News & Event
On Dec. 18, 2015, federal legislation was passed making the charitable IRA rollover permanent. As a result people aged 70½ and older have a special tax-free opportunity to make a meaningful charitable gift.
CINCINNATI (December 18, 2015) — On Dec. 18, 2015, federal legislation was passed making the charitable IRA rollover permanent. As a result people aged 70½ and older have a special tax-free opportunity to make a meaningful charitable gift.
If you are at least 70½, the law allows you to transfer up to $100,000 of your IRA assets by December 31, 2015, directly to a qualified public charity such as The Greater Cincinnati Foundation.
Since the assets you transfer will not be recognized as income, they will not trigger federal income taxes today or estate tax in the future. If you are married, you and your spouse can each transfer up to $100,000 per year.
Contact the Giving Strategies staff of The Greater Cincinnati Foundation if you have any questions. We can be reached at 513-241-2880 or by email.
Our team invests the time to get to know you so we can support your goals, and we have the right tools and connections to amplify the impact of every gift you make. Today, we’re leading the charge toward a more vibrant Greater Cincinnati for everyone – now, and for generations to come. Contact us at 513-241-2880 to discuss how creating or giving to your fund can prepare you to make a greater difference in your community, regardless of what tomorrow brings.
Visit our website for more information on year-end giving with GCF, including the Charitable IRA Rollover.
*GCF cannot provide legal or tax advice. Please contact your tax or financial advisor to discuss how charitable giving will affect your personal circumstances.
The countdown to the ball drop for 2019 is practically here. As the final days of this year slide by, there is still time to meet your charitable goals for 2018. Greater Cincinnati Foundation (GCF) can help you amplify the impact of your giving in several ways*.
As you make decisions about your year-end giving, please submit your recommendations to GCF by Wednesday, December 26 to ensure that your grants are received by the charitable organizations you support before December 31. If you are interested in giving a gift of appreciated stock, written transfer instructions must be provided to your broker as soon as possible — we recommend by Wednesday, December 26. To count as a charitable income tax deduction in 2018, gifts of stock — and checks — must be received into GCF’s account before 5 p.m. Monday, December 31. GCF will be open from 8:30 a.m. to 5 p.m. on weekdays, except for Monday, December 24; Tuesday, December 25; and Tuesday, January 1, 2019.
To discuss arrangements for your year-end giving and grantmaking, please call GCF’s team at 513-241-2880. For a complete list of GCF staff, visit www.gcfdn.org/yourstaff.
*GCF staff does not provide tax or legal advice. The information provided is for illustration purposes only.
CINCINNATI (May 23, 2016) — Are you a Kentucky taxpayer?
Beginning July 1, the Commonwealth will again offer the Endow Kentucky Tax Credit to individuals and businesses that pay Kentucky taxes. This year, the available tax credits have doubled to $1,000,000.
Endow Kentucky Tax Credit is a state tax credit of up to 20 percent of charitable gifts to endowed funds at a qualified community foundation, such as The Greater Cincinnati Foundation, for the benefit of Kentucky-based nonprofit organizations. (Maximum tax credit: $10,000 per individual or $20,000 per married couple.) The tax credit can be carried over for five years.
Your gift to The Northern Kentucky Fund of The Greater Cincinnati Foundation or to any other endowed GCF fund benefiting Kentucky nonprofits (see more below), including endowments you may establish to support your favorite organizations, may be eligible for this tax credit. Additionally, federal and state tax deductions are also available for these gifts.
GCF endowed funds are market-invested, permanent funds from which a distribution is directed every year, in perpetuity, to the selected beneficiary nonprofit. By supporting an endowment, your gift creates a permanent source of funding for that organization.
A short half-page application for these tax credits is required. Because we expect the cap will again be reached on the first day, you are encouraged to apply on July 1, 2016.
For more information on this tax credit and assistance with the application, contact Laura Menge at 513-768-6170 or firstname.lastname@example.org.
Get the full details of the Endow Kentucky Tax Credit [PDF]
In addition to The Northern Kentucky Fund, which supports nonprofits doing critical work in Boone, Campbell, and Kenton counties, The Greater Cincinnati Foundation manages many donor-created endowments. Among them are funds that benefit:
A gift of any size to these endowments may be eligible for the Endow Kentucky Tax Credit.
(CINCINNATI—May 10, 2017) The Greater Cincinnati Foundation works with Kentucky taxpayers on the Endow Kentucky program. The Endow Kentucky Tax Credit enables any Kentucky taxpayer (business or individual) to receive a state tax credit of up to 20% of a charitable gift to a permanent endowment fund at a local community foundation that benefits any Kentucky charity ( tax credit limit: $10,000 per taxpayer).
Unlike a tax deduction, a credit is taken off the tax bill dollar for dollar. So, if a donor has a Kentucky tax bill of $1,000, a donation of $5,000 through Endow Kentucky would eliminate that tax altogether (20% of $5,000 is $1,000). Federal and State charitable tax deductions are still available, and the tax credit can be carried forward for up to 5 years.
In 2017, $1,000,000 in tax credits are available beginning July 1, 2017, through June 30, 2018. Note that tax credits may be depleted in the first few weeks of July. Applications for fiscal year 2018, (which begins July 1, 2017) will be accepted through June 30, 2018, or until the credits run out, whichever comes first.
Gifts can be cash or appreciated stock, and must be made to a qualified community foundation, such as The Greater Cincinnati Foundation (GCF). Donors may also create a new endowment fund. Endowed funds are permanent funds which provide annual support to the named organization.
Northern Kentucky philanthropist David C. Herriman, who passed away last year, was an ardent, highly visible supporter of the arts in Greater Cincinnati. His fund, established in 1986, continues to honor the legacy of his wish “to make possible what would otherwise be impossible” for both large and small arts organizations in Greater Cincinnati Foundation’s eight-county funding region. Herriman’s vision, to support unique and extraordinary arts performances, has a particular focus on new works, the education of youth and performance enhancement through funding to bring in performance artists, directors, choreographers, authors, musicians and more.
The David C. Herriman Fund of the Greater Cincinnati Foundation is seeking requests for proposals. One large grant and up to two smaller grants will be awarded through a competitive process; applicants must be 501(c)(3) organizations in Ohio (Hamilton, Butler, Warren, Clermont counties), Kentucky (Campbell, Kenton, Boone counties) or Indiana (Dearborn County).
The deadline for proposal submission is 5 p.m. Monday, Oct. 1, 2018. For information on how to apply, please refer to the Request for Proposals.
For further information, contact Lisa Davis Roberts, Senior Program Officer, at 513-768-6113 or email@example.com.
Thanks to a $45,000 co-investment by our generous donors, Greater Cincinnati Foundation (GCF) recently was able to fund a $60,000 emergency grant to Bethany House Services, Inc. GCF defines a funding emergency as “an immediate need for funding to avoid total stop of services of basic needs to vulnerable people.” The grant will be used to pay rent, utilities and basic expenses for a fifth shelter Bethany House added this summer in response to a dramatic increase in the number of homeless families — specifically, women and children — they are being asked to serve.
While the funding can be counted as a success story, there are more chapters to be written. For Bethany House, which shelters more than half of all families receiving temporary lodging in Cincinnati, the urgency for meeting the need is ongoing, and growing. When their shelters are filled, “overflow” families are temporarily housed in hotels, which is more expensive. This year they have sheltered 973 people so far and project that to reach about 1,112 by year’s end, which exceeds the 1,030 people they served in 2017.
Among the factors contributing to Bethany House Services’ operating and “overflow” challenges:
GCF recognizes that while fulfilling emergency needs is crucial, it’s also important to provide strategic leadership to address root causes that create those needs. As we move forward, we know that advocating for equitable policies — and initiatives such as the Family Independence Initiative — we will, with your support, move the bar toward a brighter future for a region that everyone will be proud to call home.
Amplify Giving for Greater Impact
To support this transformative work, please contact your GCF philanthropic advisor, who will reach out to you with specific funding opportunities when they are determined.
720 E. Pete Rose Way,
Cincinnati, OH 45202
Privacy | Site Map