Baltimore Community Foundation launches “Endow Maryland” Tax Credit
November 06, 2014
Baltimore, MD – November is a busy month for the Baltimore Community Foundation as it kicks off the campaign for Maryland Community Foundations’ “Endow Maryland” Tax Credit, participates in the Association of Fundraising Professionals’ National Philanthropy Day on November 14, and recognizes the Centennial of Community Foundations.
Starting in 2015, a new Maryland state tax credit dubbed “Endow Maryland” is available to donors who help build permanent charitable funds for local communities across the state—and right here in Baltimore. Endow Maryland will offer a tax credit for gifts made beginning January 1, 2015 of at least $500 to permanent, endowed funds at qualified community foundations in Maryland.
“Endow Maryland provides an incentive for Marylanders to give back to their local communities in a meaningful and lasting way,” said Ralph Serpe, BCF vice president of development. “It promotes charitable giving in Maryland, for Maryland.”
Each Maryland community foundation may choose to apply the tax credit to a donation for a particular purpose. The Baltimore Community Foundation (BCF) will use the Endow Maryland Tax Credit program to promote giving to its discretionary endowment—funds which are permanently invested to generate income used to meet the region’s changing needs. Currently, BCF focuses these resources on education and neighborhoods through grantmaking, initiatives and public policy advocacy.
Tax credits have been awarded to each qualified community foundation from a statewide pool set aside by the Maryland Legislature for this purpose. Donors will qualify for a tax credit equal to 25% of their gifts on their 2015 Maryland state tax returns. The Endow Maryland tax credit applies only to gifts to permanent, endowed funds—those that will generate many times the initial value of the gifts in benefit to the community.
“We anticipate the tax credit will run out quickly, so we encourage anyone who is interested to plan on giving soon after January 1,” said Ralph Serpe.
In approving Endow Maryland, Maryland legislators were pleased to know that community foundations serve every part of the state, and that they adhere to rigorous national standards established and monitored by the Council on Foundations. Information about how to apply for the tax credit is available at www.bcf.org/endowmd.
National Philanthropy Day
On November 14, the Association of Fundraising Professionals (AFP) celebrates National Philanthropy Day at their annual program at the Baltimore Marriott Waterfront Hotel, 700 Aliceanna St. This annual event includes a morning educational session followed by an Awards Luncheon from Noon to 2 p.m., where all fifteen Maryland community foundations will be celebrated for their work as grantmakers, facilitators, innovators and partners in philanthropy.
National Philanthropy Day, a program of AFP, acknowledges the entire spectrum of services provided by the nonprofit community and recognizes the profound impact that philanthropy has on the quality of our lives and the fabric of our society. It also recognizes the great contributions of philanthropy and those who are active in the philanthropic community.
Centennial of Community Foundations
One hundred years ago, the community foundation concept was born in the Midwest, giving rise to a new philanthropy, a new way of participating in community, and a new vision for the future. Today, Baltimore Community Foundation is one of more than 750 community foundations across the United States that invite people with a vision and a passion for community to create something together. Community foundations collectively manage more than $48 billion in assets and make grants of approximately $4.5 billion a year to improve life in their communities. This philanthropic model has spread beyond the U.S. borders, with approximately 1,800 community foundations established worldwide.