Ducky Day in Tipton Park, and youth philanthropy
send all mail to PO Box 412.)
The Lilly Endowment, Inc., has announced a $66 million investment to help community foundations
Indiana grow their endowments for community grantmaking, and
potentially contribute to other community benefit projects in their county.
Tipton County is eligible for a match of up to $500,000, to be raised between
August 1, 2014 and March 31, 2016 (20 months).
The Foundation Board of Directors has accepted this $500,000 challenge, part of which will be met by a projected gift. At least $250,000 must be matched by new gifts to any unrestricted endowment for community grantmaking.
In this new program, designated GIFT Phase VI, the Lilly Endowment will match contributions that meet certain criteria. The Lilly Endowment will not match the transfer of other charitable funds already in existence to the control of TCF. They will not match contributions that are intended for current spending rather than long-term investment.
During this match period, we hope all friends of TCF will make contributions of any size to Fund #500, the Community Grantmaking Endowment, to help the Foundation reach at least $250,000 by March 31, 2016.
· Stocks (including those with appreciated value)
· Charitable Gift Annuity
· Land, with or without Retained Life Estate
· IRA Rollover
Start a Named Fund?
Such a fund can be started with a gift of $2,000. The Foundation’s current practice of matching the first $2,000 of annual gifts to an endowment would still apply, and would be added to the Donor’s named Fund, not the #500 endowment where the full Lilly Endowment match is paid.
Everything you endow by March 31, 2016 will help TCF match this grant. The minimum target to make your fund permanent is $10,000 endowed. If not achieved within five years, the named fund would be folded into the general Community Grantmaking Endowment Fund #500.
Naming a Community Grantmaking Fund
Named Unrestricted Endowment Funds are a new opportunity at TCF. Like a Scholarship, or a “Designated” or “Donor Advised” Fund, these may bear a family name. But, a Named Community Grantmaking Fund provides support for charitable causes as determined by the Foundation’s committees and approved by the Foundation’s Board, without any advice or recommendations from the Donor.
Our Family May Not Be Ready to Start a Named Fund
As an alternative, you can make gifts of any size to the general Community Grantmaking Fund (#500), which also qualifies. Contributions to unrestricted community grantmaking in the 4th quarter of 2014, all of 2015, and 1st quarter of 2016 will earn the match. There is no limit to how much of the match a donor may help us to earn. Please consider it for memorials and tributes you may wish to make in the weeks and months to come. Gifts for community grantmaking are doubled because of your response to the Lilly Endowment challenge!
How Will This Money Be Used?
Although the Donor has no role in deciding what grants should be made, once the grant awards have been approved each year, Donor Names may be associated with a particular grant or grants of their choosing, consistent with the amount of spendable money available in their Named Community Grantmaking Fund. This Donor connection would be part of the press announcements of the grants.
TCF’s unrestricted fund usually pays grants for programs like these. Earnings from both Named and General (#500) Community Grantmaking Funds will provide money for such causes in the future:
The exempt purposes set forth in Internal Revenue Code section 501(c)(3) are
charitable, religious, educational, scientific, literary, testing for public
safety, fostering national or international amateur sports competition, and
preventing cruelty to children or animals.
Tipton County Foundation, Inc.