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The Erie Community Foundation cannot accomplish anything without donors who support our mission. While our named funds normally begin with gifts of $10,000 or more, ECF accepts gifts of any size. Gifts can be made to our general fund or to any of nearly 500 named funds.
Additionally, we have significant experience facilitating gifts of appreciated securities, real estate, as well as with the creation of charitable gift annuities, charitable remainder and charitable lead trusts.
The vast majority of our named funds are permanently endowed. Smaller, non-endowed, gifts are distributed to our community through our competitive grants program.
New Pension Law Has Charitable Provision
Thanks to decades of deliberate saving, many of today’s retirees have significant investments in their IRAs. It is now easier than ever to share some of that wealth with your favorite charity.
This past August, a federal law was enacted allowing certain Individual Retirement account (IRA) owners to contribute a portion of their retirement savings directly to charity without first declaring the withdrawal as income. “This is a good, and time-limited opportunity for some donors,” said Michael L. Batchelor, president of The Erie Community Foundation. “Sheltered retirement funds are often the most highly taxed asset in an estate. The pension protection act can definitely help donors who want to gift a portion of their retirement funds to charity,” he said.
In 2006 and 2007, holders of traditional and Roth IRAs who are at least 70 ½ years old can make direct charitable transfers up to $100,000 per year. “These transfers are not counted as income, but they also do not qualify for a charitable tax deduction,” said Batchelor. “This new law makes it easier for certain donors to transform their charitable intent into action now, rather than wait for a bequest or estate gift. Why not let charities benefit from your generosity today?” he said.
As with any complex gift, donors are encouraged to contact their personal professional advisors. “There is a lot of fine print in this legislation,” said Batchelor. “But it is a new opportunity that should be explored.”
William Schuster Legacy - The Power of Perpetuity
In 1998, the estate of William Schuster, founder of Warren Radio, established an endowment fund of $1.2 million to annually benefit 14 favored charities. Since that time, this endowment at The Erie Community Foundation has grown to over $1.5 million and distributed over $520,000. In 2008, Fran and Bill Schuster’s favorite charities received grants valued at $82,216 from the income of the endowment.
“Our job is to protect, and enhance, the original purchasing power of charitable endowments”, said Foundation president Michael L. Batchelor. “Bill and Fran wanted financial support to continue in perpetuity for their favorite charities, and we are honored to help them accomplish their charitable and estate planning objectives.”
The Schuster’s requested that The Erie Community Foundation annually ask eligible charities to submit specific proposals indicating how they would use available income. “Bill wanted to insure his generosity was used wisely,” continued Batchelor. “He also wanted to encourage others to leave charitable legacies so he asked that we announce these grants at an annual public ceremony.”
Celebrating Schuster Day are Matthew Grisier, Eliza Borgia and Whitney Manion of the Erie Playhouse Youtheatre with Mike Batchelor, president of The Erie Community Foundation. The students performed two songs from Around the World in 80 Days at the celebration.
In celebration, members of the Erie Playhouse Youth Theater performed two songs from Around the World in 80 Days. “This is always an enjoyable event. Bill and Fran left a legacy that will enrich our community for generations to come,” Batchelor added. “It is a legacy worth celebrating.”
Schuster Day celebrates 10 year anniversary of the established fund which names 14 of Bill and Fran Schuster’s favorite charities.
The fourteen charities, who Mr. Schuster named in his will, include:
American Red Cross - $3,864
Community Country Day School - $7,645
Discovery Square - $5,754
Erie Art Museum - $1,891
Erie Playhouse - $1,891
Erie Zoological Society - $1,891
Hospice of Metropolitan Erie - $7,645
Humane Society of Northwest PA - $3,864
Junior Philharmonic - $15,291
Lake Erie Ballet/Erie Civic Ballet - $7,654
Stairways Behavioral Health - $7,645
United Way of Erie County - $7,645
Vision & Blindness Resources-Erie - $1,891
Visiting Nurse Association - $7,645
Grand Total - $82,216
For more information about the power of an endowment or questions about establishing one, please contact Michael Batchelor, president, or call 814-454-0843.