December Newsletter

CAUSES THAT MATTER

December is National Giving Month!

The Community Foundation of Northwest Mississippi is celebrating the month of giving with you--the people who care! This month, there are a variety of opportunities to give as you consider your end-of-the-year giving goals. We are extremely grateful that you choose us as one of your causes that matter.

Dec 3rd: GIVING TUESDAY

Dec 5th: International Day of Volunteers

Dec 10th: National Human Rights Day

Dec 25th: Christmas Day

Dec 31st: New Year's Eve

To learn more about funds to support this month at the Community Foundation or to inquire about setting up a fund in support of a cause you care about, contact Stacye Trout (strout@cfnm.org) or call 662.449.5002

GRANTS CORNER

REMINDER: Grants Cycle is Once a Year

The Community Foundation of Northwest Mississippi grants committee voted to change the competitive grant application cycle to an annual, once-a-year cycle that will be open in 2025 between July 1st and August 1st. For questions regarding the new annual grant cycle, please contact Donna Goldman (grants@cfnm.org) or call 662.449.5002

Noah's Gift Recipients

Gavin Davis was selected as a recipient of Noah's Gift Grant which funded a hunting trip for him and his dad to McKenna Ranch. The grant paid $2,800 towards the experience they enjoyed over Thanksgiving Break. Congratulations, Gavin!

Jaylin Hemphill was also a recipient of the Noah's Gift Grant. Jaylin requested a new camera with photography equipment to be bought with his grant money as he hopes to start a Sports Photography business. A Canon Rebel camera along with all of the accessories and technology needed to be a successful photographer were purchased and presented to him. Jaylin thanks Robin Hurdle, the Maddox Foundation, Noah's Gift, and the Community Foundation for the opportunity to pursue his dreams. Congratulations, Jaylin!

IN THE COMMUNITY

Community Foundation staff, FEMA, MEMA, and Boss Lady Economic Planning & Development pose with Veterans as they receive the keys to their new mobile homes.

For months, the Community Foundation has worked with Boss Lady Economic Planning & Development, FEMA, MEMA, and other integral community partners to turn renters into homeowners in the aftermath of the Spring 2023 tornado disasters in Rolling Fork. Most recently, we celebrated Veteran's Day by presenting two veterans with the keys to their new homes, one of which had special accessibility for the disabled veteran. So far, the Community Foundation and Boss Lady have helped turn 20 renters who lost their housing into homeowners, an effort that those involved in recovery efforts for their entire career say they have never seen before. Our goal is to clear FEMA's list, and we only have 22 more individuals to go! Help us reach our goal before the end of the year by learning more about the recovery efforts, sharing our story, and/or donating to the cause.

Community Foundation was recently recognized in an article by The Vicksburg Post for their integral role in funding the legacy of Rosenwald Schools through grants awarded to Isaac Chapel Rosenwald Museum and Educational Center in Marshall County.

The Community Foundation has granted around $45,000 to the school thus far. The grants have helped fund the following: technology and equipment such as 3D printers, as well as for general support for students including travel expenses, expanding STEM programs, and so much more. Alex McClarty says, "The Isaac Chapel Rosenwald is thankful for the contributions of the Community Foundation to further our mission. With their help, our STEM program is able to meet students where they are and help explore career paths through coding, 3D Printing, and problem solving."

Tom Pittman, President Emeritus, says "The Community Foundation is proud to help this rural grassroots group use the original charitable donation from Mr. Rosenwald as a springboard to improve the education and opportunities of the present-day community. They are transforming this almost-forgotten asset into an engine for uplifting their community!"

Community Foundation of Northwest Mississippi made The List! This year, CFNM was ranked #17 on the Memphis-Metro Granting Foundation List formulated by the Memphis Business Journal. So far in 2024, CFNM has granted close to $3.8 million dollars to charitable causes and organizations.

Be sure to check out our feature in the Partners in Philanthropy spread in the Memphis Business Journal!

DONOR EDUCATION

Donors Jimmy Walker, Sr. and Helen Walker spoke to the Board and Staff about the mission behind starting a $1 million dollar endowment with the Community Foundation of Northwest Mississippi.

Jimmy was raised in the Mississippi Delta on a farm in Quitman County, went to the Army and was stationed at Fort Campbell Kentucky where he met his wife Helen of 66 years. The two moved back to Mississippi after their marriage where Jimmy first took a job for very little pay to make his start in the welding and gas supply industry. They started out very slim financially. Jimmy jokes that they were so poor that they could have used help from a donor like them back in the day. He worked that job for around 10 years while they lived in an old house trailer. That was in 1958. One day, Jimmy decided to take a leap of faith and started his own business, Walker Welders Supply Co., which grew exponentially in just a few decades. In 1995, Jimmy and Helen decided to sell Walker Welders and put the money from the sale into a new business called Saf-T-Cart which is now a world-class manufacturing company that produces anything to carry or handle compressed gas. Jimmy says Saf-T-Cart "revolutionized the distribution of compressed gas" in many ways, setting the stage for industry progress. The company jumpstarted from a patented product and continued to be the first to develop several key inventions in the industry. For example, they were early in the manufacturing of pallets to transport cylinders of compressed gas.

To capture the rapid growth and life transition that the Walkers experienced, imagine going from running a business in a house trailer to managing a 200,000 square foot facility, hosting a second location in North Carolina, and working with clients from national and international corporations. This year, the company made 65 trailers and over 100 trucks aside from the full-time products they typically create. Jimmy Sr. says this year will be their biggest year yet.

Pictured L-R: Keith Fulcher (President), Jimmy Walker, Sr. (Donor), Ann Lamar (Board Chair), Helen Walker (Donor), Becky Nowell (Bolivar Board Member), and Charlie Walker (VP of Sales at Saf-T-Cart) at the Community Foundation's Winter 2024 Board Meeting hosted by The Baddour Center in Senatobia, MS.

Jimmy emphasizes that the business was "built on relationships...we may not be the biggest kid on the block, but all of our customers know us and know we will take care of them." Becky Nowell, current Board Member, says, "I grew up in Clarksdale, and they are the same people today as they were back then." With five children, ten grandchildren and several great grandchildren, Saf-T-Cart continues to be a family business. Several of Jimmy and Helen Walker's children and grandchildren work for the company, carrying on the Walker legacy and work ethic.

With the great success the company has had over the years, Jimmy and Helen have contributed to causes that matter. One project they have been involved in is the Sunflower Center, a rehabilitation facility in Coahoma County that has helped dozens of individuals through recovery. The Sunflower Center was an old schoolhouse in Dublin that they bought and transformed. Now, Jimmy and Helen have decided to give back in a new way through the Community Foundation.

The relationship that Jimmy and Helen made with the Community Foundation began with Keith Fulcher and Delta State University in 1999 with a donation to help purchase the historic Cutrer property. They attended the Community Foundation's fundraising event at Ground Zero in 2019, Delta Directions Forum in 2024, and have donated to Coahoma County nonprofits for years. Learning of the Community Foundation's mission for helping the Mississippi Delta, the Walkers made the decision to create a $1 million dollar endowment at the Community Foundation, a fund whose benefits will be directed primarily to education. With this, Jimmy and Helen plan to fund youth projects such as mission trips.

In addition to creating a $1 million dollar endowment, the Walkers received a 25% State of Mississippi tax credit. Board Chair, Ann H. Lamar of Tate County says, " We are honored Jimmy and Helen chose to use the services of the Community Foundation to meet their philanthropic goals."

All eyes are on what might happen with Federal tax laws under the incoming administration. Diving deeper with your advisor into your charitable planning strategies right now, especially revisiting the advantages of naming a fund at the Community Foundation as the beneficiary of an IRA:

• Income tax savings: When you designate a fund at the Community Foundation as the beneficiary of an IRA, the fund receives the assets without having to pay income taxes. This is because charities are tax-exempt entities, allowing them to receive funds from qualified retirement accounts tax-free after your death. This is not the case with qualified retirement plans flowing to heirs; the income tax hit can be significant.

• Estate tax deduction: Naming the Community Foundation, or a fund at the Community Foundation, as a beneficiary of a retirement plan results in an estate tax charitable deduction, which reduces any applicable federal estate taxes. This means that the full value of the IRA can flow into your fund at the Community Foundation free from the estate tax burden.

• Flexibility: You can revise IRA beneficiary designations anytime during your lifetime. So, as the end of 2025 draws closer, you can update an IRA beneficiary designation to name a fund at the Community Foundation, which would protect against a drop in the estate tax exemption. If the sunset does not occur, you could of course revise the beneficiary designation to leave a greater portion of retirement plan assets to heirs. Remember, though, that the income tax hit will still apply to proceeds flowing to heirs. That’s why many donors will choose to leave IRAs to their funds at the Community Foundation even if the estate tax exemption does not sunset. And, of course, many donors truly want to leave a legacy and would love to incorporate charitable giving into their estate plans regardless of what happens with the tax laws. As your Community Foundation, we are here to help you achieve your philanthropic wishes.  

Qualified Charitable Distributions (QCDs) continue to be popular among those who are 70 ½ and older. But do you still scratch your head just a little when you hear about QCDs? We get it–there are a lot of moving parts. To make it easier, the Community Foundation has put together a punch list of FAQs:

“What is the difference between a QCD and an RMD?”

Short answer: Quite a bit! But a QCD can count toward an RMD.

Long answer: Everyone must start taking Required Minimum Distributions (RMDs) from their qualified retirement plans, including IRAs, when they reach the age of 73. RMDs are taxable income. The Qualified Charitable Distribution, by contrast, is a distribution directly from certain types of retirement plans (such as IRAs) to certain types of charities. A QCD can count toward the taxpayer’s RMD for that year. And because the QCD goes directly to charity, the taxpayer is not taxed on that distribution.

“Can I direct my QCD to a fund at the Community Foundation?”

Short answer: Yes, if it’s a qualifying fund.

Long answer: While donor-advised funds are not eligible recipients of QCDs, other types of funds at the Community Foundation can receive QCDs. These funds include unrestricted funds, field-of-interest funds, and designated funds.

“How much can I give through a QCD?”

Short answer: $105,000 per year in 2024, increasing to $108,000 in 2025.

Long answer: A QCD permits you (and a spouse from a spouse’s own IRA or IRAs) to transfer up to $105,000 in 2024 (and $108,000 in 2025) from an IRA (or multiple IRAs) to a qualified charity. So, a married couple may be eligible to direct up to a total of $210,000 in 2024 to charity from IRAs and avoid significant income tax liability.

Do you ever wish you could skim a “charitable giving cheat sheet” to quickly determine which charitable planning tools at the Community Foundation might be a good fit for you? Check out three examples of “if this, then that” recommendations for charitable giving.

Streamline and tax-optimize charitable giving

If: You support many different charities every year…

Then: A donor-advised fund at the Community Foundation can be an excellent tool to help a client organize their giving to favorite charities, such as local organizations, places of worship, and an out-of-state alma mater. Donors appreciate how easy it is to support multiple charities while the Community Foundation’s systems keep track of everything. Plus, donors can give stock and other appreciated assets to their donor-advised funds, often avoiding capital gains tax and simplifying tax receipts to provide their accountants when tax time rolls around.

Support a specific charity while minimizing risk

If: You have supported a particular charity for many years, intend for that support to continue, and also want to be sure that the funds are used effectively …

Then: Through a designated fund at the Community Foundation, a client can make tax-deductible gifts–during life and through estate gifts–that are set aside to be used exclusively for a particular organization. The Community Foundation makes distributions from the fund according to the donors wishes. An advantage of a designated fund is that the assets are out of creditors’ reach if the charity were to run into financial trouble. Plus, a client who is 70 ½ or older can make Qualified Charitable Distributions up to $105,000 per year (increasing to $108,000 in 2025) from IRAs to a designated fund.

Leave a charitable bequest and reap significant tax benefits

If: You intend to provide for charities in an estate plan and own an IRA or other qualified retirement plan …

Then: By naming a fund at the Community Foundation as the beneficiary of a qualified retirement plan, you achieve extremely tax-efficient results. Not only is estate tax avoided on the retirement plan assets flowing to the charitable fund, but income tax is also avoided. Indeed, the income tax hit on retirement proceeds left to heirs can be steep.

THE BOTTOM LINE:

If you encounter any situation where charitable giving could be involved …

Then please reach out to Stacye Trout at strout@cfnm.org or 662.449.5002! Most of the time, the Community Foundation can offer a solution that meets both tax and estate planning goals and the donor’s objectives for supporting their favorite charities. At the very least, we can point you in the right direction.

PROGRAMS

The Maddox Nonprofit & Volunteer Resource HUB is a program of the Community Foundation that specializes in community outreach and helps connect local nonprofits and volunteers with individuals, resources, and opportunities within their communities.

This month, Co-Directors Brenda Smith and Kara Dulaney continued their food pantry visits as they plan for 2025 programming and establish initial cohorts to work with.

To learn more about the HUB, contact bsmith@cfnm.org or kdulaney@cfnm.org

2025 HUB Programming Update

As a continuation of our Hunger Summit initiative and the conclusion of our 2024 food pantry visits, 10 food pantries throughout the Mississippi Delta have been offered the opportunity to participate in a cohort training program (Phase I) to be come Healthy HUBS. During January to April of 2025, these pantries will participate in sessions designed to provide them with the resources needed to better serve their clients. Part of this program will involve grant training where each successful participant will be awarded a grant to assist in the transition to becoming a certified Healthy HUB. Each of ten pantries were visited and assessed during Fall 2024 in order to participate in this phase of programming by Maddox Nonprofit & Volunteer Resource Co-Directors along with Sophie Hathaway, our current Delta Fellow. A total of 95 nonprofits were visited this Fall! This initiative is a collaboration between CFNM, Delta Directions, CREWE of the University of Mississippi and the Mississippi State Extension Service.

The Box Project: Fighting Rural Poverty

The Box Project was established in 1962 by Northern philanthropists and activists amidst the Civil Rights Movement to aid southern black families living in rural poverty. In 2009, The Box Project became an official program of the Community Foundation, bringing is headquarters and services to the Mississippi Delta region where it all began. The Box Project continues to serve families in rural poverty by matching them with "sister" families from all over the United States who provide emotional and material support as parents (primarily single mothers) work against all odds to break the cycle of generational poverty in hopes that their children can have a better future.

To learn more, visit the website or contact director@boxproject.org

Recipients through St. Gabriel's Mercy Center in Mound Bayou Shop for their Loved Ones This Holiday Season

Recipients from Mound Bayou who were referred through our partner agency St. Gabriel's Mercy Center came to the Winter Holiday "shopping" event with open hearts and minds.

This year, The Box Project adjusted the way recipients who are not matched with a sponsor family receive winter holiday gifts. This time, recipients were able to come in and choose items for their family members rather than having a volunteer go and shop for them. Our volunteers shopped for items to include in the room for recipients to choose from along with donated items from our Amazon Distribution Event. This provided recipients with agency in choosing what they want to give their loved ones for Christmas. Recipients were empowered by this experience, leaving with tears in their eyes and smiles on their faces.



Recipients who were paired with a sponsor for the winter holiday requested wish list items and need items for the holiday season. Sponsors pack boxes and wrap gifts that will be mailed to the recipient family. We cannot wait to share more pictures and testimonials after the Holidays!

DATES TO REMEMBER

REMINDER: Crystal Ball is CANCELLED until further notice.

EVERY Tuesday of DECEMBER is...  GIVING TUESDAY

To send us events to add to our calendar, email info@cfnm.org