This cycle provided flexible support to organizations meeting community needs, some longstanding, some new, and some revealed in the aftermath of the pandemic.
The Spring Grant Cycle makes grants from the Howland Foundation (assets held at M & T Bank) and the Community Foundation’s Tompkins, Today, and Tomorrow Fund as well as varied donor advised and field of interest funds, especially our Children & Youth Fund and our Women’s Fund.
$348,800 was funded in 128 grants to
50 organizations.
Tompkins Today and Tomorrow granted $100,000.
7 Donor Advised Funds supported requests at four times the previous highest level for a total of $82,550.
12 Field of Interest Funds were available for support this year for a total of $104,750.
Howland Foundation (whose grants are administered by Community Foundation) granted $61,500.
Do you dream of helping your community and receiving more income?
Maybe a CGA is for you.
Your gift can support systems and programs that benefit many and provide you with income for life. With your help, we are able to aid many people. We thrive on the generosity of donors to make a difference and a charitable gift annuity is one way.
What is a charitable gift annuity (CGA)?
As a donor, you make a sizable gift to a charity using cash, stocks or other assets. In return, you take a partial tax deduction for your donation, plus you receive fixed income from the charity for the rest of your life.
How does it work at the Community Foundation?
First, you donate (minimum $25,000) and your gift is set aside in a reserve account and invested. Based on your age(s) (You must be 55 or older) at the time of the gift, you receive a fixed quarterly payout for the rest of your life. At the end of your life (as well as your spouse’s, if you’re giving as a couple), the Community Foundation receives the remainder of your gift.
Individuals or couples can set up a CGA. (You are the “annuitants”.) The size of your payment is determined by many factors, including your age(s) when you set it up.
Is there a tax advantage?
In addition to your income stream, you may be eligible for a tax deduction. Deductions are calculated based on the estimated amount that will eventually go to the Community Foundation. A portion of the payments you receive may also be tax-free for a period of time based on your statistical life expectancy.
What are the payout rates?
We follow the American Council on Gift Annuities published rates. Using the most current effective rate on July 1, 2020, for illustrative purposes, a 70-year-old who donates $25,000 may receive a rate of 4.7% (paying $1,175 annually) while an 85-year-old will see a rate of 7.6% (paying $1,900 annually) for the same gift.
How secure is my income payment?
Charitable gift annuity payments are guaranteed, backed by our entire assets, not just your gift, and will continue for the lives of the donors no matter how well or poorly the investments of the annuity perform.
Call Nancy Massicci (607) 272-9333 or nmassicci@cftompkins.org for an illustration and exact benefits to you. We recommend you discuss your plans with your professional advisor.
Community-based philanthropy is a way for neighbors to invest and realize a shared vision for the future of their region. It is also a community engagement tool, providing opportunities for all community members of all means to give back to the place they call home.
Today, Central New York has current household net worth of $832 billion. Watch for our soon to be released Transfer of Wealth (TOW) Study, including analysis of opportunities for charitable impact, over the next 10 to 50 years.
Expected release: June 30, 2022
Cornell Community Workstudy Program
Thank You Students!
Cornell Community Workstudy Program
SaMari Hall, Carlene Mwaura, Nabila Okudo, and Janis Song brought energy and ideas to their virtual workspace and interactions at the Community Foundation.
A special note of congratulations seniors, SaMari and Nabila!
He is also the Outreach and Reentry Coordinator for Opportunities, Alternatives, and Resources (OAR) of Tompkins County. Richard is also an ethnographic researcher looking at the intersectionality of mental health, substance use, and homelessness in Ithaca’s homeless encampments commonly referred to as “The Jungle.”
A social justice advocate, Richard has published scholarly articles and has appeared on several panels covering such issues as the traumatic effects of serialized parole denials to pandemics and carceral environments
Beverly Baker Tea
The Women’s Fund hosted Beverly Baker Society members at its annual Tea in April.
This was the second year on Zoom, but attendees got to enjoy gifts of a lovely tea cup, tea, and tasty treats from local business Via’s Cookies delivered to them!
We are grateful to Meryl Phipps who shared the latest from the Village at Ithaca and their programs that serve youth and support families. Thank you also to Nancy Potter for encouraging philanthropy, Alice Moore for organizing us all this year, and Women’s Fund Advisory Committee members who helped organize this special annual event.
The Beverly Baker Society gives recognition to donors of $1,000 annually in support of the Women’s Fund.
We will make a special announcement at this gathering to share exciting news about a major Community Foundation commitment to advancing our DEIJ (Diversity, Equity, Inclusion and Racial Justice) impact.