The Community Foundation of Carroll County (CFCC) is a charitable public foundation, established by community stakeholders throughout Carroll County, Iowa.
The CFCC was founded, in part, to grant to the local community funds provided to Carroll County from the State of Iowa County Endowment Fund Program. This program distributes a percentage of the state’s gaming tax revenue each year to the counties in Iowa that do not have a state issued gaming license facility. These funds, to be used for charitable purposes, often exceed six figures annually. Seventy-five percent (75%) of those funds are given in grants each year for purposes benefiting the citizens of Carroll County, Iowa and our affiliated foundation, the Sac County Endowment Foudnation. The remaining twenty-five percent (25%) of the funds go into a permanent endowment fund to advance charitable causes in Carroll County and Sac County.
Additionally, the CFCC receives funds from the Grow Greene County Gaming Corporation. These funds are also to be granted for the benefit Carroll County citizens. Grow Greene County Gaming Corporation receives the funds through a generous agreement with the Wild Rose Casino which allows for a percentage of its gaming profits to be used to benefit Greene County and the surrounding area (including Carroll County). Such funds are granted for charitable purposes by the CFCC annually.
To date, the funds have been used for educational, cultural and aesthetic purposes, mental and physical health benefits, public safety, housing, recreation, and most any other benefit that the citizens of Carroll County can envision. Grants have been given to fund handicapped accessibility, basketball courts, bike trails, community kitchens, mental health assistance, housing, animal shelters, equipment purchases for fire, police, and emergency personnel, libraries, children’s programs, toys, school necessities, public pools, pre-school programs, health screening, CPR training, local beautification programs, and much, much more.
The CFCC administers endowment funds for a wide variety of groups and organizations. These funds are designed to take advantage of the Endow Iowa Tax Credits provided by the State of Iowa to encourage charitable giving. The CFCC is one of only thirteen foundations statewide authorized to administer funds eligible for the Endow Iowa Tax Credits. Of the charitable sub-funds administered by the CFCC, Endow Manning and the Coon Rapids-Bayard Endow Iowa Educational Corporation are two that have had significant impacts on their specific communities.
By gifting to an eligible Endow Iowa Fund or Foundation, such as Endow Manning, the Coon Rapids-Bayard Endow Iowa Educational Corporation, or the Endow Iowa CFCC Fund, the donor is entitled to apply for a twenty-five percent (25%) credit against their Iowa income tax. This is a program that has been in existence since 2003, and that the state legislature, to date, has been funding annually. The tax credit directly reduces the donor’s Iowa tax liability. This is a huge benefit in that the tax credit reduces state income taxes on a dollar for dollar basis, unlike a tax deduction which only reduces taxable income. Such tax credits are an impressive tool for increasing charitable giving and give the donor additional tax benefits with their donation.
Please feel free to contact Ann Menzel at Iowa Savings Bank, Administrator of the CFCC, to discuss opportunities to increase charitable giving through the use of the Endow Iowa Tax Credit, with questions about grant opportunities, or with options to set up a charitable or endowment fund. The CFCC operates througout the State of Iowa and is excited about increasing charitable giving and opportunites throughout the state.
