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Enhancing Community Philanthropy in Iowa State Initiatives

Enhancing Community Philanthropy in Iowa State Initiatives. Mike Miller 515.242.4807 mike.miller@iowalifechanging.com. ENDOW IOWA. Tax Credits Grants. ENDOW IOWA GRANTS. $155,303 available Maximum of $25,000 per grant award

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Enhancing Community Philanthropy in Iowa State Initiatives

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  1. Enhancing Community Philanthropy in IowaState Initiatives Mike Miller 515.242.4807 mike.miller@iowalifechanging.com

  2. ENDOW IOWA • Tax Credits • Grants

  3. ENDOW IOWA GRANTS • $155,303 available • Maximum of $25,000 per grant award • To be awarded by Iowa Council of Foundations (as “Lead Philanthropic Entity”)

  4. ENDOW IOWA GRANTS • Up to $155,303 in Tax Credits for Donors • up to $7,765 per application • Application and Selection Process for Grants • currently under development by the Council of Foundations • will emphasize new foundations/affiliates • Scheduled to begin • Early 2005

  5. COUNTY ENDOWMENT FUNDS WHAT? • Gambling revenue enhancing county-wide philanthropy in Iowa WHO? • Counties that DO NOT have gambling • Maximum of one (1) Qualified Community Foundation or affiliate of QCFs per county • QCF assisting county-wide needs

  6. COUNTY ENDOWMENT FUND HOW? • ½ of 1% of Iowa’s gambling revenue = estimated $50,000 - $60,000 year/county • 75% of funds pass thru to charitable organizations for educational, civic, public, patriotic, or religious uses • 25% must be allocated for permanent endowment and similar purpose

  7. COUNTY ENDOWMENT FUND WHEN? • Department of Revenue estimates first distribution to Qualified Foundations will be Fall 2005

  8. COUNTY ENDOWMENT FUND How to Qualify for $ ? • Be a Qualified Community Foundation or an Affiliate of a QCF • “Address county-wide needs” (language from legislation) • i.e. serve entire county  not just one or two communities

  9. COUNTY ENDOWMENT FUNDNEXT STEPS • Develop List of Qualified Recipients • Rating/Selection Process • may be required where more than one entity qualifies • Iowa Council of Foundations is likely to be responsible for this process • Funds Distributed • next fall

  10. COUNTY ENDOWMENT FUNDPOSSIBLE RATING CRITERIA • Degree of Representation on Board/Governing body • Philanthropic Activity undertaken throughout the county/area by the entity within the first three (3) years • Length of Time established

  11. CONTACT INFORMATION Iowa Council of Foundations 319.287.9106 or office@communityfoundationneiowa.com

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