Leave a Legacy of Generosity
Creating a charitable legacy is one of the most lasting and powerful actions you can take. The Community Foundation of Northeast Iowa offers a wide range of planned giving options that allow you to create a highly personalized legacy that reflects your love of community and values. We will work with you to develop your legacy—and promise to fulfill your wishes so you can support the causes and organizations you care about forever. Our expert staff know the details of legacy giving and the organizations that serve our communities and will work with your professional advisor to create a plan that works for you, your family, and your community.
Let Us Help You Fulfill Your Charitable Legacy
Making a difference for the causes you care about is easy. The first step is deciding you want to leave a legacy of good for your community. Once you make that decision, take the steps below to fulfill your charitable legacy.
Talk to your professional advisor. The Community Foundation of Northeast Iowa recommends you discuss your plan to leave a charitable planned gift with your attorney or financial advisor. They can help you incorporate your gift into your personal financial plans.
Meet with us. We love to be at the table with you and your professional advisor for charitable conversations. Our staff have in-depth knowledge of nonprofits in the communities we serve. We help you identify options that support your philanthropic passion, and create a plan to meet your charitable wishes, supporting the cause or causes you care about most, forever.
Document your intent. By signing a simple, non-legally binding memorandum of understanding, you acknowledge your wishes to leave a charitable gift through the Community Foundation. Having your donor intent in writing assures we can best carry out your wishes and recognize you accordingly.
Want to get started? Contact Laurie Everhardt, Director of Development, by email or at 319-243-1352 with any estate or planned giving questions.
Options to Create Your Legacy
You can create your legacy by giving to an already established fund of the Community Foundation, or by starting a specific, named endowment fund of your choice. We can help you weigh your options and select a fund type or a combination of funds to meet your philanthropic vision. There are many giving options available to create your legacy. Below are some common legacy giving options.
Gift in Your Will
The simplest way to leave a planned gift is to make a bequest that names the fund you choose, or a new fund established through your Will, at the Community Foundation of Northeast Iowa—or any of our 23 affiliate foundations—as the recipient of a charitable gift in your will or living trust. You may contribute a specific dollar amount, a percentage of your estate, or the residual of your estate. Talking with us about your charitable intent before adding language to your Will is a great first step.
Sample Bequest Language
"I give, devise and bequeath (percent of the residuary estate, address or description of property to be given, or dollar amount) to the Community Foundation of Northeast Iowa, 3117 Greenhill Circle, Cedar Falls, IA 50613 tax ID# 42-6060414. This gift shall benefit the Name of Fund ."
To leave a bequest to one of our County Affiliates, the language above may be amended to state "to the (name of County Affiliate here), an affiliate of the Community Foundation of Northeast Iowa, tax ID# 42-6060414."
Download this Bequest Language
Gift of Your Retirement Assets
An easy way to leave a bequest is to name CFNEIA as the beneficiary of your retirement funds held in your IRA, 401(k), or 403(b) to add to or establish a charitable fund. This is a simple and effective way— and maybe the most tax advantageous—to create your legacy since it will not be subject to either estate or income taxes, as it would be if left to anyone but a spouse. Please contact our staff for assistance in completing your beneficiary designation forms.
Another option is the IRA qualified charitable distribution (QCD) which allows people age 70½ or older to direct up to $100,000 of their required minimum distribution from an IRA to a qualified charity without counting the distribution as taxable income. IRA qualified charitable distributions can be gifted directly to your favorite charity or used to create a perpetual endowment through a nonprofit, designated, or field of interest fund. IRA gifts CANNOT be made to donor advised funds.
Gift of Life Insurance
Like your retirement accounts, a separate beneficiary designation form determines who will receive money from your life insurance policies. Policies you own enable you to name a charitable beneficiary. A simple way to make a legacy gift is to designate CFNEIA as the full or partial beneficiary on the required beneficiary form. This is one of many ways to donate life insurance. Please contact us for more details.
Charitable Gift Annuity
A charitable gift annuity lets you receive guaranteed income for life and an immediate charitable income tax deduction, as well as supporting charitable organizations meaningful to you. You make an irrevocable gift to CFNEIA, and CFNEIA pays a fixed dollar amount to you and one other person (if you choose). The remainder of the annuity could establish a charitable fund or add to an existing Community Foundation endowment fund at your passing. The annuity income depends on your age, the number of people receiving payments, and the amount of your gift to establish the annuity. A portion of your gift annuity income may also be income-tax-free.
Charitable Remainder Trust
By transferring assets to establish a charitable remainder trust, you receive an immediate tax deduction and lifetime income for you and your named beneficiary. You can also reduce or avoid capital gains taxes associated with the gifted asset, and you would remove the assets from your estate. When the trust’s term is complete, any remaining assets pass to CFNEIA to establish a fund of your choice. Charitable remainder trusts offer a great deal of flexibility, and you can receive a fixed dollar amount each year (an annuity trust), or a variable amount based on a fixed percentage of the fair market value of the trust assets (a unitrust).
Charitable Lead Trust
A charitable lead trust distributes income to your charitable fund for a period of years or during your lifetime. Then the assets return to you or your surviving family members. The result is gift and estate tax savings. A charitable lead trust can allow you to make a significant gift to charity and transfer assets to family members with little or no gift and estate tax.
Our Legacy Society
If you arrange for a legacy gift to CFNEIA or one of our affiliates, we want to thank you for your planned generosity by inviting you to join this special group of like-minded people. You may become a member of the Legacy Society simply by letting us know you have designated a gift through your estate plans to an existing fund or to create a new fund, even if you choose to remain anonymous. By informing us of your generosity you allow us to honor you during your lifetime. We also meet periodically to thank you and learn about our community. You will receive updates and invitations to gather and celebrate community with other members of the Legacy Society.