of the zoo's innovative and transformational new project, Rainforest Rising.
Contact us to learn more about engaging with the Foundation.
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Four Board Members Join the Foundation from a Variety of Professional Backgrounds
The Community Foundation welcomed four community leaders to its Board of Directors for 2018. The newly appointed board members bring expertise in investment and financial management, entrepreneurship, community development, and not-for-profit leadership - all of which advance the Community Foundation's mission to connect people with well-informed, customized philanthropic strategies to build the health and
vitality of Brevard. We are pleased to welcome Ashley Byrne, Holly Carver, Art Schmitt, and Myles Wilkinson, and remain grateful to our entire board.
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New Tax Laws and Your Giving
January 2018 ushered in the most comprehensive tax law change in more than 30 years with important implications impacting charitable giving. The standard deduction has doubled. This may lead to new patterns of giving for many of our donors.
Below are five things to consider in your future giving strategy:
1. The stock market has done well over the past year. Gifts of
appreciated assets will still be one of the most tax effective ways to give. Donors, who have held their stock for more than one year, get a fair market value deduction on stock gifts while avoiding capital gains tax. Donors should also examine their other assets (business interests, closely-held stock, real estate, etc.) for the potential of a charitable gift - minimizing taxation and maximizing philanthropy.
2. The IRA Charitable Rollover law keeps intact the ability to make Qualified Charitable Distributions (QCDs) directly from your IRA up to $100,000 each year. If you are 70 ½ or older and have Required Minimum Distributions (RMDs) that you must take from your IRA, making a Qualified Charitable Distribution (QCD) from your IRA to the Community Foundation is a tax-wise way to make a gift. Distributions of up to $100,000 may be made each year and the amount will count towards your RMD but will not be recognized as income on your tax return. This is a great way to create or add to an unrestricted, field of interest, designated or agency fund at the Community Foundation. Unfortunately, the new tax law still does not allow QCDs to donor-advised funds.
3. Taxpayers who itemize may now deduct up to 60% of their adjusted gross income each year, up from 50%, for cash gifts. The limit on the deduction for appreciated assets (e.g. stocks) remains the same at 30%. If you cannot deduct the full amount in the year of the gift, the balance can still be carried forward for 5 years for future use. The Pease Limitation that reduced the itemized deductions of higher income earners have been repealed. So those higher income charitable givers are not taking a haircut on their deductions like under previous tax law, thus further benefiting from their charitable giving.
4. Income tax planning, as a part of estate planning, is more important than ever because untaxed retirement accounts make up a growing percentage of estate value. Since they will be taxable to heirs, you should consider using these untaxed assets to fulfill charitable bequests and leave other appreciating assets, such as real estate, to individuals.
5.
We anticipate that some of our donors who have a
donor-advised fund
at the Foundation may use their fund to
"bunch" their gifts
to receive a more favorable tax benefit. For example, they might put a larger amount into their fund in one year so they can itemize their charitable gift and then makes grants out of their fund to their favorite charities over several years.
As always, we encourage you to speak with your attorney, CPA and financial advisor. Should you or your professional advisor have questions or need more information, please reach out to Theresa Grimison at
[email protected].
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Community Foundation Awards $33,754 in College Scholarships to Seven Students
Seven deserving students are fulfilling their educational dreams thanks to the donors of the Community Foundation for Brevard. These local students are the recipients of $33,754 in academic scholarships awarded by the organization to assist with their 2018 college educational tuition, books and fees.
Established by community members who are passionate about helping students achieve their dreams of higher education, scholarships at the Community Foundation for Brevard are awarded annually to students in many different fields, from students pursuing careers in science and technology, business management, nursing and health-related fields to veterinary technology.
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Artists, Education, Imagination and Philanthropy
Five Brevard Public School art teachers were selected as recipients of the Nancy Baur Dillen Art Teacher Scholarship through the Community Foundation. The five individuals are:
- David Blucker - Atlantis Elementary
- Deborah Johnston - Heritage High School
- Pamela King - Roy Allen Elementary
- Melanie Weilmuenster - Freedom 7 Elementary
- Annamarie Zink - Eau Gallie High School
The scholarship provides funding to cover tuition, related fees, and room and board for one-week workshops of each teacher's choice at the renowned Arrowmont School of Arts and Crafts in Gatlinburg, Tennessee during the summer of 2018.
2018 awardees were announced and recognized during a reception on March 21 at the Renee Foosaner Education Center. During the event, 2017 recipients shared their experiences and artwork from their time at Arrowmont.
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Children's Hunger Project Partners with Community Foundation to Build Legacy Fund
The Children's Hunger Project is a local nonprofit that serves elementary school students throughout Brevard, ensuring they have food for the weekend. Millions of food-insecure students throughout the U.S. rely on school meals to ensure they are fed during the week, but the real challenge is when the weekend rolls around.
When a child lacks adequate food on weekends, it's a challenge to arrive at school on Mondays ready to learn.
Each Friday, The Children's Hunger Project provides hungry young people on the Space Coast with weekend food backpacks with a goal of ensuring elementary school-age children do not have to experience hunger.
Gifts to this endowment will help us continue to provide kid-friendly, nourishing meals to
local hungry children now and in the future.
GIVE NOW to the Children's Hunger Project Endowment Fund
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Other Newsworthy mentions:
We're excited to share a few of our updated marketing materials:
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We invite you for a conversation to explore ways to create your own legacy.
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