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ADDRESS 505 Fifth Street Suite 412 Sioux City, IA 51101 712-293-3303 |
Confirmed in Compliance with National Standards for U.S. Community Foundations |
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ENDOW IOWA The Siouxland Community Foundation is pleased to introduce Endow Iowa. New and innovative opportunities for charitable giving are now available for donors through a new program passed by the Iowa legislature called Endow Iowa. Endow Iowa was created to enhance the quality of life for the citizens of this state through increased philanthropic activity by encouraging new contributions from individuals, businesses and organizations to existing community foundations and facilitating the creation of new community foundations. Endow Iowa has two key parts: a 20% tax credit component that will provide donors additional tax incentives to invest in their communities; and a grant program that will allow Iowa counties or communities to apply for $25,000 in matching funds to establish an affiliate fund within a qualified community foundation such as the Siouxland Community Foundation. Tax credits – Charitable gifts must be made: • to a “qualified” community foundation (the Siouxland Community Foundation is a qualified community foundation). • to a permanent endowment fund (existing or newly established). An endowed fund can be started at the Siouxland Community Foundation for as little as $5,000. • for the benefit of one or more Iowa charitable causes. • after January 1, 2005. • by individuals, corporations, or financial institutions. The tax credit: • is 20% of the gift amount in addition to federal and state income tax deductions for charitable gifts. • may be applied to state taxes (the credit cannot be used until 2005 or after). • may be used in the year the taxpayer receives the tax credit letter from the Iowa Department of Economic Development. Any excess credit not used in the authorized tax year may be carried forward for up to five additional tax years. • is issued on a “first come, first serve” basis with a total of $2 million in tax credits available. Grants Program • Matching grants are available up to $25,000 per affiliate organization. • An "affiliate organization" means a group of five or more community advocates organized for the purpose of increasing philanthropic activity in a specific community, county, or geographic area in the state of Iowa with the intention of establishing an affiliate endowment fund within a qualified community foundation such as the Siouxland Community Foundation. • Affiliate organizations must complete an application, demonstrate a dollar-for-dollar match, identify a qualified community foundation to hold all funds, and provide a plan demonstrating the method for distributing grant moneys to nonprofit organizations within the defined geographic area. • $50,000 will be available for matching grants in 2005, 2006, and 2007 • Taxpayers that make gifts toward matching grant may be eligible for an Iowa tax credit (see above). COUNTY ENDOWMENT FUND LEGISLATION Another of the State of Iowa’s efforts to promote philanthropy is the County Endowment Fund legislation (HF 2302, 2004 legislation). This bill provides that, beginning in the fall of 2005, ½ of one percent of the state’s gambling revenue will be distributed to the counties in Iowa that do not have gambling entities. These funds will be deposited and distributed through qualified community foundations such as the Siouxland Community Foundation or affiliates of qualified community foundations that meet national standards and address county-wide needs. It is anticipated that each county’s foundation (those without gambling entities) will receive between $50-60,000 per year. Funds must be used for charitable, educational, and civic purposes within the county. 75% of the annual distribution from the State of Iowa to each county must be used for grants to charities for current projects, with the remaining 25% maintained in a permanent endowment for similar purposes. Learn more about... Affiliates |
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