Donating To MICF
What You Get By Donating.
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You get the satisfaction of serving your community with a continuing endowment to the future. |
Common Types of Donations
Money Life Insurance
Real Estate Will
Living Trust Proceeds Annuities
Securities
Memorial Gifts
Part of the Endowment funds are memorial endowments established by the families and friends of the deceased citizens of the community. Memorial endowments have been established in memory of:
| Corrine M. Boyd | Stephen Pfaff |
| Mathew R. Thompson | Helen K. Thompson |
| Lucas Albert Mendazona | Mildred Kane |
Endowments funds can be established for other charitable activities within our community. Memorial endowments require a minimum of $5000.
How Do I Make My Investment?
· Retirement Planning
The Foundation is now associated with the Oregon Community Foundation. It is now able to offer professional management of such forms of Deferred Gifts as Unitrusts, Deferred Annuities, Pooled Income Funds, and gifts of Life Insurance and Retirement Accounts. The Foundation and the Oregon Community Foundation experts can work with you and your attorneys or tax advisors in designing a Planned Giving program that can have favorable income tax and estate tax results.
Gifts may be restricted or unrestricted
Restricted gifts may be only used for a specific purpose, field of interest, organization or agency in the community Unrestricted gifts allow greater flexibility to meet community needs.
Gifts may be designated for present-use or for the Endowment Fund. Gifts to the Endowment Fund mean that the principal is never spent, only the interest and earnings on that gift from investments. Gifts not designated for the Endowment Fund may be used for the designated charitable purpose during the current year.
Are Gifts Tax Deductible?
Yes. The Internal Revenue Service has declared the Monmouth-Independence Community Foundation exempt from income tax under the provisions of Section 501(c)(3) of the Internal Revenue Code. This means that you may be able to deduct the amount of your gift to the Monmouth - Independence Community Foundation for both state and federal income tax purposes. Your tax preparer can tell you if you qualify. Your cancelled check will act as your receipt and for contributions of $100 or more a receipt will be mailed to you at the end of the year.
Oregon Income Tax Credits
The Foundation is now affiliated with the Oregon Cultural Trust. If you make matching gifts to both the Monmouth-Independence Community Foundation and the Oregon Cultural Trust, your gifts to the Oregon Cultural Trust may be treated as a complete Tax Credit against your Oregon Income tax and your contribution the Monmouth-Independence community foundation a deduction against taxable income. Your tax advisor can tell you how this works. Here is an excerpt from the Oregon Cultural Trust web site [see below] that shows the tax savings to you for matching gifts to both the Monmouth - Independence Community Foundation and the Oregon Cultural Trust
Oregon Cultural Trust ( Example of Tax Benefits)
Assumed Federal Tax Rate
25% 28% 33% 35% Contribution to an Oregon non-profit cultural Organization $1000 $1000 $1000 $1000 Contribution to the Oregon Cultural Trust by a couple filing jointly $1000 $1000 $1000 $1000 Total Cash Outlay $2000 $2000 $2000 $2000 Federal Tax Savings $500 $560 $660 $700 State tax savings on gift to cultural organization $90 $90 $90 $90 State savings from Cultural Tax Credit $1000 $1000 $1000 $1000 Total Tax Savings $1590 $1650 $1750 $1790 Net Cash Outlay $410 $350 $250 $210 Benefit to Cultural Charities $2000 $2000 $2000 $2000
For more information about the Oregon Cultural Trust (click here).
How to make a donation: Donations by check, simply click on the underlined text to obtain a printable form (click here). For more information about making donations go to the Contact Us page.
