Esch named president of Community Foundation parent company

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Esch named president of Community Foundation parent company

At the December meeting of the Community Foundation of the Northern Alleghenies (CFNA), Bob Esch, on left, was named the new president of the board of directors, taking over the reins from past president, Bill Conrad. CFNA is the parent company of the Elk County Community Foundation and the McKean County Community Foundation. The common mission of the two foundations is to enhance the quality of life in the local area as they strengthen their region through development, stewardship, and grant making. With a shared vision to inspire philanthropy and strengthen their unique communities, these affiliate foundations are making an impact in the Northern Allegheny region. For more information on donor opportunities, scholarships, and grants visit their websites at www.mckeancountyfoundation.org or www.elkcountyfoundation.org.

11 Bradford Scholarships under care of McKean County Community Foundation

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Jan 16, 2020: 11 Bradford scholarships under care of McKean County Community Foundation

A new partnership with the McKean County Community Foundation and Bradford Area School District means extra funding for local scholarship recipients — up to twice as much.

“To date 11 of the scholarships held at the district have transferred nearly $187,000 to the Foundation for administration and there are still a few more accounts that may be interested in exploring collaboration with the Community Foundation,” according to a press release from Paula Fritz Eddy, executive director of the foundation.

Eddy explained that the foundation “is a non-profit organization that strives to strengthen our region through development, stewardship and grant making as it works with donors to achieve their philanthropic goals.”

Regarding the Bradford scholarships that were just transferred, the community foundation will help grow the funds, as well as administer the school district’s scholarship program.

“It’s great for the recipients of the scholarship, too,” noted Bob Esch, board president of the foundation, at a gathering of the foundation and school district on Wednesday.

Not only will the foundation help grow the funds themselves, the new partnership means that scholarship recipients will now be eligible for additional educational funding through the Pennsylvania Higher Education Assistance Agency.

“One of the most important benefits is the McKean County Community Foundation is a PATH partner with PHEAA,” Eddy explained. “As a partner with the Pennsylvania Higher Education Assistance Agency (PHEAA) Partnership for Access to Higher Education (PATH), the Community Foundation scholarship recipients are nominated for matching funds and often receive additional grants from PHEAA.”

Bradford scholarships that have been transferred are the Andrus Family Good Citizenship Award; BAHS Class of 1960 Scholarship; Andrew Taylor Recognition Award; Ernest C. Tanner Memorial Scholarship; Elzear Kalstrom Schoch English Scholarship; Garrick S. Anderson Memorial Scholarship; Mary Motty Memorial Scholarship; Rodney Schoch Band Scholarship; Samuel F. Heffner Sr. Memorial Scholarship; Timothy S. Epsen Memorial Scholarship; and the Bradford Area Fire Department Scholarship.

As Eddy explained, these scholarships represent decades of giving in the Bradford community.

“There’s some that are 40 years old” that were left in estate plans, she noted. Others are newer, such as the BAHS Class of 1960 Scholarship and the Garrick S. Anderson Memorial Scholarship.

Until now, the school district had been holding all above scholarships, some of them in the role of trustee, she noted.

“The benefits of partnership will bring many more scholarship opportunities to area students as they pursue their higher education,” Eddy added.

Bradford is the second school district in McKean County to partner with an affiliate of the Community Foundation of the Northern Alleghenies, according to Eddy. She explained the Kane Area School District transferred funds to the Elk County Community Foundation close to 10 years ago.

The Community Foundation of the Northern Alleghenies is the parent organization for both the McKean County and Elk County community foundations. The Kane scholarship transfer occurred before the formation of the McKean County Community Foundation, which was established in 2017.

Eddy described the role of the McKean County Community Foundation as so: “The Foundation manages charitable funds, grows them through sound investment policies, and distributes grants to local non-profit organizations and scholarships to students.

“Many school districts have placed their scholarship funds with community foundations for investment because Pennsylvania School Code restricts investments to certain types of low-risk, low-earning investments. The partnership will offer multiple benefits and help grow the scholarship program for the Bradford schools,” she said.

Eddy noted that the McKean County Community Foundation is accepting donations to any of those scholarships. Donating is as simple as mailing a check to the foundation at: McKean County Community Foundation, P.O. Box 708, Bradford, PA 16701. People can also donate by phone at 844-238-2289 or online at mckeancountyfoundation.org.

PHOTO: Representatives of Bradford Area School District and McKean County Community Foundation celebrate the transfer of nearly $187,000 in scholarships form the district’s care to the foundation’s care. From left are Paula Fritz Eddy; Executive Director of the McKean County Community Foundation; Bob Esch, Board President of the Community Foundation; Katharine Pude, BASD Superintendent; Judy Bodamer, Director of Finance at the school district; and Lynne Eschrich, Guidance Secretary at Bradford Area High School.

Community Foundation shares tax strategies for donors

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St. Marys, PA, January 2, 2020: The Community Foundation of the Northern Alleghenies, and its affiliates, the Elk County Community Foundation and the McKean County Community Foundation, are inspired by working with donors to help them create charitable strategies and legacy gifts that benefit both the donors and their community. Donors can take advantage of various tax strategies to make the most of their charitable giving.

These Community Foundations have resources to help donors do the most with their means, at whatever level they are comfortable sharing. In addition to making a difference in the community, charitable giving can have tax benefits that are well worth exploring.

One strategy is to celebrate your 70 ½ birthday in a special way. At this age you must begin taking Required Minimum Distributions from your IRA and paying taxes on that additional income. Fortunately, the IRS allows generous donors to direct all or a portion of their distribution (up to $100,000) to entities like the Elk County or the McKean County Community Foundation. Any gift made directly to the Foundation is excluded from your taxable income.

Another strategy is called “Bunching”.  In today’s tax environment, your charitable gifts may or may not be deductible on your tax return, depending on your ability to itemize in a given year. Charitable donations are deductible only if you itemize, which may be a less likely scenario for many taxpayers given today’s higher standard deduction. In 2020, the standard deduction will be $12,400 for individuals and $24,800 for married couples.

Taxpayers can benefit from the new tax law and get back some of the tax advantages of their charitable contributions by using Bunching. Essentially, this means combining perhaps several years’ worth of donations into a single tax year so that – along with your other deductions – you exceed the standard deduction. Then you’d take the standard deduction in the interim years.

Of course, bunching multiple contributions into a single year can feel daunting if you’re not sure how much you want to give and to whom. So to build some flexibility into your giving plan, you may wish to set up a donor-advised fund account at a community foundation, which allows you to donate a lump sum in the current tax year, invest the funds for future growth, and parcel out the money to qualified charities over time. The money can continue to appreciate once invested in a donor-advised fund account, which means the potential for even greater giving down the road.

The Community Foundation of the Northern Alleghenies is a nonprofit organization that manages endowed funds established by donors to benefit area nonprofit organizations. Donor gifts are tax deductible to the full extent allowed by law. For more information about donations, grant requests or other opportunities at the Foundation please contact them at 814-834-2125.

Women’s Giving Circle Initiates Membership Drive

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Bradford, PA, Nov. 1, 2019:

Eighty-two women, committed to volunteerism and sharing, came together on October 10 to learn more about the new Women’s Giving Circle (WGC) of McKean County, a project of the McKean County Community Foundation.

“We are appreciative of the 58 women who joined our organization pledging more than $8,350 to support McKean County non-profit 501c3 organizations that implement programs focused on improving the lives of women and their families,” said Carol Duffy, co-chair of the organization.

“Any woman donating $100 or more is considered a voting member of the organization and will be a part of the grant selection process at our annual meeting next fall,” said Judy Bodamer, co-chair of the organization.  “But we need the help of more women in McKean County to reach or surpass our goal of 75 members,” she added.

The Annual Membership Year runs from October 1st to September 30th. Gifts can be made anytime within the Annual Giving Period from October 1st to June 1st. The grants that will be distributed in McKean County by the Women’s Giving Circle in the fall of 2020 will make a meaningful impact on women and their families.

To learn more about WGC or to become a member, go to www.mckeancountyfoundation.org or contact the McKean County Community Foundation at 844-238-2289.

PHOTO: Guest speaker at the inaugural Women’s Giving Circle event was St. Marys School teacher Ashley Kline.  Kline described two programs that were funded by the Elk County Women Who Care program, a similar program to the new McKean County Women’s Giving Circle:  Ruling Our Experiences empowerment program for girls that focuses on building healthy relationships, critical life skills and planning for a successful future; and the teacher-driven Food for Friends Backpack Program which provides food for weekend and holiday break meals to elementary school age children who would otherwise not have nutritious and adequate meals on non-school days.

WGC Committee Prepares for Event

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The recently formed Women’s Giving Circle of McKean County (WGC) will hold a Membership Event from 7 – 9 p.m. on Oct. 10 at The Bradford Club, 32 Boylston St.  The Giving Circle was founded to strengthen the community by collectively addressing and supporting issues that are import-ant to women. The organization was established in January as a project of the McKean County Community Foundation.
The event is open to all women of McKean County who have an interest in joining the Women’s Giving Circle. Members may join with a commitment for any donor level. Those contributing at the $100 per year level or higher will be a voting member who may cast a ballot for an agency to be awarded the collective funds beginning in October 2020.
Paula Fritz Eddy, executive director of the McKean County Community Foundation believes giving circles go beyond individual “pet” charities to pool resources for a common goal with greater impact. “I believe that the success of this concept is that all members have a vote and input on where their pooled money will go,” explained Eddy.
“We are a diverse, dynamic and generous group of women engaged in an exciting venture of strategic philanthropy,” said Judy Bodamer, co-chair. “This is an ideal opportunity to make an impact by optimizing our time and targeting the resources of our members. We welcome members who are looking to become engaged in a purposeful way to help our communities.”
Donated funds will be awarded to a non-prof-it, municipality or religious organization within McKean County. Applications are avail-able online. Following submissions, the top organizations chosen will be submitted for a vote by the entire membership to make an annual award.
Those interested can RSVP by calling 814-834-2125 or emailing mccf@ mckeancountyfoundation.org. Reservations are appreciated by Monday, so the group can plan accordingly.
Co-chairs for the group are Judy Bodamer of Port Allegany and Carol Duffy of Smethport, while the event chair is Angela Erway.  For more information, visit the Women’s Giving Circle page on the McKean County Foundation website at www.mckeancountyfoundation.org or call 1-814-834-2125.