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The GMACF is a permanent and growing charitable community endowment that, through a wide variety of grants and programs, serves to enhance life in Milan, Michigan...for now and forever.
Strategies
It does this by:
- Encouraging interest in charitable giving and providing a flexible means for donors to perpetuate their varied philanthropic interests in the Milan area.
- Serving as a respected steward for assets entrusted to its care by individuals, families, businesses and organizations while providing maximum tax benefits to the donor.
- Providing professional management of those assets, the income from which is used to meet the community’s charitable needs in ways that are compatible with both the wishes of the donor and the goals of the foundation.
Donors may wish to set up a named fund with their gifts. A named fund may be established with cash, stock, insurance policies, real estate or other tangible property. There are several options.
Funds
Unrestricted. Allows the foundation flexibility. Donors do not restrict how their donations are used, leaving the decision to the board of trustees.
Field of Interest. Supports areas such as the arts, education or any other particular interest specified by the donor.
Donor Advised. Enables donors to be active participants in the giving process.
Designated. Benefits a named organization and ensures that these gifts continue to support the organization as long as the organization exists.
Scholarship. Allows the foundation to receive donations from which the income is used for scholarships to students throughout the geographic area of the Milan Area School District.
Memorial or Tribute. Enables a donor to create a fund in the name of an individual. Family and friends may contribute to the fund, which serves as a living testimonial to the individual.
It is not necessary to establish a named fund to participate in the work of the Greater Milan Area Community Foundation. Contributions of any size are welcome and encouraged.
Grant Making
As a leader in community affairs, the foundation is in a position to understand the needs of the community, investigate the credentials of grant applicants and determine the viability of the proposed project.
Annual distributions will take place through the Greater Milan Area Community Foundation and will be overseen by a committee of the board of directors.
Information on grant guidelines and application forms are available by contacting any member of the foundation.
Tax Benefits
All gifts qualify as charitable contributions for federal tax purposes.
Michigan taxpayers may take a credit of 50% of their gift against the Michigan income or single business tax. Limits are $100 for an individual, $200 for a couple filing jointly, and $5,000 or 5% of the tax liability for businesses.
If the gift is in the form of appreciated securities, the donor can avoid capital gains tax and may take the market value of the securities as the gift value.
Questions
Should you wish to speak with someone about the foundation, please contact us at 734-434-2688.
History
The concept of a community foundation was first discussed in 2003 when three longtime residents discovered they had a common vision. Soon they recruited a volunteer exploratory committee from the community to look at the feasibility of establishing such a charity. After months of discussion the committee decided unanimously to move forward with the project and a search for an existing partner began.
By affiliating with an existing foundation, the local group learned it could receive guidance and leadership from an experienced professional staff, fall under the lead organization’s tax-exempt status and benefit from professional management of its assets.
It could also have its own marketing committee, its own advisory committee and do its own fundraising and grant making under the lead organization’s umbrella.
In February 2005, during a meeting in Milan’s historic Old Fire Barn, an affiliate agreement with the Community Foundation of Monroe County was signed and the Greater Milan Area Community Foundation became a reality.