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Published byJaiden Sutterfield Modified over 10 years ago
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Enhancing Community Philanthropy in Iowa Sandy Ehrig Community Development Division Administrator
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Endow Iowa Mike Miller endowiowa@ided.state.ia.us 515.242.4807
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Created in Iowa Values Legislation Increase philanthropy with incentives for individuals, businesses, and organizations to invest in community foundations - Grants - Tax Credits (fully awarded presently) Enhance the quality of life for Iowans - Greater private investment in communities
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Endow Iowa Grants $155,303 available Maximum of $25,000 per grant award To be Awarded by Iowa Council of Foundations (selected through competitive process by IDED) Up to $115,530 in tax credits for donors (up to $5,000 per application) Application and selection process for grants currently under development by Council of Foundations Originally planned to begin July 1, 2004
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A Program of Partnerships Individuals, businesses, or organizations contribute to qualified foundations Contributors receive the tax credit Qualified Community Foundations provide funding for community projects IDED awards the tax credits
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Endow Iowa Tax Credit Update 199 applications from 7 Qualified Community Foundations $ 5,102,856 in charitable giving $1,003,773 tax credits awarded Additional $115,530 of Tax Credits reserved for Endow Iowa Grants Program
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as of 6/18/2004
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County Endowment Funds Cali Beals cali.beals@ided.state.ia.us 515.242.4723
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County Endowment Funds WHAT? Gambling revenue enhancing county-wide philanthropy in Iowa. WHO? Counties that do NOT have gambling Maximum of one Qualified Community Foundations or affiliates of QCFs per county QCF assisting county-wide needs
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HOW? ½ of 1% of Iowa’s gambling revenue = minimum $50,000. - $60,000./ year/county 75% of funds pass thru to charitable organizations for educational, civic, public, patriotic, or religious uses 25% must be allocated for permanent endowment and similar purpose WHEN? Department of Revenue estimates distribution to Qualified Foundations Fall 2005
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County Endowment Funds For more information about: Qualified Community Foundations Forming an Affiliate Foundation www.iowasmartidea.com/endowiowa or 515.242.4723
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