Letter to the Editor: Here's what the Community Foundation does"

Winneshiek County is looking for people willing to serve on a committee.  The most recent announcement said: "The Winneshiek County Board of Supervisors will be appointing two citizens to the Community Foundation / Gaming Revenue Distribution Board.  Interested citizens are asked to complete the application for Boards and Commissions found on the WEB at: http://www.winneshiekcounty.org/boards-comm.html or available at the county Auditor's office.  Applications should be submitted to the Auditor's office by Friday September 21st."

In response to our news story about the openings, Community Foundation Board member Gary Mineart e-mailed:

"As a current member of the Winneshiek County Community Foundation Board, I felt compelled to reply to your September 5th announcement of Board appointments by the County Board of Supervisors since the article inadvertently perpetuates a common misperception of the Foundation's function, i.e., that it only exists to disperse gaming revenues.

The mission of the Community Foundation is to strengthen Winneshiek County communities by encouraging charitable giving to create lasting legacies for our future.  It is a 501(c)(3) non-profit organization created by and for the people of Winneshiek County, and is affiliated with the Community Foundation of Northeast Iowa.  While grant-making is the most visible outcome of the Foundation's activities to the public, the process of building permanent endowment may be its most important role.  It is only through permanent endowment funds that we can ensure that grants are always available to support the future needs of our Winneshiek County communities.  Even today, the Foundation is able to provide tens of thousands of dollars every year in local grants from endowments established by private citizens, in addition to the grants dependent on gaming revenues.  The Foundation strives to make all grants serve as catalysts for community transformation and growth, enriching the lives of our area citizens and for every generation that follows us.

Few people in Winneshiek County are aware of the tax advantages of a personalized endowment fund and the incredible power and longevity such a donation could have.  Under current tax laws, exploiting Federal deductibility and taking advantage of the 25% Endow Iowa Tax Credit, a $10,000 gift could end up costing as little as $4,000 for a giver in a 35 percent income tax bracket.  The fund's principal is protected, continuing to build value and support local grants in perpetuity.  Assuming average market expectations, by its 50th year the principal value of an initial $10,000 gift will have grown to $57,000 and will have paid out $66,000 in cumulative local grants and services!  Multiply these amounts by the number of our friends and neighbors who are committed to the future of Winneshiek County and its communities and you can begin to imagine the amazing possibilities such resources would facilitate.

Many people choose to establish their own fund to support their favorite charitable interests, while some opt to support an already existing fund.  Funds can be established to memorialize a loved one or honor a particular individual.  There are many different types of financial instruments that can be tailored to individual donor desires.  I invite your readers to visit the Foundation's Website (link provided below) to learn more about the Community Foundation, explore the variety of existing funds, and consider creating their own lasting legacy in Winneshiek County through the gift of a personalized endowment.

One final clarification: the two appointments being made by the County Board of Supervisors are to the Grant Distribution Committee operating under the auspices of the Community Foundation Board pursuant to the laws governing gaming revenue distribution, and not necessarily to the Community Foundation Board itself.  Some, but not all, of the Grant Distribution Committee members also serve as members of the Foundation Board.

For more information, visit the Winneshiek County Community Foundation website at http://www.winneshiekccf.org
Gary Mineart