1. Special Library Levy Community Foundations
Money Matters
Special Library Levy
Community Foundations

2. Iowa Community Foundations
“Tax-exempt charitable organizations created by and for the people of our state’s diverse communities.”
“To help Iowans make a positive, local impact by offering a variety of tools to help people achieve their charitable goals and do good work in their communities that lasts forever.”

3. Sources of Information
Iowa Community Foundations,
Iowa Department of Economic Development – Endow Iowa,

4. Why Community Foundations?
Wanted to give people a way to give financially to their communities
Concerns about transfer of wealth

5. One County Example Cerro Gordo County
$245,000 transferred per average estate
On average, Cerro Gordo County has 342 probated estates annually

6. Projections 2000 - 2049 Cerro Gordo County: $7.8 billion
State of Iowa: $531 billion

7. Statewide Approximately 115 Community Foundation organizations
Every part of the state is included

8. Benefits of Community Foundations
Local organizations with deep roots in the community
Personalized service tailored to each individual’s charitable and financial interests.
Help people invest in the causes they care about
Can accept a wide variety of assets, and can facilitate complex forms of giving.
Maximum tax advantage under state and federal law
Benefit the communities they serve and help create personal legacies.
Provide the option to give anonymously

9. Benefits for the Library
Vehicle for donations
The library doesn’t have to go through the process and expense of establishing its own foundation
Administrative services including funds management and reporting are handled for the library

10. Costs
Most community foundations charge an administrative fee of between 1 - 2%

11. Community Foundation Funds
Library may establish a number of funds within the foundation
Each fund established has a designated purpose
For each fund there is a written agreement which states the fund’s particular purpose, who makes decisions about the fund, how the funds are disbursed

12. Oversight by Community Foundation
Community foundation is legally responsible for the funds and may request brief reports from the library to make sure the fund is being used in accord with the stated purpose

13. Steps
Could the library benefit from establishing a fund within the community foundation?
Discuss with library board
Contact your local community foundation,