The Community Foundation of NCW’s 5th annual Give Methow campaign has raised $304,733 for 36 Methow Valley nonprofits – nearly $30,000 more than last year.
Give Methow is an annual crowdfunding campaign hosted by the Community Foundation during the month of October to build awareness of nonprofit work that benefits the Methow Valley and provide an easy way for anyone to support their work.
“Our goal for Give Methow is to get more people involved in philanthropy” said Beth Stipe, the foundation’s executive director. “We want to build awareness of local nonprofits and give people an easy, rewarding way to support their work – at any level.”
Any 501c3 public charity in the Methow Valley is eligible to participate in Give Methow to raise up to $10,000 for a specific program or general operations. Each organization fosters a unique and meaningful area that improves the quality of life for Methow Valley residents – from the arts to environment, health and housing, to education, recreation, and community services.
An anonymous donor seeded a $20,000 stretch pool to incentivize and bolster fundraising efforts. With over $9,000 in additional gifts to the pool, the total was disbursed among all nonprofits based on the amount they raised, providing many with an extra $1,000.
Another incentive, Funday Monday, resulting in the largest giving days throughout the month. Each time someone gave on a Monday, their name was entered to win $500 or more to give back on Give Methow any way they choose. The largest Funday Monday accepted 425 gifts totaling over $33,000.
What’s more – this year’s Give Methow campaign also produced a spectacular milestone: over $1 Million has been raised since Give Methow began in 2015. The foundation continues to be inspired by the generosity of the people who care about building a healthy, vibrant Methow Valley for all.
Scholarship award disbursements have grown an average 35% per year. The 2019 total award amount is the largest the foundation has disbursed to date.
The Community Foundation of NCW has awarded 307 scholarships to 200 students across North Central Washington, totaling $666,040 – a record disbursement for the foundation.
The Community Foundation manages over 100 scholarships established by individuals, families, and businesses who feel passionate about making higher education more accessible for local students. Each scholarship is unique, as the criteria is set by the donor.
“These scholarships support such a diverse range of students” said Julie Mott, scholarship program specialist. “Some focus on area of study while others seek to help the students who have overcome obstacles. There are opportunities for nearly every student.”
Most scholarships aim to support students with the greatest financial need and help ease the financial burden many students face as they work toward their dreams of higher education. One scholarship awardee attending Wenatchee Valley College this year wrote “I’m the first in my family to go to college and because of my parent’s financial status, I will have to pay for it all on my own. This scholarship will help lower the debt I will come out with after college”.
This year, over 3,000 applications were received and reviewed by Scholarships Committees that are comprised of over 250 volunteers across the region. The committees recommend finalists for the awards, which are reviewed and approved by the Board of Trustees.
“We could not do this work without the commitment and dedication of our volunteers” said Mott. “They have the difficult task of selecting the right candidate for each award, in the spirit of what the donor intended. We cannot thank them enough for their efforts.”
Since 2003, over $5 million in scholarships from the foundation have been awarded, and annual award disbursements continue to grow each year (see graph). Contributing to this growth are new scholarship funds being established each year as well as the investment returns.
“With all endowed funds including scholarships, the foundation pools and invests them for long term growth” said Beth Stipe, executive director. “This means the foundation is able to continue disbursing these scholarships forever – and the awards grow over time. It’s a lasting investment in the youth of our region.”
If you are age 70½ or older, IRS rules require you to take required minimum distributions (RMDs) each year from your tax-deferred retirement accounts. This additional taxable income may push you into a higher tax bracket and may also reduce your eligibility for certain tax credits and deductions. To eliminate or reduce the impact of RMD income, charitably inclined investors may want to consider making a qualified charitable distribution (QCD).
A QCD is a direct transfer of funds from an IRA custodian, payable to a qualified charity, as described in the QCD provision in the Internal Revenue Code. Amounts distributed as a QCD can be counted toward satisfying your RMD for the year, up to $100,000, and can also be excluded from your taxable income. This is not the case with a regular withdrawal from an IRA, even if you use the money to make a charitable contribution later.
If you take the RMD as income, instead of as a QCD, your RMD will count as taxable income. Having higher taxable income can directly impact your eligibility for certain deductions and credits. For example, your taxable income helps determine the amount of your Social Security benefits that are subject to taxes. Keeping your taxable income level lower may also help reduce your potential exposure to higher ordinary and capital gains income tax brackets, net investment income tax and Medicare surtax.
In my semi-annual tax and financial planning meetings with clients, I frequently hear that a priority is to decrease their annual tax burden. The reality is that their fixed sources of income from Social Security, pensions, investments and IRA distributions require them to recognize more income than they need to cover retirement living expenses. It’s great to be in this position, but tax inefficient and you lose control over where and how your assets are being used. READ MORE…
