Taking the Mystery Out of Year-End Giving

(November 23, 2009) It’s no secret that nonprofit organizations everywhere are reeling from the effects of the economic downturn. This means that as donors, you’re likely feeling the weight of your decision about where to direct your 2009 end-of-year giving. In the Greater New Britain area, there are dozens and dozens of worthy organizations providing much-needed services. So, how do you put your gifts where they will do the most good, and with confidence that your choices make financial sense for you and your family?

The Community Foundation of Greater New Britain encourages donors to call, email or stop by with questions about how they can put their gifts to the best use in the community.  “We love to chat with people about the causes that matter to them and how they can make their charitable giving meet their personal goals,” says Ann Bova, director of development. “I want people to feel comfortable calling me. There’s never any fee or commitment. You tell us what you’re interested in and we do all the legwork. This kind of information is just part of what we, as a community foundation, offer to anyone residing within the four towns we serve -- Berlin, New Britain, Plainville and Southington.”

With assets of approximately $30 million and more than 150 funds established to date, the Community Foundation offers charitable vehicles for a range of budgets and goals, along with planning advice that takes the mystery out of philanthropy. Ms. Bova says the time is right to make giving plans – not only is the need especially great this year – it’s also the last call for a significant charitable giving opportunity from the Pension Protection Act of 2006. This provision allows people over age 70 1/2 to give directly to charity from their IRA accounts without first counting it as income, thereby avoiding potentially significant income tax. The exemption is scheduled to expire on December 31 unless Congress acts to extend or expand the provision.

Ms. Bova says there are a number of ways for people to create a giving plan that results in a win-win for them and the causes they care about. One of the most accessible is a permanent fund, which will support the donor’s favorite charities forever. For a minimum of $5,000, people can set up a fund that will grow over time to far exceed this initial amount. And for those who prefer to build to a fund over time, there’s a build-a-fund option, which allows up to five years to reach the minimum.

“Many people would be surprised at how simple and financially doable it is to create a permanent fund that lets them give back to the community over the long term. This is a great vehicle not only for families, but also for organizations and businesses,” says Ms. Bova. There are many different types of funds, including those that allow donors to remain actively involved in the giving process by recommending specific charities to receive grants in their name, and others that allow donors to support broad areas of interest, such as children’s health care, the arts, or literacy and more.

For more information about all the Community Foundation’s funds and services, please contact Ann Bova at 860-229-6018, ext. 302 or abova@cfgnb.org, or visit www.cfgnb.org.

About the Community Foundation of Greater New Britain
The Community Foundation of Greater New Britain connects donors who care with causes that matter in Berlin, New Britain, Plainville and Southington. Established in 1941, the Community Foundation raises resources and develops partnerships that make a measurable improvement in the quality of life in each of these communities.