Community Foundation of Jackson County Endowment Funds Pay Out More Than $340,000
JACKSON COUNTY, Iowa— The Community Foundation of Jackson County (CFJC) recently announced $340,720 in agency and donor-advised endowment payouts for fiscal year 2018.
Community foundations are charitable organizations that administer funds to benefit their communities and improve the lives of people in their geographic region. Nonprofit organizations and community members can create endowment funds at CFJC to benefit charitable causes.
These funds are invested and pay out 5% annually. Nonprofits rely on this sustainable source of funding to support operations during challenging financial times or to fuel new initiatives. Endowment payouts also support scholarships that help Jackson County students to pursue higher education. Since 2014, 281 students have received more than $315,000 in scholarship dollars from CFJC endowment funds.[JA1]
Endowment payouts help nonprofits like the Maquoketa Area Family YMCA.
“At the Maquoketa YMCA we have a core group of volunteers who want to see that the Y is here for generations to come,” said Scott Warren, executive director of the Maquoketa Area Family YMCA. “Through their efforts we've been able to raise over $400,000 in donations and over $200,000 in bequests from about 40 families. Our community sees the impact we have on the lives of those in our area and are compelled to help us secure our future right here at home.”
Several nonprofits like the Maquoketa Area Family YMCA have established endowment funds through CFJC. Nonprofit leaders look to the Community Foundation to hold their organizations’ endowments because the reliable source of funding helps them respond to emerging needs as well as to plan and sustain the good work they do.
Donors who give to endowments through a community foundation also benefit from the Endow Iowa 25% State Tax Credit in addition to federal charitable income tax deductions.
“These endowments provide a tangible way for families and community members to give back to our area forever,” says Mary Jo Gothard, CFJC Executive Director. “With the generosity of donors and the commitment of area organizations, we are able to continue to provide this necessary support for the future of Jackson County.”
For more information about the Community Foundation of Jackson County, visit www.dbqfoundation.org/CFJC.
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The Community Foundation of Jackson County, formerly the Maquoketa Area Foundation, was established in 1982 to help individuals throughout Jackson County make a positive impact on the communities they care about. In 2012, it joined the Community Foundation of Greater Dubuque as an affiliate foundation. To learn more, visit www.jacksoncountyfoundation.org.