Driving Community Success: The Miami County, Kansas Community Foundation

Miami County, Kansas, is more than just a location on a map. It’s a diverse community filled with vibrant culture, promising education, and individuals who care deeply about the place they call home. One of the foundations that has sprung up to enhance the lives of community members is the Miami County Community Foundation.

The Miami County, Kansas, Community Foundation has dedicated itself since 2007 to enriching this community, strengthening its social fabric, and fostering a culture of giving. Established with a clear mission to improve the business climate, elevate the quality of life, and advance cultural and educational development, the Miami County Community Foundation has been a beacon of philanthropic endeavors.

From the OHS/PHS Leadership Scholarship to the Rebecca Stroman Memorial Fund, members and donors of the Foundation understand that the growth of a community is not the responsibility of a select few but rather a collective effort. Together, we have the power to shape our community’s future.

Over the past decade, the Miami County, Kansas, Community Foundation has worked tirelessly to support the needs of residents, helping donors realize their philanthropic objectives and driving essential resources to local nonprofits that are making a positive impact.

We’ve seen firsthand how strategic giving can transform communities, sparking innovation and inspiring even more generosity. Miami County Community Foundation functions as a bridge, linking individuals and organizations that want to make a difference with those in the community who need their support.

With a steadfast commitment to our mission—to improve the business climate, elevate the quality of life, and advance cultural and educational development—we channel our resources towards enriching the quality of life in our area, nurturing our cultural roots, and supporting education for all ages.

The power to change our Miami County, Kansas, community lies within each of us. It’s a shared responsibility that binds us together and is the driving force behind the Miami County Community Foundation.

The Power of Endowments and Charitable Donations in Miami County, Kansas

Some of the structures used by the Miami County Community Foundation to raise donations are endowments and charitable donations. Thus, let’s take a closer look at endowments.

Understanding endowments

One of the most powerful mechanisms for funding that nonprofit organizations such as hospitals, museums, universities, and the Miami County, Kansas, Community Foundation take advantage of are endowments.

At its core, an endowment is a powerful fundraising tool designed to continually raise capital through charitable donations, which are then invested to generate returns. These returns, in turn, are used to fund operational costs and reinvest into the endowment, creating a self-sustaining financial cycle.

Endowments are a visionary approach to funding that ensures an organization can remain financially healthy and effectively serve its mission in the long term. The Financial Accounting Standards Board (FASB), which standardizes accounting principles in the United States, classifies endowments into three key categories:

Term endowments: Term endowments are a type of endowment that exists for a specified period. As the name suggests, these endowments aren’t forever; they are established with an expiration date. Usually, this date aligns with a specific goal or achievement, such as the fulfillment of a project, or it can be tied to a set period, say 10 or 20 years.

True endowments: On the other hand, true endowments are the quintessential “forever” funds. These are set up with explicit instructions from the donor that the principal sum will be held in perpetuity. This means the principal is never spent, but instead, it is invested, and the income generated from this investment is used to fund whatever cause the donor has specified.

Quasi-endowments: These are unique because they are not typically established through a donor’s directive. Instead, quasi-endowments are designated by an organization’s board of directors, often created using reserve funds, unrestricted gifts, or financial windfalls. Unlike true endowments, the principle of a quasi-endowment is not inviolable. While it’s generally treated as a long-term fund, the board of directors can access the principal amount if necessary. This gives organizations more financial flexibility while benefiting from a consistent income stream similar to a true endowment.

In terms of donation size, endowments tend to attract larger charitable donations than other forms of charitable giving. The reason for this is rooted in the lasting impact that these contributions can have.

When donors contribute to an endowment, they are not just supporting a cause in the present moment. They’re ensuring its sustainability for years, even decades, into the future. It is a way for donors to leave a lasting legacy, continually supporting the causes they care about most.

Another crucial aspect of endowments is the tax benefits they offer. In the United States, endowment funds receive significant tax breaks, being exempted from paying taxes on capital gains or dividends.

This tax-advantaged status incentivizes more donations, providing an attractive opportunity for donors to contribute more to the endowment funds and, therefore, to the organizations they want to support.

The impact of Miami County Community Foundation endowments

In 2017, the Miami County Community Foundation demonstrated its steadfast commitment to the community by disbursing more than $50,000 in scholarships and gifts. This financial support has had a transformative impact, touching the lives of individuals and organizations and strengthening the community in multiple ways.

The Miami County, Kansas, Community Foundation has devised a dynamic strategy that empowers donors to make a significant impact with as little as a $1000 initial investment. MICOCF’s Board members and employees serve as facilitators and guides throughout the process, helping donors achieve their philanthropic goals.

Donors can establish restricted or unrestricted endowments, and MICOCF offers flexible options for contributions, allowing donors to give during their lifetime or through planned giving. These endowments serve as potent catalysts for social change, with the income generated from these funds and additional donations being skillfully allocated to offer grants to various non-profit organizations in the greater Miami County area.

Among those who have benefitted from the Foundation’s financial assistance is the Miami County Historical Museum, which plays a crucial role in preserving and promoting the area’s rich history. Similarly, the Paola Community Garden of HOPE has been aided in its mission to provide food security and foster a sense of community.

Likewise, the Lakemary Center, an organization providing services for children and adults with developmental disabilities, has been supported in its endeavors. In addition, the Foundation has provided backing to the American Legion Riders, Cops for Tots, Salvation Army, United Way, Paola Senior Center, and the Unified School District #367, among others.

Join us in shaping a better tomorrow for Miami County. Your support is more than just a donation. It’s an investment in our community.

How To Get Involved With Charitable Organizations Like Miami County Community Foundation

Charitable organizations such as the Miami County, Kansas, Community Foundation are governed by a board of private citizens who oversee various restricted and unrestricted endowments, including donor-advised funds and scholarship funds of all sizes.

Assuming you are interested in the Miami County, Kansas, community foundation grants, how would you get involved or contribute? Here’s how:

1. Donor-advised funds: This is a unique and flexible way to contribute to the causes you care about while enjoying tax benefits. When establishing a Donor Advised Fund, you make an irrevocable gift of personal assets, select a name for the fund, and choose advisors and beneficiaries. This structure allows you to gain immediate tax benefits and maintain influence over how the grants are awarded, providing a way to be involved in the philanthropic process while making a real difference.

Scholarship funds: As a donor, you can establish a fund and choose the scholarship’s name, set the eligibility criteria, and decide the award amount. In this way, you are contributing to the education of deserving students and fostering their potential for future success.

Various forms of donations: These can range from cash to stocks, bonds, real estate, and other income-producing assets. These charitable donations are advantageous as they qualify for maximum philanthropic benefits under state and federal law. They provide a compelling reason to contribute to your list of charitable donations and help the community.

Life insurance policies: These can be transformed into charitable gifts, offering tax benefits for the donor. The Foundation can be named as the owner and irrevocable beneficiary of the policy, providing a meaningful legacy for you or a loved one while contributing to the Miami County, Kansas, Community Foundation’s goals.

Donations to existing or general funds: Doing so offers a seamless contribution process. It is worth mentioning that the Miami County Community Foundation accepts donations through credit cards, PayPal, and checks.

Qualified Charitable Distribution (QCD): Recent changes in tax laws have made QCDs more advantageous. By transferring retirement plan assets to a charitable organization like the Miami County Community Foundation, you can preserve certain tax credits and reduce tax liabilities for your heirs.

Memorials or honor gifts: These unique donations can keep a loved one’s memory alive or honor an individual while they are still with us. Contributions can be made to an existing fund or used to establish a new one, offering a heartfelt way to recognize someone special while benefiting Miami County, Kansas.

The Miami County, Kansas, Community Foundation: What the Future Holds

The Miami County, Kansas, Community Foundation is much more than an organization; it’s a movement powered by a strong sense of community, shared purpose, and collective responsibility. As we’ve explored in this post, our Foundation is at the heart of significant initiatives and projects within Miami County, impacting lives, fostering development, and driving success through effective philanthropy.

From managing Donor Advised Funds and Scholarship Funds to establishing endowments that enable sustainable support, the Foundation provides a platform for residents to engage in meaningful philanthropy. Our grants empower local nonprofits, support education, enrich our culture, and contribute to improving the quality of life.

As we look to the future, our vision for Miami County is one of continued growth, prosperity, and community spirit. The Miami County Community Foundation is committed to driving this vision forward, supporting new initiatives, and nurturing our existing efforts. With the help of our donors, volunteers, and the broader community, we’re excited about the potential for positive change that lies ahead.

Transform lives with just one click – Your donation can make real change possible. You have the opportunity to transform lives to provide resources to those who need them most.