Sep 29, 2006 3 min read

In December 2005, the Community Foundation of Fayette County announced to the community that $1 million from a bequest had been earmarked for a new matching gift program to encourage donors to add to or create endowments to help Fayette County’s non-profit organizations. The program is designed to preserve principle additions and matching money directing the earnings annually to various charities throughout the community. The $1 for $3 match by CFFC is $2,500 on a minimum gift of $7,500.

“The matching gift program has proven to be very successful,” noted Charles B. Cluss, CFFC chairperson, following a recent executive committee meeting last week. “This infusion of new matching monies has brought in over $1.7 million in committed additions to existing and new funds at the Foundation. To date, 20 individuals, families and community organizations are now participating in the program and others are in the planning stage. Because of this success, we [CFFC] have agreed to increase the upper limit on permanent new gifts from $600,000 to $800,000. CFFC will now raise the maximum match level from $200,000 to $266,666.”

CFFC Executive Director Clara Pascoe reported that many of the new or additional funds added were directed to funding area scholarships and educational funds while other additions came from churches and organizations establishing agency funds.

Those in the community considering charitable gifts before the end of the year still have time to take advantage of this matching program by establishing a fund or donating to an existing fund at the Foundation.

Pascoe also reported that one of the more timely subjects at the recent training seminar she attended at the Council on Foundation’s Center for Community Foundation Excellence was the new Pension Protection Act of 2006, which Congress passed in August.

In addition to new rules for charities, Pascoe said the biggest news is for retirees and the change in the law permitting charitable donations of IRA monies.

For the remainder of 2006 and for the year 2007, people of age 70-1/2 and older can give up to $100,000 per year from their IRA directly to a charity to avoid paying income taxes. The money must be transferred directly from the IRA trustee to the charity [contributions to donor-advised funds aren’t eligible].

Individuals considering using the provision should talk with their IRA trustee, accountant or financial advisor to see if they qualify for making a gift to the Community Foundation.

For additional information contact the foundation at 2 W. Main St., Suite 101, Uniontown, Pa., 15401, by phone at 724.437.8600 or through its website www.cffayettepa.org.