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Grafton Community Endowment Fund
Receives Charitable Gift Annuity |
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The year
2003 has proven to be a very successful and exciting one in many of
our local communities. Grafton is no exception. Recently, an
anonymous donor established a very generous $200,000 Charitable Gift
Annuity with the Grafton Community Endowment Fund. |
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A Charitable
Gift Annuity is an agreement between a donor and a charitable
organization in which the donor retains the income from the annuity,
at a guaranteed rate of return, for their lifetime. Annuity payments
can begin immediately or can be deferred to supplement retirement
income. At the time of the donor’s passing, the balance of the
annuity reverts to the named charity, in this case, the Grafton
Community Endowment Fund. |
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Charitable Gift Annuities have several
benefits for a donor. First, depending upon your age, rates of
return can be much higher than available from traditional
investments. The gift annuity may be set up for a donor and their
spouse, so the income would continue through both of the spouses’
lifetimes and a portion of the income from the gift annuity is free
from income tax. Finally, gift annuities qualify for a charitable
deduction from your income taxes in the year the gift is made. |
The Grafton Community Endowment Fund
will receive a match of $10,000 from the North Dakota Community
Foundation for the gift annuity. The matching gift program is
available to all community endowment funds for their unrestricted
pool of funds. The actual match is dollar-for-dollar up to the first
$5,000 raised and an additional $5,000 if the community can raise
$25,000 in any calendar year.
For more information about how you could benefit from a Charitable
Gift Annuity while helping your community at the same time, please
contact Amy Warnke at 701-795-1531. |
Breckenridge/Wahpeton Community
Endowment Gets Surprise Gifts |
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The Breckenridge/Wahpeton Community
Endowment Fund has received a generous donation from a planned gift
established by Mr. Benjamin Frolek. Mr. Frolek established a
charitable remainder trust, which allowed him to receive an
immediate tax deduction while providing income to him for a term of
years. At the end of the term of years, a portion of the trust
assets were given to the Breckenridge/Wahpeton Community Endowment
Fund, and the rest of the assets went to other of Mr. Frolek’s
favorite charitable organizations. Mr. Frolek’s final gift to the
Breckenridge/Wahpeton Community Endowment Fund totaled $15,600. The
gift was added to the permanent fund which supports projects and
non-profit organizations in the Breckenridge and Wahpeton
communities. This gift also qualifies for a matching grant of $5,000
from the North Dakota Community Foundation. |
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The Breckenridge/Wahpeton Community
Endowment Fund was established in 1985 for the purpose of creating a
pool of money to fund community projects and non-profit
organizations. A local board of directors annually reviews grant
applications. Since its creation, the Breckenridge/Wahpeton
Community Endowment Fund has given away over $55,000 and has helped
bridge funding gaps for dozens of organizations. Being established
as an endowment fund means that gifts made to the fund are permanent
and only a portion of the interest and earnings are spent each year.
This allows the fund to continue to grow and ensures that gifts
given today will continue to give into the future. |
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For more information on how you, too,
can leave your legacy to the Breckenridge/Wahpeton Community
Endowment Fund, contact Jana Berndt at 218-643-8721 or Amy Warnke at
the North Dakota Community Foundation at 701-795-1531. |
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New Community Endowment Funds Find Early
Successes |
In the past two years, several new
communities have joined the North Dakota Community Foundation
family. Finley, Maddock, Rolla and Tioga have all begun the journey
toward endowing funds for the future of their communities. Each has
taken a slightly different approach, but each has taken their
challenges and turned them into successes.
The community of Tioga joined the NDCF two years ago. The goal to
reach $25,000 within one year of signing with the Foundation was
realized by making a series of face-to-face visits and utilizing
some of the funds left-over from a centennial celebration. Tioga now
will qualify for the current matching gift program of a
dollar-for-dollar match up to the first $5,000 raised and an
additional $5,000 if the community can raise $25,000 in any given
calendar year.
The Maddock Community Endowment Fund, the newest of the four, was
able to reach their $25,000 goal by utilizing funds from a
centennial celebration as well. They will now focus their efforts on
organizing a local board of directors and developing materials to
promote their new fund. Maddock will also qualify for the annual
match. |
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Beginning
with an idea from the Economic Development Director, the community
of Rolla quickly realized the benefits of having a local endowment
fund. Although this community group has been through a change of
leadership recently, they are working toward their June 30, 2004
deadline for their initial match. Face-to-face visits with potential
donors is the immediate plan to raise the needed $25,000. The group
will then turn their attention toward a long-term strategy of
educating potential donors about the benefits of planned giving and
developing the necessary marketing tools. |
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Finley began
their journey toward an endowment fund a year and a half ago. They
are now working toward the annual dollar-for-dollar match. The
impetus for the fund initially came from the mayor of the community
who saw that money that was generated in the Finley area was not
being captured for long-term use by community organizations. The
local board of directors is working on a long-term plan for the
fund. |
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Each star on
the map of North Dakota represents not just a community fund, but a
committee of dedicated volunteers who are working to better their
community and create resources for their non-profit organizations.
Being a part of an endowment committee takes patience, however.
Often, efforts of the committee will not be realized for many years.
Take the community of Ellendale, for example. Two years ago, we sent
a brochure in the all-school reunion mailing hoping to raise
awareness of the fund to alumni who have moved out of the area. This
year, Ellendale received word that one of those alumni, from
California, had included the Community Foundation in his will which
brought $36,000 to the Ellendale Area Community Foundation. The
community of Casselton has been very successful in reaching their
maximum $10,000 match from NDCF and has substantially increased the
size of their foundation. The Casselton Board of Directors has
demonstrated how successful the local funds can be when the time and
dedication are invested in the cause. |
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 The good work
these funds are doing in all of the communities across the state is
the driving force behind the continuing efforts. To all of the
volunteers working with our Community Endowment Funds, I say,
congratulations on a job well done and I look forward to working
with you all in the coming year.
| For information on
how you can be a part of the Community Endowment Fund in your
area, or for information on how you can begin an endowment fund
for your community please call Amy Warnke at 701-795-1531. |
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Amy Warnke
e-mail 701.795.1531.
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