Ways to Give to Locust Grove Village
- Endowment Fund
The Board of Directors of Locust Grove Village established an Endowment Fund in 2013 with the Golden Belt Community Foundation.
Locust Grove Village accepts current and deferred gifts for endowment purposes. This organization fund is set up with the Golden Belt Community Foundation to manage and administrate LGV endowed assets, as determined by the LGV Board of Directors.
Why is the Endowment Fund important to Locust Grove Village? An endowed fund is an enduring, self-sustaining source of funding to support the
mission and vision of LGV in perpetuity. Endowment assets are invested for the long-term and earnings are distributed in accordance with the endowment investment policy set forth by GBCF. Earnings in excess of the annual payout are retained as a hedge against inflation and to allow for growth over time. As the endowment grows, so does the impact of every gift.
Each year since 2014, Locust Grove Village has participated with the Golden Belt Community Foundation Giving Tuesday event to raise monies for the Endowment Fund.#GivingTuesday is a global giving movement that inspires and celebrates giving of all kinds, on #GivingTuesday and year-round. Created in 2012 by 92nd Street Y, #GivingTuesday ignites collaboration between groups of people to make a difference – connecting individuals, local nonprofits, international philanthropic organizations, businesses, government, educational institutions, faith groups and community organizations through their shared experience of giving.
Through the Giving Tuesday efforts, Locust Grove Village has been able to add over $25,000 to its endowment fund. Watch for information in the fall about the Giving Tuesday program – held the 4th Tuesday of November.
- Memorial & Tribute Gifts
Memorial and Tribute Gifts Reflect the Special Relationships in Life
A gift given in memory or honor of a loved one is a lasting tribute to the special relationship you shared. Making a memorial or tribute gift designated to Locust Grove Village may reflects the relationship developed between the resident, family and the care providers that are on the Village team. Relationships matter…. and memorial and tribute giving matters and makes a difference in the life of Locust Grove Village well into the future.
Memorial gifts may be given in various forms. At the time of death, Locust Grove Village can be named the recipient of memorial donations from friends and family at the funeral service. Family members may have memorial donations designated to a specific project or items.
Tribute gifts may be given at any time to honor a living family member or friend to celebrate their birthday, anniversary or any other event the donor would like to recognize.
The Memorial and Tribute Giving Program at Locust Grove Village is a special way to honor a loved one and continue improving the lives of others who continue o reside on our campus.
- Gifts of Grain/Livestock
Locust Grove Village, as a 501(c)(3) non-government affiliated, nonprofit organization, relies on the generosity of donors. Located in Rush County, in the heart of farm and cattle production area, it is a natural option available to donors to make charitable gifts of grain and/ or livestock.
Gifts of grain can include corn,wheat, soybeans, sorghum, and a host of others.
When donating livestock the producer must contribute the livestock to a charitable organization prior to the livestock’s sale.
Substantial tax savings can be received by cash-basis operating farmers who donate grain directly to a charitable organization. Farmers will realize the tax savings even if they don’t itemize their deductions. By gifting grain, income from the sale of grain is avoided, and the expenses associated with growing the crop can still be deducted.
Because production costs related to donated livestock is tax-deductible, a donor may enjoy a far greater tax savings than if they made a cash contribution.
Because each farmer/producer’s situation is unique, the donor should consult with a professional tax advisor on how donating a gift of grain/livestock to charity benefits their financial circumstances
- IRA Charitable Rollover
The IRA Charitable Rollover allows donors age 70 1/2 or older to annually move up to $100,000 from their IRA’s directly to qualified charities in 2018 without owing any income tax on the money. Donors to Locust Grove Village have the rest of the year to use this tax-advantaged giving strategy.
Using the IRA charitable rollover has many benefits for donors.
- Donors can transfer up to $100,000 per year directly from a traditional IRA to Locust Grove Village without paying income taxes on the funds transferred
- For those donors who do not itemize deductions, a gift from an IRA is excluded from reportable income, thus simplifying tax returns.
- Direct transfers from an IRA can satisfy the IRS Required Minimum Distribution (RMD).
- Rollover funds may be used to support programming and capital projects at Locust Grove Village
If you qualify, for this giving strategy, but it is not appropriate for you to use it in 2018, there is good news. Since this giving strategy was made permanent by federal legislation a few years ago, donors can take advantage of the IRA charitable rollover at any time in subsequent years!
This opportunity only applies to IRAs and no other types of retirement plans.
We recommend that you contact your IRA administrator and ask for instructions for executing an IRA charitable rollover. If needed, we can provide you with a transfer form that you can send to your administrator to initiate the process for making the rollover gift.
For more information, please contact Charlotte Rathke by calling 620-222-2574 or by e-mail, crathke@locustgrovevillage.org
