Do you have a heart for giving and want to give back on a bigger scale than you could on your own? Do you want to learn about the work being done by local nonprofits in Otsego County? Do you want to be part of a caring and amazing group of women who are making a...
Blog
Close scrutiny of 501(c)(3) political activities in an election year
An election year frequently inspires clients’ passion for social issues, making philanthropy an especially important topic for your conversations. You may also experience an uptick in questions about giving vehicles such as donor-advised funds and foundations. It’s...
New program – What Matters?
The Otsego Community Foundation is excited to launch What Matters?, a new program designed to raise awareness around topics connected to local philanthropy. What Matters? will take place from 12 pm – 1 pm on the fourth Tuesday of the month (from February through...
Grant Spotlight: Foster care wishes come true
Today, the concept of “it takes a village” has given way to urban sprawl, disconnected families and broken lives. Wellspring Lutheran Services purposefully takes a whole-person approach to their organization and delivery of services. They are convinced that they must...
First Fund of Decade Established
The OCF is excited to announce the establishment of the first new fund of 2020, the Bill Marsh Fund. “We want to optimize the impact of our investments in the community, and partnering with the OCF is a great way to accomplish this goal,” stated Bill...
Scholarships Now Open
The Otsego Community Foundation (OCF) is accepting scholarship applications for graduating seniors as well as current college students starting on February 4, 2020. A total of 15 scholarships will be awarded, ranging from $500-$1,500. General scholarships, as well as...
OCF’s Karin Beyer Receives Chamber Award
On January 23 at the annual Gaylord Area Chamber of Commerce (GACC) Awards Celebration, OCF’s Karin Beyer was recognized with the Patti Dobrzelewski Volunteer of the Year Award. The award recognizes a community leader who donates his or her time to Chamber...
Watch out for compliance pitfalls as clients favor gifts of hard-to-value assets
If volatile market conditions persist, gifts of hard-to-value assets may become popular substitutes for appreciated stock gifts. That’s why we’re keeping a close eye on the IRS’s scrutiny of Form 8283, “Noncash Charitable Contributions,” especially now that the final...
Corporate philanthropists get relief from SALT cap on charitable donations
Businesses frequently make cash donations to charitable organizations. But what happens to the deductibility of those donations under the state and local tax limitations imposed by the 2017 tax law? This issue continues to be the subject of discussion, but your...
Charitable planning is a must prior to sale of a business
A new decade frequently inspires closely-held business owners to start thinking about an exit strategy. Before your business-owner client starts putting out feelers to potential acquirers, be sure to counsel your client about the benefits of contributing an ownership...
Special opportunity for a higher charitable deduction
Don’t miss out on the opportunity to inform your clients about a special provision in the Taxpayer Certainty and Disaster Tax Relief Act, signed into law on December 20, 2019 by President Trump. For cash donations made to public charities that are helping with...
So long, stretch IRA
Among the changes enacted by the SECURE Act, which became law on December 20, 2019, is a provision eliminating the so-called stretch IRA. This change, which came as a surprise to many wealth advisors, requires that non-spousal beneficiaries of a decedent’s IRA draw...