Click here to read all about how we’ve been helping our friends and neighbors in Jefferson, Berkeley, Morgan, Hampshire, and Hardy Counties!
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.
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.
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.
COMMUNITY FOUNDATION ACCEPTING YOUTH GRANT APPLICATIONS THROUGH OCTOBER 13TH
The Eastern West Virginia Community Foundation (EWVCF) is now accepting applications for their Fall 2023 Youth Grants. Berkeley, Jefferson, and Morgan County nonprofit organizations that cater to the needs of our youngest community members are encouraged to click HERE to apply today!
Youth Grants of up to $5,000 will be awarded to programs that assist sick, needy, dependent, neglected, and disadvantaged children; improve the quality of life for children in the community; and/or provide educational, athletic, academic, social, civic, or community-based activities that involve or support children. Programs that celebrate diversity and/or promote equity and inclusion are encouraged. The application period for these grants is from September 18th to October 13th.
Previously, EWVCF’s Youth grants have funded a wide variety of Eastern Panhandle nonprofit programs. Young community members continue to learn creativity and self-expression through EWVCF-funded arts programs at the BlackCat Music Cooperative (pictured) in Berkeley Springs. Just last year, the Morgan County Tennis Association received a grant to improve and maintain its programming and to purchase a storage shed. These grants have also gone to nonprofits like the Martinsburg Initiative and Renewed Life Ministries for the purchase of basic needs items such as diapers and clothes.
EWVCF is proud to be able to support Berkeley, Jefferson, and Morgan County nonprofits and their Youth programs thanks to the help of donors to funds such as the Jane P. Snyder Youth Fund; C. Scott and Elizabeth C. Shade Youth Fund; Bonn Poland Family Roundhouse Recreation Fund; Frada Fine Berkeley County Education Fund, and the Tom and Virginia Seely Morgan County Children’s Fund. To learn more about all of our funds and to apply for a grant, please explore our website today!
The Eastern West Virginia Community Foundation (EWVCF) is a 501(c)(3) nonprofit organization established in 1995 to help donors create permanent endowments to provide grants and scholarships throughout the region. Since its inception, EWVCF has awarded $15 million, including over $1.2 million in 2022 alone. The Community Foundation now holds more than 280 endowed funds with assets of just over $38 million and is the leading steward of philanthropic giving in the region. EWVCF works with a wide range of nonprofit organizations, providing funding for projects from human welfare and scholarships to affordable housing and natural resources conservation; youth and education to animal welfare and historic preservation, and much more. For information visit www.EWVCF.org or call 304-264-0353.
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