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 $5,000.
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 tax 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: To make 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.
