IRA Rollover Is Back!

Welcome news...the IRA Charitable Rollover passed! On the afternoon of December 17, 2010, the President signed into law The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This bill restores the IRA Charitable Rollover retroactively for 2010 and permits its use in all of 2011.

How does it work?  It's pretty simple as far as tax rules go:  if you're 70½ or older, you can contribute a total of $100,000 in IRA assets to a qualified charity...and yes, we'd recommend a Manistee County Community Foundation Fund! The payout can satisfy the Required Minimum Distribution. You don't take a tax deduction for your gift, but neither do you have to report the payouts as income.  That's the key - without this provision, you might lose some benefits.  Your tax deduction itself could be limited because of other tax rules, or else the donation might boost your reported income, possibly raising Medicare premiums or taxes on Social Security payments. Instead, the donation bypasses tax calculations altogether!

If it feels like too much to think about at this busy time of year, don't despair...Congress gave you a little extra time.  The bill allows for transfers made in January 2011 to count as 2010 distributions.  Whether or not you've taken your 2010 RMD, give your tax professional a call to see if the charitable rollover is a smart move for you!

Application Period Opens for New Scholarship Fund

Community Foundation Announces New Scholarship Fund and Open Application

Karl & Irene Herrmann Family Scholarship Fund

Manistee, MI -- The Manistee County Community Foundation announces the establishment of a new scholarship fund, the Karl and Irene Herrmann Family Scholarship Fund, and the opening of its application period.  This is the first of the Foundation’s scholarship funds to use the new online application system, a general application form shared with the Community Foundation for Muskegon County and fellow affiliate community foundations in Mason and Oceana counties. 

Interested applicants may apply online from the Foundation’s website, www.manisteefoundation.org.  Click on Receive and follow the links to Scholarships.  The online application deadline is March 1, 2011.

The Karl and Irene Herrmann Family Scholarship Fund was established by the children of Karl and Irene Herrmann as a way to honor their parents and give back to the community. Because their parents placed a high value on ethics, personal responsibility, and education, the Herrmann children seek to reward Manistee County students who demonstrate these same virtues. The Karl and Irene Herrmann Family Scholarship Fund assists students of Manistee County who have a 3.0 or higher grade point average attend college in Michigan.

A $1,000 non-renewable scholarship will be presented annually in the name of the Karl & Irene Herrmann Family using the following criteria: Manistee County residents who are graduating seniors of any Manistee County high school; students who demonstrate leadership ability and/or community involvement; students who are pursuing a degree or certification at any two or four-year accredited college, university, or vocational/technical school within the state of Michigan. The student’s academic achievement and financial need are also taken into consideration.

The Manistee County Community Foundation is proud to play a part in the success of Manistee County’s students by helping to manage several scholarship funds. Scholarship guidelines and eligibility criteria vary by fund. To review the list of scholarships available, learn more about each fund, including eligibility requirements, application deadlines, and to download current application forms, if available, go to: www.manisteefoundation.org/receive/scholarships. 

The Manistee County Community Foundation was created in 1986 to improve the quality of life for Manistee County residents.  A publicly-supported community endowment, the Foundation receives and manages contributions from hundreds of community citizens and organizations who are committed to the future of Manistee County. The Manistee County Community Foundation is an affiliate of the Community Foundation for Muskegon County.  For more information, visit www.manisteefoundation.org or call (231) 723-7269.

Fraley Honored for Youth Service on Community Foundation Board

Manistee, Michigan – 2010 Brethren High School graduate Ashley Fraley served in a number of leadership roles during her high school career.  As President of the Family, Career, and Community Leaders of America (FCCLA), Senior Class President, Yearbook Editor, National Honor Society member,  Manistee County Community Foundation Youth Advisory Committee member, and Building Leadership Team member, Fraley has lent her time and talents to better her school and community.

Recently, Fraley was presented with a Resolution of Tribute for her service during the 2009-2010 Academic Year as the Youth Representative on the Manistee County Community Foundation Board of Directors.  The Resolution of Tribute, presented on behalf of the Foundation Board of Directors by Beth McCarthy, Chair, outlined both the importance of youth to the mission of the Foundation and Ashley’s significant contribution to the Foundation and community. 

“Ashley has made lasting contributions to our organization, and youth throughout Manistee County have benefited from her service and excellent example.  We have been impressed by Ashley’s intelligence, enthusiasm, compassion, and character.  We are thankful for her service and it is certain that Ashley’s future is bright,” said Beth McCarthy.

Having served as a member of the Manistee Community Foundation’s Youth Advisory Committee (YAC) since she was a high school Freshman, Fraley brought a great deal of knowledge and experience to her role as Foundation Board Youth Representative. As the Youth Representative, she helped inform decisions that will impact the all of Manistee County. She had an opportunity to address issues that face our county’s youth, working cooperatively with the Foundation Board of Directors to provide assistance to community groups and agencies.  

“I enjoyed being a part of the Youth Advisory Committee and my service on the Foundation Board,” explained Fraley. “I feel like I truly helped make a difference. The YAC endowment fund is able to award grant money to help many important projects that change people’s lives.”  Ashley’s service provided experiences that will continue to influence her when she begins attending Hope College this fall.  

The Youth Advisory Committee (YAC) of the Manistee County Community Foundation is uniquely comprised of high school students from every grade level and school district in the county. The group serves as the advisory body that recommends grants out of the YAC Endowment Fund managed by the Foundation.  This is Manistee County’s own local panel of experts regarding youth issues, who provide an ongoing source of support for programs and services for our County’s youth.

To learn more about the work of the Youth Advisory Committee, impact of the YAC Fund, or to make a donation in support of youth in Manistee County, visit www.manisteefoundation.org or contact Laura Heintzelman, executive director, at (231) 723-7269 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Pictured Above: Youth Representative Ashley Fraley with Board of Directors Chair, Beth McCarthy

Betsie Valley District Library Announces Challenge Grant

Challenge Grant to Benefit Betsie Valley District Library Endowment
 

Thompsonville, MI. – For a limited time, supporters of the Betsie Valley District Library can double their gift and help sustain library services thanks to a community challenge announced today by the Friends of the Betsie Valley District Library.

The Friends awarded a challenge grant in the amount of $5,000 to the newly established Betsie Valley District Library Endowment Fund, managed by the Manistee County Community Foundation.  Each donation to the Fund that is received between now and the end of the calendar year will be matched, dollar for dollar, up to the $5,000 maximum. 

The generous challenge was made on the heels of a previous gift from the Friends in the amount of $5,000 to establish the endowment fund late last year.  Driven by a passion for the critical role that the Library serves in their rural community and in an effort to ensure continued services despite funding cuts through the State of Michigan, the Friends established the Betsie Valley District Library Endowment Fund at the Manistee County Community Foundation in 2009.
 
“Through our challenge grant we’re encouraging members of our community and library patrons to help us grow the endowment over the next few months. Our board and membership is proud of the important step we have taken to help sustain Library services.  By establishing the endowment fund we have begun to build a permanent and lasting source of support that will provide funding for Library programs and services for current and future generations,” offered Diane Wilbur, President of the Friends of the Betsie Valley District Library.  “The Manistee County Community Foundation manages the administration and investment of the endowment fund, freeing up our time to focus on our mission” Wilbur added.

The Manistee County Community Foundation is proud to include the Betsie Valley District Library Endowment as one of over 45 endowed funds it currently manages.  “We applaud the efforts of the Friends of the Betsie Valley District Library to uphold Library services to residents and visitors of the Village of Thompsonville and surrounding area,” said Laura Heintzelman, Foundation executive director.  “Thanks to their foresight and leadership a new vehicle for philanthropy has been established that can offer a variety of benefits and options for Library donors.  For example, donors to the endowment are eligible for the State of Michigan Community Foundation Tax Credit in addition to a federal income tax deduction.  The fund also provides an opportunity for donors to make planned and legacy gifts in support of the Library.” 

Gifts to the fund may be made online at the Manistee County Community Foundation website at www.manisteefoundation.org or made payable to the Betsie Valley District Library Endowment Fund and mailed to the Manistee County Community Foundation, 332 First Street, Suite 104, Manistee, MI, 49660. 

In addition to providing books, magazines, audio books, and movies, The Betsie Valley District Library provides use of computers with internet access, wireless internet access, inter-library loan, Project Read tutors, beginning computer classes, and children’s programming.  The Library is located in Thompsonville, Michigan, and serves Cleon and Springdale Townships in Manistee County and Colfax and Weldon Townships in Benzie County. 

The Friends of the Betsie Valley District Library, a 501(c)(3) nonprofit organization, was created to sustain and support the good works of the Betsie Valley District Library. The Friends provide financial support and countless volunteer hours, as well as the donation of patron computers with desks, staff computers, children's and adult magazine subscriptions, a DVD player, a projector and projector screen, a sound system, and GED Prep manuals and CDs for library patrons.
          
The Manistee County Community Foundation builds community endowment, makes grants, and serves in community leadership roles to affect positive change.  As one of 65 community foundations in Michigan and more than 700 that exist throughout the United States, the goal of the Manistee County Community Foundation is to enhance the quality of life in Manistee County, now and forever.  To learn more about the benefits of giving through the Manistee County Community Foundation visit www.manisteefoundation.org, or contact the Manistee County Community Foundation at (231) 723-7269.