At the Community Foundation, we believe that philanthropy is for everyone. For 20 years, Galesburg Community Foundation has been helping guide individuals and families through the many options available for impactful philanthropy, offering personalized consultations and resources to help them navigate their philanthropic journey with clarity and confidence.
One thing I’ve learned is that giving isn’t one-size-fits-all. People have different passions, resources, and circumstances. That’s where the Community Foundation comes in. We meet people where they are. We’re not just a repository for donations; we’re partners in philanthropy, dedicated to helping individuals and families channel their giving in ways that are the most significant for them.
In the pages that follow, you’ll read about individuals who have worked with the Community Foundation to craft giving strategies that align with their values. John Taylor gave two buildings to the Community Foundation to help build an endowment for the nonprofit he helped start. Mike Link is giving the fruits of his labor to support efforts that make his community better for all. Jerry and Brenda Reynolds included Galesburg Community Foundation in their will to support nonprofits throughout the region after their lifetime.
No matter how you choose to give, Galesburg Community Foundation is here to help you make a difference. Together, we can create a brighter future for everyone, one act of generosity at a time.
Joshua D. Gibb / President and CEO
“We meet people where they are. We’re not just a repository for donations; we’re partners in philanthropy, dedicated to helping individuals and families channel their giving in ways that are the most significant for them.
Crossroads Cultural Connections concert at the home of John Taylor.
Beyond cash contributions Make a gift today:
If you’re looking for ways to make a meaningful impact on the health of your community, we can accept a variety of assets beyond a cash donation. From real estate and grain to IRAs and stock, the possibilities for charitable giving are vast and varied.
Real estate builds endowment
For John Taylor, the sale of two buildings will help make sure that the nonprofit he helped start lasts forever. John has been bringing live music to the Henry County area for more than a decade. In 2021, he co-founded Crossroads Cultural Connections, which brings artists from around the globe to Henry County and the surrounding region.
“We want live music and performing arts to always be part of the culture of the area,” said John. “To do that, we knew that we needed an endowment.” An endowment is a fund where the principal is invested and a percentage of the value is distributed annually, creating an ongoing source of revenue for a nonprofit.
“I’m glad the resources we’ve been blessed with will stay in the community now, and forever.”
Barb McClean
He chose Galesburg Community Foundation as a partner to establish the endowment because of the support they have given him and other organizations across the region. “Over the years, there have been a variety of different ideas that I bounced off of the people at the Community Foundation. I always appreciate their support and guidance.”
John had two buildings he’d owned for a number of years. “I had some plans for them, but things changed and I really didn’t need them anymore.” When one of his tenants decided to move on, he realized the gifting of the buildings could be used to jumpstart a campaign to build their endowment.
John gifted the buildings to Galesburg Community Foundation, which is coordinating the sale of the properties. Crossroads Cultural Connections’ endowment will receive the proceeds when the properties are sold.
“By donating property, donors can potentially receive valuable tax benefits,” said Sarah Grant, Galesburg Community Foundation Director of Development. “But of even greater importance, real estate gifts
Crossroads Cultural Connections concert at Wiley Park in Galva.
have the power to create lasting change, supporting vital programs and initiatives that enhance the quality of life for generations to come.”
John said the donation of real estate was very straightforward. “I showed up, signed the paperwork, and that was essentially it. I can’t recommend it enough.”
Grain gift helps community thrive
Abingdon has always held a special place in the hearts of Mike and Barb Link. It’s Mike’s hometown and Barb taught in the former Abingdon School District for 27 years before transitioning to the middle school office and assisting in the Board of Education office.
When the couple started considering ways that they could do more for their community, they reached out to Galesburg Community Foundation for guidance. The Links decided that their best option was to give bushels of grain every year to support two local charities, Feed My Lambs and The Cupboard & The Closet.
“With Barb working at the school all those years and talking about the kids she saw, that was the closest thing to her heart, and to mine,” said Mike about their decision to support nonprofits that help local children. “We have been blessed with this resource, and through a gift of grain, we could help these kids.”
Though Barb passed last summer, Mike continues to use the sale of bushels of grain to support the two charities. He even helps deliver meals to families with children in need during the summer. “When they come to the door, they have such big smiles on their faces,” says Mike. “It’s so rewarding to share our blessings with others.”
Couple shares IRA distribution with community
When Steve Medhurst reached the age when he was required to start receiving a required minimum distribution from his IRA, he and his wife, Doris, decided to make a qualified charitable distribution. Half of the distribution went to their church and the other half went to local nonprofits that have endowment funds at Galesburg Community Foundation.
“We have been blessed to be able to live comfortably,” says Doris. “We don’t need that money and there is so much need in our community. We’d rather share it with community organizations and people who need it.”
Stock supports donor advised fund giving
Dr. John and Barb McClean opened a donor advised fund at Galesburg Community Foundation by gifting appreciated stock. Through the fund, they are able to recommend grants to organizations or causes they want to support, and the grants are distributed by the Community Foundation on their behalf.
The couple has supported dozens of nonprofits through The Turnout, the Community Foundation’s annual grant cycle. They have also supported many organizations outside of The Turnout, like FISH of Galesburg, Knox County CEO Program, and Galesburg Symphony Society.
“I’m glad the resources we’ve been blessed with will stay in the community now, and forever,” says Barb.
Clockwise, from top: Doris and Steve Medhurst, John Taylor, Dr. John and Barb McClean, and Mike Link
Plan a gift for later:
Support your community after your lifetime
“The Community Foundation is in the business of looking out for the whole community. So we decided not to restrict where our gift will go.”
Jerry Reynolds
When Jerry and Brenda Reynolds updated their will, they added Galesburg Community Foundation as a beneficiary to receive a percentage of their remaining assets. “I’ve lived in Galesburg my whole life and have worked in several of the human service agencies,” says Brenda.
“I know how important the programs and services are in our community.”
Jerry says that when they first met with the Community Foundation to discuss estate plan options, they talked a lot about where they wanted their money to go. “But when we thought about it, what we think is important to fund now may not be in the future,” says Jerry. “The Community Foundation is in the business of looking out for the whole community. So we decided not to restrict where our gift will go.”
The Community Foundation offers a variety of options to make a planned gift. Like Brenda and Jerry, you can include charitable bequest language in your will or estate plan to leave a gift to the Community Foundation that will benefit the community forever. Another option is to name Galesburg Community Foundation as a beneficiary of your retirement plan or life insurance policy. You might also consider creating a charitable gift annuity, which provides a new income source you can count on for the rest of your life and ultimately provides a gift to the Community Foundation.
Whatever option you decide, when you let the Community Foundation know that you have made a planned gift, you become a member of the Community Foundation’s Bickerdyke Society. The Society honors individuals and families for their charitable giving beyond their lifetime by including Galesburg Community Foundation in their estate plans.
To learn more about the different options available to make a gift today or support your community after your lifetime, contact Sarah Grant, Director of Development, at 309.344.8898 or sgrant@yourgcf.org
Donating stock that has appreciated in value to Galesburg Community Foundation can provide tax advantages for you while supporting the causes you care about.
We sat down with Robert Potter, Senior Vice President/ Investments at Stifel, and Sarah Grant, Galesburg Community Foundation Director of Development, to talk about how your stock market earnings can translate into community impact.
What are the advantages of donating stock over cash when it comes to supporting charities through the Community Foundation?
RP: When you give a gift of stock that has appreciated in value since you bought it, you’re giving that capital gain to the Community Foundation, which means that you avoid paying taxes on the gain. And because Galesburg Community Foundation is a nonprofit, there won’t be a tax consequence when they sell the stock. By donating stock, you’re increasing the value of your donation and potentially decreasing the amount you pay in taxes. Of course, it’s important to consult with a tax advisor to understand the specific tax benefits based on your financial situation.
SG: As an example, let’s say you purchased stock in a company valued at $1,000. Over time, its value increases to $5,000, giving you a capital gain of $4,000. If you then sell the stock to make a cash gift to the Community
HARNESS THE POWER of your INVESTMENTS:
Maximize your impact and tax benefits with a gift of stock
Foundation, there could be tax implications on your capital gains earnings of $4,000. However, if you donate the stock to the Community Foundation directly, we receive the full value of the stock. When a nonprofit receives a stock gift directly, the gift is bigger because it’s not subject to taxes, which means more resources are available to fulfill the mission of the charity!
How difficult is the donation process?
RP: It’s pretty straightforward. Galesburg Community Foundation can provide you or your financial advisor with gifting instructions that can then be used to handle the transfer and gifting of the stock.
How do financial advisors and Galesburg Community Foundation work together to facilitate charitable giving?
SG: We collaborate closely to develop tailored giving strategies that align with your financial objectives and philanthropic passions. Professional advisors provide valuable expertise on tax-efficient giving strategies, investment considerations, and estate planning, while the Community Foundation offers insight into local charitable needs, nonprofit organizations, and effective grant making opportunities. Together, we can help you achieve both your short-term and long-term philanthropic goals.
Stifel does not provide tax advice. You should consult with your tax advisor regarding your particular situation.
“Professional advisors provide valuable expertise on tax-efficient giving strategies, investment considerations, and estate planning, while the Community Foundation offers insight into local charitable needs, nonprofit organizations, and effective grant making opportunities.”
Sarah Grant
246 E Main Street, Suite 101
Galesburg, IL 61401
www.yourgcf.org
309.344.8898
GALESBURG COMMUNITY FOUNDATION STAFF
Joshua Gibb, President & CEO
Sarah Grant, Director of Development
Shawn Hedden, Director of Finance
Jillian Isaacson, Director of Grants & Programs
Lori Kriegshauser, Administrative & Special Projects Coordinator
Karsyn Bennett, Communications Manager
Jessica Riggs, Community Treasures Manager
Jordan Holcomb, Community Treasures Assistant Manager
Laurie Sykes, Community Treasures Cashier
Nurturing Community: The Impact of Community Treasures and Local Generosity
Our community thrives because of the generosity of individuals and families, each contributing in their own unique way. An example of this generosity is Community Treasures, an initiative of the Galesburg Community Foundation that’s located at 444 East Main Street in Galesburg. Thanks to donations from the community, more than 55,000 items were sold at the thrift store last year to support nonprofits in the region.
“I like that the money coming into the shop stays local to help support nonprofit organizations,” says Cheryl McKinnon, who has volunteered at Community Treasures for 14 years. “When I volunteer, I feel I am giving back to the community.”
From the actions of those who make donations, to the hard work of 40 Community Treasures volunteers, to the customers who purchase quality items at reasonable prices, every gesture of good will creates a ripple effect that strengthens our community.
For information about store hours or to learn about how to volunteer or donate (we’ll even pick up your donations!), visit yourgcf.org/community-treasures or give us a call at 309.342.9018.
