The Hardy County Community Foundation is pleased to announce that it has awarded nineteen grants totaling $21,832 to support local organizations and programs. These grants represent distributions from eight endowment funds held by the Community Foundation.

Grants include:

Big Blue Wardensville – $1,000 UpLYFTed transportation program
Burlington United Methodist Family Services – $1,000 Parents as Teachers Group Connections
Catholic Charities of WV – $1,000 Emergency Assistance
Children’s Home Society – $1,000 Recruiting Forever Families
Farms Work Wonders – $500 Main Street Clean & Green
Hardy County Committee on Aging – $1,000 Dakota Glassworks Senior Field Trip
Hardy County Convention & Visitors Bureau – $500 Robert Higgins House Museum Display
Hardy County Health and Wellness Center – $1,000 Everyone Swims
Humane Society of Hardy County – $1,000 Community Awareness Campaign
Lost River Projects – $1000 Music in the Park
Lost River Trails Coalition – $1,000 Hardy County Cryptids Youth Mountain Biking
Moorefield Middle School – $5,000 Robotics Team Competitions
Mountain Heritage Trails, Inc. – $1,000 Restored Humanity: 2025 Juneteenth Celebration
The River House – $800 Art for All – Outreach in Hardy County
Town of Wardensville – $500 Open Basketball
Town of Wardensville – $955.51 Project Pickleball
Wardensville Lions Club – $1,000 Story Time
Wordplay Connects -$1000 Tunes & Tales Summer Fairy Tales
WVU Extension 4-H Leaders Association – $1,000 4-H Passport to the World – Cultural Competencies and Experiences

“Grants were awarded through our annual winter/spring competitive grants program”, said Amy Pancake, the Foundation’s director. “Grant seekers submitted a simple on-line application and then our grants committee reviewed the grants and made funding recommendations.”

            According to Pancake, the grants were made possible thanks to gifts from generous donors who established or contribute to the Hardy County Community Impact Fund, the Deanna Wilson & J Cavanagh STEM Fund, the Elizabeth “Betty” Pancake Williams Youth Development, Education and 4-H Fund, John and Shobie Fisher Fund, John R. and Agnes J. Mathias Fund, Renick Cunningham Williams Community & Business Development, and William “Bill” Sloan and Family Community Giving Fund.

            According to Amy Pancake, the Foundation’s Director, funding requests remain steady. “We received many exceptional applications, including requests from new applicants,” she said. “We are so pleased and thankful to be able to support a diversity of organizations that are doing such impactful work in our community. Our grants connect our donors and nonprofits around a common desire to build a stronger community and we are privileged to see this each time we award one”, she added.

Funding availability announcements for the Foundation’s spring grants program are made via our Facebook page: https://www.facebook.com/HardyCountyCommunityFoundation and our monthly newsletter (subscribe here: https://www.ewvcf.org/hardycountycf/). Organizations may also send an email to [email protected] or call the office at 304-538-3431 to request to be added to the mailing list. Applications are typically posted on the foundation’s website https://www.ewvcf.org/grants-scholarships-hampshire/ in early January.

The Hampshire County Community Foundation recently awarded 22 grants totaling over $21,735 to support a wide variety of local organizations and programs.

“Grants were awarded through our annual Winter/Spring Grants Program, said Amy Pancake, the Foundation’s director. “Grant seekers submitted a simple on-line application and then our grants committee reviewed the applications and made funding recommendations.”

According to Pancake, the grants were made possible thanks to gifts from generous donors who established or contributed to the William Brady and Jean Taylor Rannells Fund, the Hampshire County Community Impact Fund, and a new Environmental Education Fund.

“Grants of up to $1,000 were awarded.

Health and Human Services grants totaled $9,750 and will support programs offered through Baileys Closet, Catholic Charities, Children’s Home Society, Hampshire County Committee on Aging, Hampshire County Library Association, Hampshire High School, Romney Food Pantry, Romney Middle School, Romney Presbyterian Church, and the Ronald McDonal House Charities of Pittsburgh and Morgantown.

$4,000 was awarded to Arts and Culture organizations including Cacapon Music and Dance Foundation, Hampshire County Arts Council, Hampshire County Co-op and Heritage Marketplace, and The River House.

Community Development, Conservation and Preservation grants totaling $4000 were awarded to the Fort Edwards Foundation, the Hampshire County Economic Development Authority, Hampshire County Parks and Rec and the WV Department of Environmental Protection Youth Environmental Program.

Capon Bridge Elementary School, Hampshire High School, and Wordplay Connects received $2,985 in education-based grants.

Finally, Cacapon TNR was awarded a $1,000 for its work address the county’s feral cat problem, which is both an animal and human welfare concern.

 “We received many exceptional applications, including nine from organizations new to the Community Foundation.” Pancake said. “We are so pleased and thankful to be able to support a diversity of organizations that are doing such impactful work in our community. Our grants connect our donors and nonprofits around a common desire to build a stronger community and we are privileged to see this each time we award one”, she added.

Funding availability announcements for the Foundation’s spring grants program are made via our Facebook page: https://www.facebook.com/HampshireCountyCommunityFoundation and our monthly newsletter (subscribe here: https://www.ewvcf.org/hampshireccf/)Organizations may also send an email to [email protected] or call the office at 304-822-7200 to request to be added to the mailing list. Applications are typically posted on the foundation’s website https://www.ewvcf.org/grants-scholarships-hampshire/ in early January.

Several people have reached out recently with questions about Qualified Charitable Distributions, or “QCDs,” a popular charitable giving tool among those who are 70 ½ and older.. But do you still scratch your head just a little when you hear about QCDs? We get it–there are a lot of moving parts. To make it easier, the community foundation has put together a punch list of FAQs.

“Is an IRA the only eligible source for Qualified Charitable Distributions?”

Short answer: Almost.

Long answer: An individual can make a Qualified Charitable Distribution directly to an eligible charity from a traditional IRA or an inherited IRA. If the individual’s employer is no longer contributing to a Simplified Employee Pension (SEP) plan or a Savings Incentive Match Plan for Employees (SIMPLE) IRA, the individual may use those accounts as well. In theory, a Roth IRA could be used to make a QCD, but it is rarely advantageous to do that because Roth IRA distributions are already tax-free.

“What is the difference between a QCD and an RMD?”

Short answer: Quite a bit! But a QCD can count toward an RMD.

Long answer: Everyone must start taking Required Minimum Distributions (“RMDs”) from their qualified retirement plans, including IRAs, when they reach the age of 73. RMDs are taxable income. The Qualified Charitable Distribution, by contrast, is a distribution directly from certain types of retirement plans (such as IRAs) to certain types of charities. A QCD can count toward the taxpayer’s RMD for that year. And because the QCD goes directly to charity, the taxpayer is not taxed on that distribution.

“Can a taxpayer make a Qualified Charitable Distribution even if the taxpayer is not yet required to take Required Minimum Distributions?”

Short answer: Yes–within a very narrow age window.

Long answer: RMDs and QCDs are both distributions that impact retirement-age taxpayers, and it would seem logical that the age thresholds would be the same. Under the SECURE Act, though, the required date for starting RMDs shifted from 70 ½ to 72 and is now up to 73 (which is better for taxpayers who want to delay taxable income). A corresponding shift was not made to the eligible age for executing QCDs; that age is still 70 ½ (which benefits taxpayers who wish to access IRA funds to make charitable gifts even before they are required to take RMDs).

“Can I direct a QCD to a fund at the community foundation?”

Short answer: Yes, if it’s a qualifying fund.

Long answer: While donor-advised funds are not eligible recipients of Qualified Charitable Distributions, other types of funds at the community foundation can receive QCDs. These funds include unrestricted funds, field-of-interest funds, designated funds, and endowment funds established by nonprofit organizations.

“How much can I give through a QCD?”

Short answer: $105,000 per year in 2024, increasing to $108,000 in 2025.

Long answer: A Qualified Charitable Distribution permits you (and your spouse from a his/her own IRA or IRAs) to transfer up to $105,000 in 2024 (and $108,000 in 2025) from an IRA (or multiple IRAs) to a qualified charity. So, a married couple may be eligible to direct up to a total of $210,000 in 2024 to charity from IRAs and avoid significant income tax liability.

The community foundation is here to help you tap the potential of QCDs. Please reach out!

As attorneys, CPAs, and financial advisors, you are very aware of potentially significant upcoming changes to the tax laws that could impact your high net-worth clients. Whether or not a post-election Congress takes action to prevent the estate tax exemption sunset at the end of 2025 will potentially affect the way you design your clients’ wealth transfer strategies.

As you and other tax planning professionals watch and wait, it is important to keep charitable planning high on your list of strategies that could help blunt the impact of a lower estate tax exemption if the sunset were to occur.

Here’s why this is such a powerful technique, especially now:

Income tax savings. When your client designates a fund at the community foundation as the beneficiary of an IRA, the fund receives the assets without having to pay income taxes. This is because charities are tax-exempt entities, allowing them to receive funds from qualified retirement accounts tax-free after your client’s death. This is not the case with qualified retirement plans flowing to heirs; the income tax hit can be significant.

Estate tax deduction. Naming a charity as a beneficiary of a retirement plan results in an estate tax charitable deduction, which reduces any applicable federal estate taxes. This means that the full value of the IRA can flow into your client’s fund at the community foundation free from the estate tax burden.

Flexibility. Clients can revise IRA beneficiary designations anytime during their lifetimes. So, as the end of 2025 draws closer, a client can update an IRA beneficiary designation to name a fund at the community foundation, which would protect against a drop in the estate tax exemption. If the sunset does not occur, the client could of course revise the beneficiary designation to leave a greater portion of retirement plan assets to heirs. Remember, though, that the income tax hit will still apply to proceeds flowing to heirs. That’s why many of your charitable clients will choose to leave IRAs to their funds at the community foundation even if the estate tax exemption does not sunset. And, of course, many clients truly want to leave a legacy and would love to incorporate charitable giving into their estate plans regardless of what happens with the tax laws. As tax and estate planning advisor, it is your responsibility – and opportunity – to help clients achieve their philanthropic wishes.

Please reach out to the team at the community foundation to dive deeper into the ways you can help your clients fulfill their charitable goals, especially during this time when future tax laws are up in the air. We are here to help!