June Foundation News

As we transition into the summer season, it's an exceptionally busy and exciting time for the nonprofits in our community, especially those dedicated to supporting youth. Summer is a period of growth, learning, and fun, offering a unique opportunity to engage and uplift our young people, as well as educate donors to prepare for year-end giving.

We're thrilled to share with you the latest updates, success stories, and opportunities to get involved. Our newsletter this month highlights the incredible work being done by our amazing team. Whether you're interested in volunteering, donating, or simply spreading the word, there's a role for everyone in making this summer impactful and memorable.

Welcome to summer! We've put together six tips to keep in mind as you plan your charitable giving for the coming months, years, and even decades.

1. Donate appreciated stock to your fund at the community foundation.

We absolutely understand how easy it is to write a check when you want to boost your donor-advised or other type of fund at the Community Foundation. If you can remember to pause before you pull out your pen, though, it really does pay off to consider whether appreciated stock would be a better way to add to your charitable giving account. When you give shares of long-term appreciated stock, you can be eligible for a charitable tax deduction at the fair market value of the shares. Then, when the Community Foundation’s investment advisor, Hardy Reed, sells the shares and adds the proceeds to your fund, the fund–a 501(c)(3) charity–is not hit with capital gains tax. By contrast, if you were to sell those shares and give to your fund from the proceeds, you’d have a lot less cash to work with. Please reach out to the Community Foundation anytime to learn more about how easy it is to take advantage of this tax-savvy giving technique.  

2. Plan for your business exit.

If you own all or part of a private business, keep in mind that charitable giving can factor into your eventual exit strategy. You could be sitting on substantial unrealized capital gains if the business has grown a lot over time. Upon a sale, capital gains tax will be triggered, reducing the proceeds you get to keep. No capital gains tax will apply, however, to the sale of the portion of the business owned by your donor-advised or other type of fund at the Community Foundation. Plus, you can be eligible for a charitable income tax deduction in the year of the transfer based on the fair market value of the shares–not the cost basis, as would be the case if you’d transferred the shares to a private foundation. Keep in mind that a strategy like this only works with careful planning, so be sure to contact the Community Foundation team well in advance of setting a plan in motion. We are happy to work with you and your advisors to help achieve your charitable and financial goals. 

3. Start paying attention now to the estate tax exemption sunset. 

The estate tax exemption–the total amount a taxpayer can leave to family and other individuals during their life and at death before the hefty federal gift and estate tax kicks in–is scheduled to drop, rather precipitously, after December 25, 2025. For 2024, the estate tax exemption is $13.61 million per individual, or $27.22 million per married couple, an increase over 2023 thanks to adjustments for inflation. Later this year, the IRS will issue inflation adjustments for 2025. For 2026, without legislation to prevent it, the exemption is scheduled to fall back to 2017 levels, adjusted for inflation, which would roughly total $7 million per person. That is quite a drop! This means a lot more people–maybe including you–could be subject to estate tax in the not-too-distant future. The team at the Community Foundation is happy to work with you and your advisors to explore how charitable giving techniques can help you avoid estate tax and leave a legacy for the community, especially if you start planning now.

4. If you can take advantage of the QCD, do it.

A Qualified Charitable Distribution (“QCD”) is a very smart way to support charitable causes. If you are over the age of 70 ½, you can direct up to $105,000 from your IRA to certain charities, including a field-of-interest, designated, unrestricted, or scholarship fund at the Community Foundation. If you’re subject to the rules for Required Minimum Distributions (RMDs), QCDs count toward those RMDs. Through a QCD, you avoid income tax on the funds distributed to charity. Talk to the Community Foundation and your advisor to see if a QCD is right for you.

5. Review your IRA beneficiary designations. 

As you review your assets and how they are titled, perhaps in connection with an annual financial and estate plan review, pay close attention to tax-deferred retirement plans such as 401(k)s and IRAs. Typically, you’ll name your spouse as the primary beneficiary of these accounts to provide income following your death or to comply with legal requirements. But as you and your advisors evaluate whom to name as a secondary beneficiary of these tax-deferred accounts, don’t automatically default to naming your children or your revocable trust. You and your advisors may determine that naming a charity, such as your fund at the Community Foundation, is by far the most tax-efficient and streamlined way to make gifts to your favorite causes upon your death and establish a philanthropic legacy. A bequest like this avoids not only estate tax, but also income tax on the retirement plan distributions. That’s why non-retirement fund assets may be better suited to pass to children and grandchildren. 

5. Embrace a holistic approach to philanthropy.

When you work with the Community Foundation, charitable giving is easy, flexible, and rewarding. As the hub of your charitable giving, the Community Foundation offers a wide range of fund types, services, and ways for you and your family to get involved with the community you love. Many of our fund holders use a donor-advised fund to organize annual giving to charities. We can also help you establish a designated or field-of-interest fund to complement the function of your donor-advised fund. A designated fund allows you to support a specific charity over the long term, while a field-of-interest fund focuses your support on a particular area of community need by leveraging the community foundation’s expertise. We’d also be honored to work with you and your advisors to structure a bequest to the Community Foundation in your estate plan to support important causes, as well as the Community Foundation’s work, beyond your lifetime. We are here to help you make the most of your philanthropic intentions, and it is an honor to work together. 

The ENDOW Mississippi state income tax credit applies only to gifts made to new or existing endowment funds at the Community Foundation.

Minimum gift is $1,000 ($250 tax credit) Maximum gift is $500,000 ($125,000 tax credit) Deadline to submit application is September 30, 2024.

The allocation is limited per year on a first come-first service basis. Additional allocations may be available after October 1, 2024 but are not guaranteed.

Contact Stacye Trout To Learn More

May Coffee & Conversations

Indianola, MS: Held at Delta Health Alliance on 5/2/2024

Greenwood, MS: Held at The Museum of the Mississippi Delta on 5/3/2024

Senatobia, MS: Held at The Baddour Center on 5/8/2024

Charleston, MS: Held at Charleston Arts & Revitialization Effort on 5/30/2024

These gatherings provided a platform for attendees to discuss the pressing needs of their counties and share the impactful ways their organizations have been supporting the community. Aimed at fostering connections between nonprofits, the event series is designed to increase awareness of the services available in our service region.

Stay tuned for more Coffee & Conversation Events listed below in our upcoming events. To RSVP or find out more, please contact Brenda Smith or Kara Dulaney.

Email Kara Dulaney
Email Brenda Smith

J's Grocery Groundbreaking

Staff attended the Groundbreaking for J's Grocery Sin Clarksdale, MS on May 3rd. (L-R Kara Dulaney, Keith Fulcher, Natalie Minton, Jillian Morrison, and Brenda Smith.)

Partnership for a Healthier America is collaborating with J’s Grocery, a local store in Clarksdale, MS, to enhance the availability of fresh produce in the Brickyard neighborhood. This project, supported by Novo Nordisk and completed with Kudzu Collective and Griot Arts Inc., involves store renovations and improved access to healthy food options.

Additionally, Clarksdale received a $25,000 Asphalt Art Grant from Bloomberg Philanthropies to enhance public spaces and walkability around J’s Grocery. This art-driven initiative aims to connect the store with nearby schools, fostering community engagement and promoting health.

The combined efforts of these projects aim to support local economic development and drive positive change in the community food system of the Mississippi Delta. For more information, visit https://rootswell.org/

The renovations have been spearheaded by public policy scholar Tyler Yarbrough, Manager of Mississippi Delta Programs at Partnership for a Healthier America, and his dedicated team.

Greenwood Mentoring Group

On Saturday May 4th, the Greenwood Mentoring Group held its 18th annual prayer breakfast at the Leflore County Civic Center. Stacye Trout, Kara Dulaney, and Brenda Smith are presenting a check to Bill Clay with the GMG to provide healthy snacks for upcoming youth programs daily for the neighborhood youth they serve.

Think about supporting GMG forever by starting an endowment for them. Contact Stacye Trout to learn more!

Contact Stacye Trout To Learn More

Scholarship Presentation

Will Brown, a Board Member of the Community Foundation, presented this year's Wesley Williamson Memorial Scholarship to Isabella Fleer.

Pictured above (L-R) are Wesley's parents, Wayne and Jane Williamson; Isabella Fleer; Ireland Little; Will Brown; and MaryAddyson Harville. This scholarship was established by Kudzu Playhouse in memory of Wesley Williamson.

Hunger Summit Mini Session on May 15th

Volunteer Opportunities

Follow the Maddox HUB on Facebook for more!

- DeSoto Dream Center Event: -

Backpack Giveaway (July 13)

The DeSoto Dream Center, is seeking volunteers for their backpack giveaway event at Latimer Lakes. Their goal is to distribute 1500 backpacks and provide a "shop around" experience for kids. Additionally, there will be a prayer tent to bless the backpacks and supplies.

For volunteering opportunities or to donate, please contact the Dream Center at 662.510.5900 or email info@desotodreamcenter.org

HUB on the Road Coffee & Conversation Events:

- Coahoma - June 13th (Meraki Roasting Co. in Clarksdale) -

To RSVP or find out more about these events, please contact Brenda Smith or Kara Dulaney.

Email Kara Dulaney
Email Brenda Smith

Hunger Summit Events:

- Hernando - June 21st (Gale Center) -

To RSVP or find out more about these events, please contact Brenda Smith or Kara Dulaney.

Email Kara Dulaney
Email Brenda Smith

www.cfnm.org | 662.449.5002 | Text 662.719.1732

Established in 2002 with a generous grant from the Maddox Foundation

Facebook  Instagram  Web  YouTube  TikTok