|A Timely Tax Saving Message for Friends of GAHC|
|News Releases - Not-for-Profit News|
|Written by German American Heritage Center|
|Monday, 19 December 2011 14:50|
The Endow Iowa tax credit still has around $2 million available on a first-come, first-served basis. This fund is designed for individuals, businesses and corporations to make charitable contributions to organizations such as the German American Heritage Center; it allows Iowa communities to address their most pressing needs while acknowledging the generosity of the donors through a 25% state tax credit. For example, a $1,000 donation produces a tax credit of $250 which may be deducted off the total Iowa tax bill for 2011. The donations must be processed by the Community Foundaton of the Great River Bend, who handles the transactions on GAHC's behalf.
This option is also possible for individuals who wish to implement a Chritable IRA Rollover. This permits a transfer of up to $100,000 directly from an IRA to a charity and avoid reporting it as income. The Charitable IRA Rollover is eligible for the 25% Endow Iowa tax credit, but the transfer must go directly to our partner in this endeaver, the Community Foundation of the Great River Bend, which is the designated receiver of such funds toward GAHC's benefit. It can go into an existing fund (the GAHC endowment, for example) or the donor may create a new fund. Under current law this option expires at the end of the year, so you must act now to set things in motion.
Please contact the following individuals if you would like assistance with these procedures or if you require additional information:
Stan Reeg, GAHC endowment chair: 563-386-1509
Susan Skora or Hap Volz, Community Foundation of the Great River Bend: 563-326-2840
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