Adapting to Serve our Community During Difficult Times
W
e hope you’re in good spirits and health despite these challenging times. As we navigate through this crisis together, I’m heartened by the continued generosity of Eau Claire area people and businesses. I’m also inspired by how local nonprofits are fulfilling their missions in new and creative ways despite the many uncertainties they face. Since the Annual Meeting and Autumn Social have been canceled, this newsletter covers many of the topics we would normally address at these events. Eau Claire Community Foundation (ECCF) continues to collaborate with United Way of the Greater Chippewa Valley (UWGCV) to help support area nonprofits. Both organizations recognize the strength and value in the partnership that has been forged during this unique situation. ECCF’s efforts are a direct result of the gifts so many thoughtful donors have made to our Community Fund and to the Quick Response Community Fund, a pass-through for the urgent pandemic-related needs of area nonprofits. Grantee responses can be found on ECCF’s website, www.eccfwi.org. You will be moved by the stories and impact your gifts have made. As ECCF and UWGCV move into Phase 2, the Quick Response Community Fund has been renamed the Response & Recovery Community Fund. More information will soon be available on the ECCF website. I am pleased to report that ECCF continues to grow its number of funds and its endowment. 2019 was a record year for donations, resulting in over $6.3 million in additional assets. This generosity allows ECCF to increase its grant support for nonprofits. I extend a special welcome to our new Trustees, who begin their three-year terms and new leadership roles on July 1: Greg Bremer, Development Chair; Cindy Hangartner, Communications Committee; and Jackie Rasmussen, Grants Committee Co-Chair. Their knowledge and experience will be of great value to the Board. I also wish to thank ECCF’s outgoing Trustees Chris Hasenberg, Laurie Klinkhammer, and Sherry Mohr, for their input and hours of service to ECCF. I am also pleased to announce that John Satre accepted the position of Secretary. John will be joining the Executive Committee along with Linda Danielson, Vice Chair; Dale Wood, Treasurer; and me. Challenging times call upon each of us to deliver our very best, and you can count on ECCF to do our part. And we need you. I encourage each of you to make a difference today. Whether you give to an existing fund or start your own, a gift to ECCF is the ideal way to provide future support for our community. In the words of BJ Hollars, “Supporting our neighbors is about more than being neighborly, it’s about being human. Our power is in our numbers. If we all give a little, we can help a lot.” Thank you for joining me in ECCF’s work– For Good. For Eau Claire. Forever.
Karl Murch, Chair Eau Claire Community Foundation
NEW Tax Benefits for donors On March 27, the CARES Act was signed into law for the year 2020. The Act provides increased tax incentives for charitable giving for both individuals and corporations. Here are some key points: Allows individuals an “above-the-line” deduction up to $300 for charitable gifts.
Individual donors can deduct up to 100% of modified AGI for cash contributions (increased from 60%).
Corporations can deduct up to 25% of modified taxable income for cash contributions (increased from 10%).
Disclaimer: ECCF encourages donors to consult with their legal or tax advisors to determine charitable giving strategies that are best for them.