Funding

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Wed 1 Jun 2011

News Release: 2012 Community Development Block Grant Apps Available

Posted by BCG Blogger under Funding, Funding ALERTS
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According to a recent new release from the office of Summit County Executive Russell M. Pry, the availability of Community Development Block Grant (CDBG) Applications for the 2012 Funding year has been announced.

Summit County Executive Russell M. Pry announced his office of Community and Economic Development is seeking applications from units of local government and non-profit agencies for eligible CDBG projects for the upcoming 2012 program year.

CDBG funds must be used for activities that benefit low/mod income individuals or, in the case of infrastructure or public improvements, in low/mod census tracts. If CDBG funds are used for economic development, there are requirements for job creation and/or retention of jobs for low/mod individuals.

Eligible projects must be located within the County of Summit but outside the Cities of Akron, Barberton, and Cuyahoga Falls. Priorities for 2012 will focus on construction of public facilities and improvements, such as water and sewer facilities; public services, within certain limits; activities relating to energy conservation and renewable energy resources; and provision of assistance to profit-motivated businesses to carry out economic development and job creation/retention activities.

The County of Summit will be accepting “funding proposals,” which will be made available via the County of Summit, Department of Community and Economic Development website. The funding proposal application will be due no later than 4 p.m. on Thursday, June 30, 2011.

The application and additional information are available via the County of Summit website at:
http://www.co.summit.oh.us/executive/blkgrant.htm

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Wed 2 Feb 2011

State Funding for Charities is Unconstitutional?

Posted by BCG Blogger under Funding, Uncategorized
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I recently saw the article below in The Chronicle of Philanthropy regarding claims that Virginia’s Constitution does not allow the General Assembly to reallocate state funds to charities. This is really significant in terms of the precedent this may set for other states, particularly during such a time when most states face severe budget shortfalls and are looking for opportunities to cut spending.  Who knows what impact this may have on federal granting as well?  Stay tuned.

Screen shot from The Chronicle of Philanthropy

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Wed 12 Jan 2011

Tax-Free IRA Distributions to Charity Extended

Posted by BCG Blogger under Funding
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Useful info to share with your donors.

A taxpayer who is at least age 70½ may make distributions up to $100,000 to charities from his or her IRA without including the amount in gross income. Even better, while the charity receives the distribution ( and not the IRA owner), a taxpayer who makes such a qualified charitable distribution equal to his required minimum distribution (RMD) is considered to have satisfied his RMD for that year. This rule was retroactively reinstated by the 2010 Tax Relief Act and applies to years beginning before January 1, 2012. Because this rule was reinstated so late in the 2010 tax year, a special rule allows distributions made before February 1, 2011 to be applied to the taxpayer’s 2010 tax year.

There are a few advantages to using this charity direct distribution method.  Adjusted gross income (AGI) is not artificially inflating by distributing the money to the taxpayer then taking a charitable contribution deduction.  Decreased AGI may increase itemized deductions (such as medical costs), reduces social security benefits subject to income tax, and minimizes state taxes that use AGI as a starting point (i.e. Ohio).  This distribution option also allows a diminished tax bill for lower income retirees that do not typically have enough deductions to itemize.

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