Funding
Donate to the Cheboygan County Community Foundation
The Cheboygan County Community Foundation seeks donations from individuals and businesses who share our ambition to make life better for the residents of Cheboygan County. We are a 501(c)(3) tax exempt organization. Donations by individuals and corporations are tax deductible and financial support for important economic development opportunities is administered by direct “pass through” funding rather than the more traditional method of accumulating invested funds and using only the interest on funds in support of projects important to creating jobs, prosperity, and quality of life.
This approach amplifies the effect of your contributions and put funds to work immediately.
Consider Donating Today
If you believe the future of Cheboygan County can be a bright one, filled with opportunities for people of all ages, we need your to help today. We utilize this method of funding because economic recovery and renewed prosperity are critical priorities in the communities of Cheboygan County. We can’t wait ten years. We can’t wait five years. We believe in active, present day support for people, projects, and organizations with the potential to create new jobs and educational opportunities here. The number of projects and the amount of our support depends on your donations!
Please consider a donation today! The Cheboygan County Community Foundation seeks a portion of your annual donations. We can assure you it will be put to work to help create jobs, improve educational opportunities, increase tourism, and make Cheboygan County more visually attractive.
How to Make a Donation
Gifting of Securities to the Cheboygan County Community Foundation:
- Contact our CPA Annette Eustice at Rehmann and advise her of your intent to make a stock donation – 231-627-3143.
- Contact your Financial Advisor/Institution and have donation sent to:
Pershing, LLC
One Pershing Plaza
Jersey City, NJ 07399
Account Number: ABM215336
DTCC: 0443
- If additional assistance is needed Contact Matt DeWildt or Anne LaBelle at CNB Financial Services – 231-627-8303.
- Cheboygan County Community Foundation is a Non-Profit 501(c)(3) entity.
Important Tax Information
You need to read this!
The new tax law introduced a $25,000 standard deduction. This means in order for you to actually benefit any further from being able to deduct charitable contributions, they must exceed $25,000. Most people don’t reach that level. However, if you are older than 70 ½, there is a little known secret that can give you the same benefit as a deduction.
As you know, or soon will, if you are over 70 ½ and have a 401(k), IRA, 403(b), and etc. account, you MUST start making Required Minimum Distributions (RMD) this year. If you were in, say a 25% federal tax bracket, a $1,000 required distribution would create $250 in federal taxes in addition to state income taxes. However, if you take advantage of this little secret, you can save those taxes.
The secret is called a Qualified Charitable Distribution (QCD). If you already make, let’s say a $1,000 contribution to a charity, like the Foundation, you can make it as a QCD. This is done by notifying your account custodian (bank,
investment co., mutual fund, and etc.) that a portion of your Required Minimum Distribution this year should be a QCD and should be paid directly to the Cheboygan County Community Foundation, or some other charity. The custodian makes the check payable directly to the charity. You have now satisfied that portion of your RMD and owe no taxes on it. You just saved $250 plus state income taxes. Larger contributions save even more.
Can you think of one reason not to do this? Call your investment advisor now.