Fostering the Giving Spirit in Smyth County
Fostering the Giving Spirit in Smyth County
There are several ways to give back to our community through Smyth County Community Foundation. By leveraging our 501(c)(3) status, you are able to make a tax-deductible contribution to an existing fund or start one of your own. We invest the donation and give back to the community from the investment earnings. This means that we can give to the community for many years to come.
An endowment can be started with a cash donation, a gift of stock, life insurance, property or other asset. SCCF will be by your side to manage your endowment, based on your wishes. We manage the investment of your donation along with handling all the administrative details around grant applications, issuing grants, tracking progress and filing project end reports. Learn more about how endowments work.
There are several different types of endowments you may wish to start.
Agency Endowment Funds
If you are a nonprofit organization, this fund type is a great way for you to set up a fund for your own benefit. SCCF will manage the investment and pay out an award, directly to your nonprofit organization to be used for operating expenses, capital purchases or any other expense.
Designated Endowment Funds
With this fund type, you designate which specific charities will be supported by the fund. If one of the charities ceases to exist, another organization serving the same purpose in Smyth County will be selected to receive funding.
Donor Advised Funds
This is an alternative to setting up your own private foundation that allows you to receive an immediate tax deduction for your donation and then, you remain involved by recommending your favorite charities to receive the grant awards from this fund.
Field of Interest Funds
These funds are established to support a particular area of interest (like child welfare, the arts, public education, etc.) and are managed by SCCF to market the fund, select, and award applicants.
Scholarship Endowment Funds
If your heart is in education, a scholarship is a great way to provide financial support to Smyth County students in the areas of your choosing. SCCF markets your scholarship to area students, creates a selection committee to fairly select recipients and handles the administrative requirements for fair distribution of awards.
Unrestricted Endowment Funds
Selecting this fund type for your donation, allows SCCF to address the ever-changing critical needs in Smyth County while honoring your family or organization name.
Planned Giving Options
You have supported worthy causes in Smyth County throughout your life, and through SCCF Planned Giving, you can continue that support for years to come. You may choose to create a fund of any type we offer or you can donate to the SCCF unrestricted fund. You decide. Gifts can be in the form of a bequest, life insurance, retirement plan, or other assets.
Contact Lynda Helton, Executive Director, to learn more about The Legacy Circle (276) 378-8098.
Popular Options for Legacy Giving
- Including Smyth County Community Foundation in your will or trust, can take the form of a specific cash amount, a particular item or property, or a percentage of your estate. We have sample language that you and your attorney may use to include in your will or trust. (download here)
- By naming Smyth County Community Foundation as the beneficiary of your life insurance policy, you can establish years of giving, beyond your life. There may be tax benefits to enjoy during your lifetime by setting this up with SCCF as the irrevocable beneficiary of an existing policy. Proceeds from this policy can be used to set up a fund based on your wishes.
Since SCCF is a tax-exempt organization, setting SCCF as a beneficiary on a retirement account, allows you to maximize your charitable giving by avoiding income or estate tax penalties. Retirement Plan assets can be some of the most heavily taxed estate assets. The best part is that you decide how we use your gift to better our community for years to come.
While we cannot offer tax or legal advice, we can work with you, your family and your professional advisor to carry out your vision.
Support Smyth County Community Foundation
If you would like to send a check instead, address it to Smyth County Community Foundation and include the scholarship or endowment name on the “For” line. Please mail your check to 1 Health Way, Marion, VA 24354.