Honoring Those Who Touch Our Lives

As we celebrate the holidays and reflect on the year, we often think about what we are grateful for, and that may include others outside of family, who have touched our lives. Mentors play a pivotal role in many of our lives, and come in many forms, including employers, teachers, friends, family, collaborators, or anyone who challenges and encourages. Nearly 15 years ago, I was recruited to the American Endowment Foundation and began my career in charitable giving. In my first years and to his retirement, the CEO, Phil Tobin, was a fantastic mentor. He radiated a passion for philanthropy and had loads of experience to share.  A lot of what I know, I learned because of him.

Several funds were created as part of the Community Foundation of Lorain County’s League of Mentors because of the honoree’s lifetime of service as a teacher, guardian, and motivator.  The names of those individuals who were honored will forever be recognized as treasured mentors.  The Funds bearing their names will forever make grants to this community to honor their wisdom, integrity, and personal commitment.

Creating a fund can happen over time and can be added to by more than just one person.   A few years ago, the community all banded together to create the Cel Rivera and Elba Armstrong Fund to honor Cel’s service to the community.   That fund was created with the intention of 100 people donating $100 and was fully funded over a year.  You can also create a recurring donation plan where a monthly or quarterly charitable gift is taken from your bank account or credit card.  Any of these strategies below that were discussed last month, may also help create a fund to honor your mentor, allowing you the maximum charitable impact while maximizing your tax benefits:

1. Donating non-cash assets like stocks and appreciated securities
2. Charitable “bunching” 2022 and 2023 charitable contributions into this year to create the benefit of itemizing your tax deductions.
3. Utilizing your IRA Required Minimum Distribution (RMD) if you are 70½ and older to create a Qualified Charitable Distribution.

Even if you do not want to create a fund to honor someone, you can make a  gift in their honor to our  Touch the Future Fund. This fund’s unrestricted nature allows the Community Foundation to respond to the community’s changing needs as they arise and is essential considering our continued uncertainties. By adding to the Touch the Future Fund, your gift in honor of that mentor or family member will add to a lasting impact that will grow and change as the community does.

Please remember that while the deadline for donating for the 2022 tax year is December 31st, our offices will only be open until 5:00 pm on December 30th. Check donations and IRA RMD gifts sent by mail to our office must be postmarked by December 31st to count for 2022 charitable deductions. Gifts of appreciated securities must be received into Community Foundation’s account before the close of business on December 30th.  To learn more about how your donations can make a lasting impact, contact Laura Malone, Development Officer, at 440.984.7390.

We thank you for including Community Foundation in your giving at any time throughout this past year. We hope you have a healthy and safe holiday season.