Legacy Giving FALL 2015
CLARA KLEIMAN LEAVES LEGACY THROUGH EDUCATION Some people think of a person’s legacy as the property or money that they leave behind. For many, legacy is also the value system a person lives by, the relationships they build and the memories they create. Sometimes, a person makes an impact in such a way that those aspects are able to come together, ensuring that their legacy is one of profound and personal meaning. This is the case for Clara Kleiman, whose impact is both personal and substantial. “My parents always believed that higher education was the path to self-improvement and success,” recalls Kathleen, Clara’s oldest daughter. “My mother was able to attend two years of college; my father was not able to attend college due to financial reasons. Their goal early in life was to provide a college education for each of their children, which they were able to do.” By partnering with the Greater Cedar Rapids Community Foundation, Tom and Clara were able to expand on that goal by establishing a fund to help students from Cedar Rapids and Marion schools to attend college. “It was a way of giving back to the local community to support their shared value of supporting higher education,” says Kathleen. It seems that education was always important to Clara. After graduating Salutatorian from West Union Senior High School, Clara (then Clara Halstead) attended Iowa State Teachers College; where she received a teaching degree in 1948. Her teaching career included positions in Jesup and Newhall. Clara married Thomas Kleiman in 1959 and together they raised four children. Clara continued to work as a teacher until
IN THIS
ISSUE
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Tax Tips with Susan Willey
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11th Annual Luncheon
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List of New Members
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News
Continued from page 1 1965, when she decided to stay home with her children. While she never returned to formal teaching, her parenting and homemaking skills demonstrated the same effective approach that her teaching had.
higher education. “I remember the day I got the letter,” she recalls, “and how ecstatic my parents were. It was a huge blessing. To this day, it almost feels like they’re family because they’ve been so generous.”
In 1980, after working for other construction companies, Tom started Kleiman Construction, Inc. While Tom excelled in generating new business and managing projects, he did not have the experience or interest in the day-to-day financial and administrative details of running the company. Clara provided the same sharp mind and attention to detail that she had used to manage the classroom and her household to the family business.
As a result, Anna and her mother, Nancy Rawson of Cedar Rapids, are always eager to talk about the impact that the Kleiman’s commitment to education has had on their lives. “I tell people all the time – oh there’s a Kleiman Construction trailer. Do you know what the Kleimans did for my daughter?”
The impact of Clara’s commitment to education can be seen throughout Iowa, and her legacy lives on through the financial support provided by the Kleiman Family Scholarship Fund, which provides a four-year renewable scholarship of $5,000 to selected area students. For example, Anna Brown (formerly Anna King) was the scholarship’s first recipient in 1999. The Kleiman’s fund helped finance her education at Iowa State University. Today, Anna carries on Clara’s love of education – she’s currently a teacher of physics and forensic science in Des Moines.
And those construction trailers can be seen all over eastern Iowa, as Kleiman Construction has grown to be one of the largest privately-owned general contractors in the area. Clara’s passion for education was evidenced in Kleiman’s business as well – as the company has completed over 40 school projects, mostly in the Cedar Rapids and Marion area, over the past 35 years. Because the Kleimans chose to utilize the Greater Cedar Rapids Community Foundation as a vehicle to make an impact on education, Clara will be able to continue to touch the lives of college-aspiring students and her legacy will be felt for years to come.
Anna and her family feel a strong connection to the Kleimans because of the support they provided to her as she pursued
The William Quarton Heritage Society recognizes and honors individuals who have made permanent gifts to the Greater Cedar Rapids Community Foundation through a planned gift or the establishment of an endowed fund. 2
TWO SIMPLE TAX TIPS TO KEEP IN MIND FOR YEAR-END TAX PLANNING If you anticipate a large income tax bill this year, you may want to consider a charitable contribution to reduce your income tax liability. Tax deductions are generally more valuable when you are in a higher income tax rate bracket. Gifts to donor-advised funds at the Community Foundation accelerate your income tax deduction into the current year to offset higher tax liability. You can make distributions to charitable recipients in the future from your fund when you may be in a lower income tax rate bracket. A second way to reduce your income tax liability is to gift an appreciated asset to a charitable organization. If you own appreciated stock and contribute it to a charity, you are not required to incur tax liability on the appreciated value of the stock. Not only do you avoid income tax on this appreciation, the value of your charitable contribution deduction is the fair market value of the contributed stock. The net result is that more of your contribution can be used to further your philanthropic intent. Appreciated property gifts constitute approximately 28% of gifts to Community Foundations nationwide. Only 10% of
the gifts received by the Community Foundation are made with appreciated property. If you are contemplating yearend charitable contributions, you may want to contribute appreciated property to a charitable organization. One corporate executive established an endowed fund at the Community Foundation six years before he retired in the 1960s. He contributed $54,000 in cash and $223,000 in appreciated stock awarded to him by his employer before retirement. His total gift was $277,000. The fund he and his wife established has distributed $295,000 to local charitable organizations. The current fund balance is $297,000. The fund has distributed more than his original gift and the current fund balance is more than his original gift. By employing some straightforward tax planning, these donors have made a significant impact on our community. It is very important to work with your professional advisors to implement a giving strategy. The impact of statutory restrictions and your individual financial situation will affect your tax results. If a charitable gift meets your needs, we can work with your advisors to achieve your charitable goals.
SUSAN WILLEY Director of Planned Giving Greater Cedar Rapids Community Foundation 319.366.2862 susan.willey@gcrcf.org
IN PERPETUITY
The William Quarton Heritage Society is named in honor of William B. Quarton, a longtime resident of Cedar Rapids, a pioneer in the radio and television industry, and one of Cedar Rapids’ greatest philanthropists. Bill made the single largest gift in the history of the Community Foundation upon his passing at age 104 in 2007. Through his $35 million planned gift, Bill designated endowed funds for four organizations that fulfilled his charitable interests, but Bill also left a substantial portion of his estate in the Community Endowment Fund to meet the future opportunities and needs of the community. Today, his gift generates more than $1 million annually to help support the grant programs of the Community Foundation. In perpetuity became Bill’s anthem, reminding us all of our responsibility to leave Cedar Rapids and Linn County a better place. Bill’s historic gifts to the Community Foundation demonstrated his commitment. The community will be forever grateful for his vision and generosity. 3
Peter and JoAnn Bryant
Peter and JoAnn Bryant
Peter and JoAnn Bryant
Peter and JoAnn Bryant
Kay and John Hegarty Peter and JoAnn Bryant
Peter and JoAnn Bryant
Peter and JoAnn Bryant
Peter and JoAnn Bryant Peter and JoAnn Bryant
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Peter and JoAnn Bryant
Peter and JoAnn Bryant
Myron and Esther Wilson and Michellece Beisker
WILLIAM QUARTON HERITAGE SOCIETY LUNCHEON
Nearly 130 people gathered for the 11th annual William Quarton Heritage Society Luncheon on June 16, 2015 to celebrate philanthropy and the generosity and commitment of members to the future of our community. The event was held at the Cedar Rapids Country Club. Chris Skogman, current chair of the Board of Directors, extended a welcome to attendees. Chris shared highlights of the Community Foundation throughout the past year and emphasized the needs and opportunities that remain in the community. The highlight of 2014 included a 22% increase in the amount distributed in grants to our community. In total, we distributed $7.3 million in grants to 367 nonprofit organizations. Through the good work of these organizations, those grants are helping to improve our shared quality of life. Les Garner, President & CEO of the Community Foundation, shared information about the Community Foundation’s recent collaborations on local projects that relate to the future of our children. Research has shown that the ability of a child to read
at grade level by age 10 is critical to the child’s future. Up to grade three, children learn to read. After grade three, they read to learn. Unfortunately, too many of our children cannot read at grade level by third grade. Earlier this year, the Community Foundation joined with the United Way of East Central Iowa and other community organizations to launch Reading into Success, the local initiative associated with the national Campaign for Grade Level Reading. And more recently, the Community Foundation began working with a few members of the Quarton Society including Brent and Dawn Cobb and Loren and Patti Coppock, to sponsor a pilot program at Hiawatha and Nixon Elementary Schools to take the impressive success of Kids on Course, the pioneering program sponsored by the Zach Johnson Foundation, to an expanded level of success. To watch the video, go to www.gcrcf.org/william-quartonheritage-society-luncheon/.
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WAYS TO LEAVE A LEGACY There are many ways to leave a lasting legacy for your community through the Greater Cedar Rapids Community Foundation. The following options can offer ways to fulfill your philanthropic goals while maximizing tax benefits – a wonderful combination! The Community Foundation encourages you to consult with your tax advisor to review personal circumstances. Planned giving options include: ■ OUTRIGHT GIFT ■ GIFT OF REAL ESTATE ■ GIFT OF LIFE INSURANCE ■ RETIREMENT PLAN BENEFICIARIES ■ GIFT OF APPRECIATED STOCK ■ BEQUEST BY WILL ■ CHARITABLE GIFT ANNUITY ■ CHARITABLE REMAINDER TRUST ■ CHARITABLE LEAD TRUST ■ GIFT OF GRAIN For more information, contact Susan Willey, Director of Planned Giving at 319.366.2862 or susan.willey@gcrcf.org.
LIST OF NEW MEMBERS The William Quarton Heritage Society welcomes the following new members in 2014. These donors have joined over 400 current members of the William Quarton Heritage Society. Pat and Judy Baird Roger and Angie Baker Judith and Bruce Barnes Tom and Kelly Belin Barry and Nancy Brown Bob and Lois Buntz Robert* and Mary Burnett Brad and Kathy Colton John and Cordelia Cosgrove Kris and Bryan Davis Carol and Denver Dillard Greg and Wendy Dunn Cindy and Michael Dunn LeAnn and Mark Erenberger Suresh Ganu
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Richard and Nancy Garberson Karl Glovik Carleen and Eugene* Grandon Jean and Walter* Hammill Thomas and Christine Hayden Donald and June King Beth and Curtis Livengood Michele M. Matt Robert and Linda Mattes Rochelle and Alan Naylor Michael L. Odell Dennis* and Donna Oldorf Susan and Steven Ovel Tom and Sonja Penaluna Delaine and Pete Petersen
Danielle and Randall Rings Sara and Jim Sauter John Stallman Jean Sweat Lisa Winterberg Tesar and Terry Tesar Carmen and John Wasta Gretchen and Keith Wright David and Cindy Zenk For a complete list of William Quarton Heritage Society members, visit www.gcrcf.org.
GRANT DIGEST PROVIDES INFORMATION ON COMMUNITY NEEDS AND OPPORTUNITIES Many donors at the Community Foundation have a desire to learn more about the needs and opportunities in our community. The Community Foundation hosts three grant cycles each year. After the grant applications have been collected, a Grant Digest is compiled which offers a short summary of each request, including the amount requested. The Digest is sent to donors who have asked to receive it so they can be aware of giving opportunities in our community. Several donors have worked with the Community Foundation to fund grant requests after reading about a project that inspired them. If you would like to receive the Grant Digest, please contact Josie Velles at 319.774.2363 or josie.velles@gcrcf.org.
PLANNED GIVING CALCULATORS AVAILABLE
The Community Foundation website has new giving calculators available to help you explore your planned giving options. The calculators were recently added to the Community Foundation website, gcrcf.org, providing customized options to meet the personal circumstances and needs of users. To access the calculators, go to http:// gcrcf.myplannedgift.org/. If you have questions regarding your planned giving, please contact Susan Willey at the Community Foundation at 319.366.2862 or susan.willey@gcrcf.org.
YOUR DEVELOPMENT TEAM – WE’RE HERE TO HELP
LES GARNER President & CEO les.garner@gcrcf.org
MICHELLE BEISKER Vice President of Development michelle.beisker@gcrcf.org
SUSAN WILLEY Director of Planned Giving Susan.willey@gcrcf.org
JOSIE VELLES Director of Development Services Josie.velles@gcrcf.org
LAURA BOOTH Donor Relations Officer Laura.booth@gcrcf.org
AMY LOGSDON Receptionist Amy.logsdon@gcrcf.org
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324 3rd St. SE Cedar Rapids, IA 52401 CONNECT WITH US
TUESDAY, NOVEMBER 17 P.M.
THEATRE CEDAR RAPIDS 102 3rd St SE Cedar Rapids, IA 52401
Please join us as we celebrate what can happen when we all come together. We will be sharing stories of how philanthropy and the good work of nonprofit organizations in Linn County are making an impact on our communities. The event is free and open to the public. The Community Foundation will also present two nonprofit awards at the event. To RSVP, call 319.366.2862 or go to www.gcrcf.org/events/.
A publication for members of the William Quarton Heritage Society