Impact100 South Jersey Raises $74k To Award to A Local Non-profit

By CFSJ

January 17, 2018

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A group of South Jersey women have raised $74,000 through a newly created collective giving initiative called Impact100 South Jersey. A single grant in that amount will be awarded in June to one deserving nonprofit in Burlington, Camden, Gloucester or Cumberland Counties. Impact100 South Jersey launched in September with the goal of raising $100,000 to be given to one organization. The members will choose which nonprofit will receive the grant during their annual meeting on June 26th.

Impact100 is a global women’s collective giving initiative that combines the financial resources, expertise and talents of women who want to generate transformative change in their own communities. There are dozens of Impact 100s throughout the United States and several more in Australia. The model is simple. Each member contributes $1,000. Volunteer members then vet local organizations that apply.

Nonprofit organizations with annual budgets between $300,000 and $5 million are invited to apply for Impact100 South Jersey’s first grant. These proposals must fit within three focus areas: Women, Children and Families; Arts and Culture; Education and Professional Development.

A Grant Information Session for interested non-profits will be held Tuesday, January 23 at 10 AM at the William G. Rohrer Memorial Library, Haddon Township Branch, 15 MacArthur Blvd. in Westmont, NJ. Attendance is not required to be considered for the grant.

Impact100 South Jersey was born out of a gathering of women hosted by Community Foundation of South Jersey in 2015. “The women who attended expressed the desire to have an impact on organizations that serve their community, but they that felt being a philanthropist was out of reach,” said Kyle Ruffin, a founding member. “Impact100 is a tested, well-thought out model that puts philanthropy within reach for women at different income levels,” Ruffin added.

Impact100 South Jersey is one of four Impact100s in New Jersey, but the only one exclusively focused on South Jersey.

“It is important for us to have an impact where we live,” Ruffin added. “Our group is eager to support smaller organizations that compete for funding with larger, better-resourced organizations and non-profits from other parts of our region.”

For more information about Impact100 South Jersey, visit impact100sj.org or email info@impact100sj.org.

Pictured: Seated (l-r) Impact100 SJ Members Kyle Ruffin, Cynthia Quinton, Judy Greenberg, Jenn Delmonte. Standing (l-r) Amy Leis, Kim Moon, Patti Withington, Barbara Little, Theresa DiVietro, Nancy Weber and Lee Albright

Tax Proposals Warrant Immediate Attention

By CFSJ

December 13, 2017

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How the Proposed Tax Plan Will Likely Affect Charitable Giving

By Glenn Henkel, Esquire | Kulzer & DiPadova, PA

As you have probably heard, there is now a rush for federal tax reform which could occur soon, possibly even before the end of 2017. Tax bills have been approved by both the United States House of Representatives and the United States Senate. Procedurally, the two bills must be “reconciled” meaning that a Joint Committee on Taxation is being formed with representatives of both legislative branches. This Committee will hash out any differences between the versions and propose a new complete bill that will be resubmitted to each legislative body for final approval. The identical bill must be approved by both houses of Congress (House and Senate) before that bill can be sent to the President for signature and implementation into law.

One hallmark of the proposals attempts to eliminate or limit tax deductions, particularly the current deduction allowed for “State And Local Tax,” commonly called the SALT deduction and the proposals will create more simplicity by increasing the “standard deduction.” This means that fewer taxpayers will be interested in “itemizing” their deductions to arrive at their final tax due. Under current law, a variety of “itemized deductions” can offset taxable income, the amount used to calculate the tax. Typical itemized deductions include not only the SALT deduction and home mortgage interest deduction, but also charitable deductions.

Because New Jersey is a high tax state, the proposed structure, if enacted, means that many New Jersey taxpayers will be less likely to “itemize” their deductions because of losing the SALT deduction. While the charitable deduction remains an approved deduction in arriving at taxable income, the effectiveness of the charitable income tax deduction will be reduced because many New Jersey residents will no longer be qualified to use the “itemized deductions” method in arriving at their taxable income. Hence, because the charitable deduction may be limited in 2018 and beyond, now is the time to make charitable contributions if the donor wants to secure the deduction.

Community Foundation of South Jersey Can Help

If an individual is interested in obtaining a charitable income tax deduction in 2017, the creation of a donor-advised fund at the Community Foundation of Southern New Jersey is an easy way to accommodate charitable goals. The amounts placed in the donor-advised fund can be treated as a 2017 tax deduction even though the funds may be disbursed to charitable beneficiaries years later. Now is a crucial time to consider creating a donor advised fund at the Community Foundation of Southern New Jersey if you plan to do so!

Another stealth provision contained in the proposed tax law involves creation of a new rule which would mandate that any “sale, exchange or other disposition” of a security will be determined on a “first in first out basis.” See Tax Cuts and Job Act Section 13533. Current law allows a donor to specify which shares (if there are multiple blocks of the same security held) are being gifted or sold. This may affect a common strategy used for charitable gifting. When an individual holds appreciated securities, a gift of the appreciated securities to charity will both avoid the capital gain tax that would be imposed if sold and secure a donation deduction equal to the fair market value of the securities at date of gift. This approach effectively makes any embedded capital gains “disappear.”

For example, suppose donor Charlie Charitable holds two blocks of Microsoft stock, both worth $1,000. Suppose one block of stock was recently acquired and has an income tax “basis” of $1,000. Suppose the other block of stock was purchased decades earlier and has a tax basis of $100. Charlie would be advised to donate the block of stock with the low basis because the capital gain imposed on sale makes it less valuable if he must liquidate the investment. This new rule would force Charlie to gift or sell the “low basis” block of stock. That is not a problem for Charlie if he plans to give the shares to charity but it would create a difficulty if he sells the shares. He would be forced to incur a tax liability. Suppose Charlie holds two blocks of General Electric stock. Long held stock with a basis of $30 a share and recently acquired shares that were purchased for $20 a share. He would be better holding and not gifting the General Electric shares. This provision, if enacted, will dramatically change the tax calculation to a long-held planning opportunity, gift of appreciated securities to charity. This new “first in first out” rule would apply on sales or donations of blocks of securities but it will create substantial administrative and accounting concerns, if enacted.

Now is the opportune time to consider charitable gifting to accelerate tax deductions in 2017 and a donor-advised fund at the Community Foundation of Southern New Jersey can help!

Glenn Henkel is a shareholder in the firm Kulzer & DiPadova. Mr. Henkel is the author of New Jersey Estate Planning Manual: Theory, Practice & Forms – 2007 (with Steven K. Mignogna and Gerard G. Brew). He was an editor and a contributing author and editor of New Jersey Estate and Trust Litigation: 2nd Edition – 2012 (by Steven K. Mignogna) and New Jersey Probate Procedures Manual – 2009 (by Gerard G. Brew). He was one of the key principals on the NJ bar association committee to conform the UTC, as adopted by the Uniform Law Commission to New Jersey law.

Henkel is a Fellow of the American College of Trust and Estate Counsel. He is currently a member of the Board of Directors of the Philadelphia Estate Planning Council. He is a Past Chair of the Real Property, Trust and Estate Law Section and is Past Chair of the Taxation Section of the New Jersey State Bar Association. He is also a member of the American Bar Association, the New Jersey Bar Association, and the Camden County Bar Association.

Foundations Focused On Hurricanes Irma & Harvey Disaster Relief

By CFSJ

September 11, 2017

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Hurricane Irma

In response to Hurricane Irma affecting communities across the state of Florida and the Caribbean, the Florida Philanthropic Network has compiled a list of places to give and serve. They are working directly with the Center for Disaster Philanthropy to coordinate relief and recovery efforts.

Ways to Give

Center for Disaster Philanthropy Hurricane Irma Recovery Fund
In response to the long-term recovery needs that will arise following this devastating storm, the CDP Hurricane Irma Recovery Fund will focus on medium and long-term rebuilding needs, such as rebuilding homes, businesses, infrastructure, meeting the needs of young children, and supporting mental health needs. Geographically, the fund will focus on the entirety of the storm’s impact area. The fund allows donors to give now to support recovery needs that continue long after the TV cameras and news teams rollup coverage and turn the eye of the world away from this disaster.

NetHope supported by The Patterson Foundation
The Patterson Foundation strengthens the efforts of people, organizations, and communities by working with NetHope to improve information sharing and data-management strategies between NGOs, communities, and governments in locations around the world affected by disasters. Hurricane Irma has devastated parts of the Caribbean, knocking out communications that are vital for residents and first responders. NetHope has activated its Emergency Response Working Group to the region.

Hurricane Assistance Fund – Palm Beach & Martin Counties
FPN members in South Florida have issued a Hurricane Assistance Fund to make grants to nonprofit organizations in Palm Beach and Martin Counties affected by the storm. The Hurricane Assistance Fund application is a collective effort between Community Foundation for Palm Beach & Martin Counties, Children’s Services Council of Palm Beach County, United Way of Palm Beach County, Quantum Foundation, Lost Tree Village Foundation, Palm Beach County Department of Community Services and the Farris Family Foundation.

Hurricane Relief Fund at The Miami Foundation
The Fund will help recovery and rebuilding work driven by organizations on the ground helping families, communities and businesses rebuild and recover.

Broward Cares
Broward Cares is a strategic collaboration of the Community Foundation of Broward, the Jewish Federation of Broward County, and United Way of Broward County. The three organizations will mutually collect donations and provide assistance for recovery and rebuilding through this collaborative disaster response initiative. 100 percent of donations made through Broward Cares will be directed to areas critically impacted by Hurricane Irma.

Tampa Bay Disaster Relief and Recovery Fund
The Tampa Bay Disaster Relief and Recovery Fund (TBDRRF) is a new strategic collaboration of the Community Foundation of Tampa Bay, Foundation for a Healthy St. Petersburg, Pinellas Community Foundation, United Way of Citrus County, United Way of Hernando, United Way of Pasco, and United Way Suncoast. This fund, which builds on one established by the Community Foundation of Tampa Bay in 2008, provides a trusted and reliable way to make tax-deductible donations to local storm recovery efforts. 100% of the funds collected through this effort will be directed to address immediate and mid- to long-term recovery needs through grants to select nonprofits.

Collier Comes Together Disaster Relief Fund
The Community Foundation of Collier County, in close collaboration with the City of Naples and Collier County Emergency Management, Collier County Sheriff’s Office, City of Naples Police Department, Marco Island Police Department and the United Way of Collier County has established the Collier Comes Together Disaster Relief Fund to provide assistance to Hurricane Irma victims. 100% of donations collected are distributed to victims and their families.

SWFL Hurricane Relief Fund
The Southwest Florida Community Foundation has joined forces with the United Way of Lee, Hendry, Glades and Okeechobee Counties to create a giving fund to help in the aftermath of those affected by Hurricane Irma. 100 percent of the funds donated through the Southwest Florida Community Foundation will be used by the United Way to provide emergency funds to directly help people displaced from their homes and those suffering loss due to the hurricane and floods.

Hurricane Relief Fund – Community Foundation of Sarasota County
Knowing the generosity of the community for the needs we know will lie ahead from Hurricane Irma’s wake and in order to be prepared for it, the Community Foundation of Sarasota County has established a fund to support relief efforts in the wake of Hurricane Irma.

Gulf Coast Disaster Fund
Gulf Coast Community Foundation has activated a disaster fund to support relief and recovery from the natural disaster that has affected our region. Relief will focus on making communities habitable again so residents can resume their daily lives. Recovery will include a range of activities needed to rebuild our regional economy and return stability to individuals and families. All donations are tax-deductible and will be distributed to 501(c)(3) public charities, less credit card fees.

Disaster Relief Fund at Manatee Community Foundation
As Manatee County faces the short-term relief and long-term recovery needs caused by Hurricane Irma, Manatee Community Foundation is working with other local partners to help donors make informed decisions about their giving. Selecting results-based organizations that are effective in their work will do the most good for the community.

Hurricane Irma Relief Fund – Central Florida Foundation
Central Florida Foundation has activated the Hurricane Irma Relief Fund. The fund will support longer term recovery and rebuilding efforts in Central Florida as we uncover the true effects of the storm in the days ahead.

Click here for the latest updated information from the Florida Philanthropic Network.

Hurricane Harvey

Houston-Flood-Image-sm Houston and the other areas hit by Hurricane Harvey have a long road ahead as they fight to restore their communities. Your support will help the recovery and rebuilding efforts in Houston.

Consider a donation to the Hurricane Harvey Relief Fund at the Greater Houston Community Foundation. This fund is similar to the Hurricane Sandy Relief Fund we set up in partnership with Community Foundation of NJ in 2012. Greater Houston Community Foundation will accept donations for victims affected by Hurricane Harvey, while also thinking long-term about Houston’s full recovery.

Houston’s challenges are just beginning. They’ll need support now and well into the future.

Give through your DONOR ADVISED FUND.

Make a CREDIT CARD donation.

To learn more about the Hurricane Harvey relief efforts, visit www.ghcf.org.