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October 2, 2023 By Michael Whalton

Do good, feel better: Philanthropy through the lens of well-being

Philanthropy means “love of humanity”—and, according to some, “philanthropy” includes acts that benefit both the giver and the receiver. This is surprising to some people who have been taught “it’s better to give than to receive.”

Somehow we have popularized the idea that giving should “hurt.” But that is not what the research says. Consider just a few examples:

–Research on the connection between volunteering and hypertension revealed that four hours of volunteering a week reduced the risk of high blood pressure–by 40%–in adults over 50.

–Another study indicates that giving reduces cortisol levels.

–Yet another study found a link between unselfishness and a lower risk of early death because “helping others” reduces stress-related mortality.

–Research has linked doing something good for someone else to an increase in endorphins.

–An altruistic attitude in the workplace makes you more productive and less likely to quit.

–Doing good and being grateful helps you sleep better at night.

–People who do just one good thing a week for someone else actually become happier over time.

When people were asked to reflect about all the ways they do good (giving to charity, volunteering, serving on boards, donating canned goods, purchasing products that support a cause, celebrating at community events, sharing with others, and so on), 92% reported that they felt better about themselves.

Even just thinking about what you’ve given others–and not only just being grateful for what you’ve received–is a huge motivator to do good things for others, over and over again.

The “do good feel good” benefits of philanthropy is just one of the many reasons that so many individuals and families work with the community foundation. If you’ve already established a donor-advised or other type of fund with the community foundation, we look forward to continuing to help you fulfill your charitable wishes to improve the lives of others. If you’ve not yet established a fund at the community foundation, we look forward to working with you to make a difference in the causes you care about.

Filed Under: Uncategorized

October 2, 2023 By Michael Whalton

Fourth quarter jitters: Charitable giving tips to reduce your stress


You are not alone if you begin to feel a little anxious when October rolls around. Many people experience year-end stress, whether because of looming deadlines at work, tax-related estate planning cut-off dates, anticipating a busy holiday season of travel and social engagements, or simply the realization that another year is coming to a close and there’s not a lot of time left to check off items on the 2023 punch list.

To top it all off, many families do a lot of their charitable giving at year end, too. But that’s one area that does not need to be stressful. Your giving can be more easily accomplished than sending invitations, herding family members, guessing colors or sizes, and remembering who to include–or not!

Here are three tips for alleviating fourth-quarter stress and still be able to hit your charitable goals for 2023.

–Using your donor-advised fund at the community foundation makes giving very convenient. Through the foundation’s online portal, you can easily view a list of all of the organizations you’ve supported so far this year, make note of the ones you missed or want to add, and then finish the annual task.

–Your late-year timing could actually be useful for the organizations you care about, given the pronounced need for support during the gift-giving time of year, whether that’s to an organization seeking to achieve its own year-end goals or an organization that provides food or utility bill relief during the cold winter months. According to National Giving Month, 31% of charitable giving occurs in December; 12% of giving typically occurs between December 29 and 31; and 28% of nonprofits raise as much as 50% of their funding in December.

–Charitable needs are heightened during the fourth quarter because it is especially stressful for people experiencing financial challenges. For 52% of respondents surveyed in a 2023 study, money was the most cited factor that negatively affects their mental health, a level 25% higher than a year ago. The organizations supporting these people are in high gear during the fourth quarter and holiday season.

–By the end of the year, you will likely have a better idea of your financial situation, ideal target amount for charitable tax deductions, and the performance of stock in your portfolio. This will allow you to make gifts to your donor-advised fund of highly-appreciated stock, avoid capital gains, and reduce your taxable estate. And, of course, the proceeds of that stock will hit your donor-advised fund tax free, so the full amount of the sale price is available to support your charitable giving priorities.

Completing your 2023 charitable giving can reinforce philanthropy’s win-win value proposition: You can check a task off your list by supporting causes and organizations that are important to you and receive key tax benefits, and those in need will appreciate your generosity while feeling a greater sense of the season’s spirit.

Filed Under: Uncategorized

October 2, 2023 By Michael Whalton

Retirement strategies: Tax benefits and beyond


At the community foundation, we regularly talk with retirement-age donors and fund holders about the tax benefits of Qualified Charitable Distributions and leaving bequests of IRAs to a donor-advised fund at the community foundation. But getting involved in philanthropy can be so much more than that for retirees and people who are gearing up (or down!) for retirement. This is particularly relevant as some retirees consider returning to work and contemplate what that means for their charitable giving and volunteering plans.

You’ve likely heard the statistic that 10,000 people in the United States are turning 65 every day. And while 65 may be the “traditional” retirement age in this country, the milestone appears to be anything but traditional nowadays. While Covid-19 did not impact retirement ages as much as some might have predicted, many of those who did retire actually now regret it. While many retirees are seeking work for financial reasons, two of the top six reasons to go back to work involve boredom or loneliness.

For people who’ve reached a theoretical retirement age, working or returning to work provides many opportunities that tie into philanthropy. For example:

–You can still contribute to your IRAs (which many people do not realize), and if there’s an employer-sponsored 401(k) plan, all the better.

–You can use your extra income to fund your donor-advised fund at the community foundation, making you eligible for an income tax deduction as well as removing assets from your taxable estate.

–As you take advantage of the opportunity to get more involved with causes you care about in your free time (which has perhaps increased because children have grown), you can update your estate plan to leave additional bequests to your donor-advised fund at the community foundation to support your favorite causes after you’re gone.

–And of course, if you are 70 ½ or older, you can take advantage of the Qualified Charitable Distribution (QCD) which allows you to direct up to $100,000 annually from your IRA to a qualified charity, and even more in future years as the $100,000 cap is indexed for inflation. Plus, if you’ve reached the age when you are required to take distributions from your IRAs, QCDs will offset those Required Minimum Distributions (RMDs).

For those who’ve retired for good, remember that many of the organizations you care about could likely use your help not only financially as a donor, but also as a volunteer, board member, or community advocate.

Please reach out to the team at the community foundation. We’d love to work with you on your charitable giving plans for retirement, un-retirement, or re-retirement, as the case may be! Your seasoned professional skills and civic commitment are truly valuable to improve the quality of life in our community.

Filed Under: Blog

September 1, 2023 By Michael Whalton

West Virginia NIP Tax Credits Available in the Eastern Panhandle

The West Virginia Neighborhood Investment Program recently announced that the Eastern West Virginia Community Foundation was allocated $33,000 in NIP tax credits. Qualifying gifts of at least $500 can be made to the Foundation to earn a 50% West Virginia income tax credit for the donor. Donors can receive a maximum of $2,000 in NIP tax credits for gifts of $4,000 or more.Because these West Virginia NIP tax credits actually reduce state tax liability, a $1,000 gift to the Community Foundation translates into an actual $500 out of pocket expense—and even less if donors itemize deductions on their federal tax return. Programs supported by NIP tax credits serve low-income residents in highly distressed neighborhoods and certain restrictions apply for contributions to be eligible.

The West Virginia Legislature sets aside $3 million annually in NIP tax credits to help nonprofit organizations that are serving distressed neighborhoods and at-risk populations. Donors can use the tax credits to reduce liability for West Virginia Personal Income Tax or Corporate Net Income Tax by up to 50% annually. Credits may be used over a five-year period.

“Tax credits can help donors make sizable gifts that will benefit our community this year, and forever,” says Michael Whalton, executive director of the Eastern West Virginia Community Foundation. “These NIP eligible gifts will support our Community Impact Funds in the five counties we serve – Berkeley, Jefferson, Morgan, Hampshire, and Hardy – as well as other endowed funds that address critical needs in our communities.”

The Eastern West Virginia Community Foundation was founded in 1995 to work with local donors to build permanent community endowment. Funds are invested and grants and scholarships are awarded from the annual gains. Individuals or businesses interested in donating can call (304) 264-0353 to reserve NIP credits and discuss how their gift will be used to benefit local charities. Credits will be awarded on a first come, first served basis.

The Community Foundation awards more than $1.2 million in annual grants and scholarships to local nonprofit organizations and college-bound students and provides financial stewardship for 280 endowed funds with over $38 million in assets. The main office is located at the Caperton Station Suites at 229 E. Martin Street, Suite 4 in Martinsburg. To learn more, visit www.EWVCF.org or call 304-264-0353.

Filed Under: Uncategorized

September 1, 2023 By Michael Whalton

Eastern West Virginia Community Foundation Receives National Recognition

Local Organization Accredited with Rigorous Philanthropic Standards

Martinsburg—The Eastern West Virginia Community Foundation (EWVCF) recently received accreditation with the nation’s highest standard for philanthropic excellence. National Standards for U.S. Community Foundations® establish legal, ethical, effective practices for community foundations everywhere.

“Meeting the National Standards benchmarks is a rigorous, comprehensive process,” said Randy Royster, board member of the Council on Foundations. “This accreditation is a significant accomplishment that indicates that the Eastern West Virginia Community Foundation demonstrates a commitment to transparency, quality, integrity, and accountability as it carries out its mission.”

The National Standards for U.S. Community Foundations® program requires community foundations to document their policies for donor services, investments, grantmaking, and administration. With over 500 community foundations already accredited nationwide, the program is designed to provide quality assurance to donors, as well as to their legal and financial advisors. EWVCF Associate Director/COO Susan Caperton was responsible for handling all aspects of the application process which normally requires several submissions. In this case the application was approved without needing any revisions.

“This is critically important to our donors,” said Michael Whalton, EWVCF executive director. “When people make a charitable bequest or establish a fund, they are putting their trust in us. They are counting on us to manage the investment wisely and honor their charitable intent. The National Standards accreditation says our house is in order.”

The Eastern West Virginia Community Foundation works to meet critical community needs and support local causes, including funding senior citizen programs, championing the arts, cultivating gardens, curing illness, expanding literacy, and feeding children.

By offering a wide range of charitable funds, EWVCF allows donors to advance a cause, support an individual organization, address community needs, or recommend individual grants. In addition to affirming the organization’s philanthropic services, the accreditation validates the Foundation’s grantmaking practices for the nonprofit community.

“Grantmaking is a lot like investing,” said Andrew McMillan, EWVCF board president. “We need to assess risks, weigh potential gains, diversify assets, monitor performance, and operate fairly. With our National Standards accreditation, you can be assured that we’re doing just that.”

National Standards for U.S. Community Foundations® is the first program of its kind for charitable foundations in the United States.

Through philanthropic services, strategic investments and community leadership, the Eastern West Virginia Community Foundation helps people support the causes they care about, now and for generations to come. To learn more, visit the website at www.EWVCF.org or call 304.264.0353.

The Community Foundations National Standards Board is a supporting organization of the Council on Foundations and is responsible for the quality, value, and integrity of compliance with National Standards. For more information on the National Standards Board, visit its website at www.cfstandards.org.

Filed Under: Uncategorized

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Recent Posts

  • Do good, feel better: Philanthropy through the lens of well-being
  • Fourth quarter jitters: Charitable giving tips to reduce your stress
  • Retirement strategies: Tax benefits and beyond
  • COMMUNITY FOUNDATION ACCEPTING YOUTH GRANT APPLICATIONS THROUGH OCTOBER 13TH
  • COMMUNITY FOUNDATION ACCEPTING SENIOR CARE GRANT APPLICATIONS THROUGH OCTOBER 13

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