A raft of nonprofits and charitable groups will come together for next Saturday’s Day of Giving on the Iola square.
The event will give local folks opportunity to learn about the various groups in Iola and surrounding communities that help make our corner of the world better.
Activities will unfold on the south lawn of the ourthouse square from 9 a.m. to 4 p.m.
The nonprofits will outline goals, answer questions and be available to accept donations.
Umbrella for the event is the Allen County Community Foundation, of which many are associated. The foundation provides a ready opportunity for nonprofits and charitable groups to have their funds safely managed by the foundation for a 1 percent management fee. In the case of endowments, the foundation also provides a means for those funds to attract additional revenue from the Kansas Health Foundation, Wichita.
“We’re here to help in any way we can,” said Susan Michael, director of the community foundation.
Having donations filtered through the foundation also makes them tax deductible for the donor, since not all causes have acquired 501 (c) (3) status, necessary for donors to claim what is given as a tax deduction.
“The MOMs (Mothers of Miracles) is a good example,” Michael said. “We held its money until it was spent on the playground equipment, which made donations tax deductible.”
Having the foundation involved also increases fiscal responsibility and precludes funds lying about in one place or another.
Each group must have specific purposes for contributions they receive, but can change as needs dictate.
Again using the MOMs as example, she said if money remained in its account after the playground equipment in Riverside was in place, the group could designate the funds to go toward hospital assistance for a special needs child. Only requirement would be for the decision to pass muster with Alan Weber, foundation board member and its attorney.
THE FOUNDATION is the holding body for both designated donations and money put into endowments.
Designated funds are wholly available for a group’s purpose. An endowment means funds are held and only proceeds from their investment are available for expenditure.
Of the almost $1 million the community foundation has as its responsibility, nearly $300,000 is endowed through eight separate funds. The classification makes each fund eligible for matching monies from the Kansas Health Foundation.
Two of these funds, Allen County Community Operations Endowment Fund and Allen County Public Health Endowment Fund, draw 50 percent matches. The others draw 25 percent.
That’s where things get a little complicated, Michael allowed.
