Sunday, July 27 2008 @ 03:56 PM GMT+5
The Community Foundation of Greater Muscatine recently opened the "Cares & Shares Endowment Fund" to support its work in the greater Muscatine County area. A donation to the fund can help you as well as the Community Foundation and everyone it serves. You can receive an Iowa tax credit equal to 20% of your gift PLUS you may be able to deduct the entire amount of your gift as an Itemized Deduction on Schedule A of your federal and state tax return. This credit is only available for donations made to a qualified community foundation. Feel free to consult your tax advisor about the Endow Iowa Tax Credit or give us a call to learn more about how you can invest in your community and in Iowa through us!
Volunteers like Paul Carroll (right) help distribute $95,000 annually in excess, new merchandise to 20 area nonprofits. This is just one way the Community Foundation is responsive to the community.
Tuesday, June 03 2008 @ 03:02 PM GMT+5
Starting In 2004, the Iowa Department of Economic Development implemented the "Endow Iowa Tax Credits" program to encourage individuals, businesses, and organizations to invest in Iowa community foundations with the goal of enhancing the quality of life for citizens of this state through increased philanthropic activity. This program enables a donor to receive an Iowa income tax credit of 20% of the donation amount when that donor makes a charitable gift to an endowed fund at a qualified Iowa community foundation. A "qualified" community foundation is one that has complied and met with the standards set forth by the national Council on Foundations - the Community Foundation of Greater Muscatine has met these standards. The endowed fund must support charitable activities in Iowa.
Here's how it works. The donor writes a check to the Community Foundation of Greater Muscatine and specifies it as a gift to an endowed fund. An Endow Iowa Tax Credit Application completed and signed by the donor should accompany the check (forms can be obtained at CFGM). CFGM staff accepts the donation, verifies and signs the Endow Iowa Tax Credit Application and mails the Application to the Iowa Department of Economic Development. IDED will send a letter to you stating the amount of tax credit you are eligible for; this process can take up to three months. Save this letter and when you prepare your Iowa income tax return for the year, you will complete Form 148 Tax Credits Schedule to claim the credit. If you cannot use the entire credit that year, you can carry it forward for up to five years. The maximum gift eligible to receive the credit is $500,000 per person.
There were $3,000,000 in Iowa tax credits set aside for 2008 and as of March 31, there are $1,163,714 in credits still available. It is best to take advantage of this program early in the year before the credits are gone.
In addition, you may be able to take the donation amount as a deduction on Schedule A of your federal income tax return. There are limitations on the amount of the donation that is deductible on your federal return, so you may want to consult your tax advisor for further information.
Monday, May 12 2008 @ 01:32 PM GMT+5
Not sure what to do with your tax rebate check? Spend it in your hometown by donating to an endowed fund at the Community Foundation of Greater Muscatine and receive the Endow Iowa Tax Credit at the same time. Kiplinger's can tell you how to keep your money here in the USA Click here
. We can help you understand the tax credit available so call us to find out more.
Friday, January 25 2008 @ 03:13 PM GMT+5
Local volunteers work together to design a zoo garden at Weed Park.
Thursday, February 16 2006 @ 05:12 PM GMT+5
For a brief description of the Foundation, click this link to read an article from the Muscatine Journal.