September/October Newsletter | |
Celebrating 24 Years: CFNM Board Votes to Retire Annual Crystal Ball Gala | |
Fall is officially here, and although it's always hard to say goodbye to Summer, the Community Foundation of Northwest Mississippi is eager to welcome a new season, and in a short few months, a new year of opportunities to make a meaningful impact in Northwest Mississippi.
Usually around this time of year, Community Foundation employees and volunteers are working vigorously to host the annual Crystal Ball Gala, but in the name of embracing change and growth, this year will look quite different for our organization as we say farewell to the Crystal Ball Gala after 24 years of the beloved fundraising event.
Since 2000, Crystal Ball has been the premiere event of Northwest Mississippi thanks to our founding partners Tom Pittman and the Maddox Foundation who developed the Crystal Ball to raise money to establish what is now the Community Foundation of Northwest Mississippi. Throughout the years with the support from the Community Foundation’s Board of Directors, hardworking staff, generous sponsors, and hundreds of eager volunteers, Crystal Ball has helped CFNM reach major milestones like granting $45 million to nonprofits (85% of which stayed in the 11-county Northwest Mississippi region) and growing total net assets from $2 million in 2007 to $17 million in 2018 and now $48 million in 2024.
The Board's vote to shift the focus from a gala to a high-level donor event will help meet the goals of the Community Foundation as it adjusts to its continued growth and impact in Northwest Mississippi. “Everything has a lifecycle,” said Tom Pittman, President Emeritus. And although you will not see thee Crystal Ball Gala this January or annually, CFNM will keep its concept to celebrate major milestones in the future while working to develop new events that best reflect and promote our mission of connecting people who care with causes that matter.
To honor and celebrate years past, we are asking community members to share their favorite photos and memories of Crystal Ball by tagging Community Foundation of Northwest Mississippi on social media or emailing us at marketing@cfnm.org.
To learn more about ways to support the Community Foundation outside of a gala, contact Stacye Trout at strout@cfnm.org or 662.449.5002.
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Remembering David Beene, Long-time Supporter and Volunteer | |
David Beene was a selfless, kind, eager individual who was passionate about supporting charitable causes through the Community Foundation. Always eager to lend a helping hand, he was the Community Foundation's #1 volunteer. His love for supporting causes in Northwest Mississippi extended beyond volunteering and inspired others in the community to join him, bringing in over $1 million dollars in donations to the Community Foundation. Our team is forever grateful to David and will always hold a special place for him in our hearts.
The family has asked that memorial donations be made to the Community Foundation in memory of David Beene.
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2025 Competitive Grant Application Cycle to be Once a Year: July 1-August 1 | |
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 our office 662.449.5002. | |
Staff Delivers Disaster Relief Buckets to DeSoto County Emergency Services on 9/11 Day of Service! | |
Colin Davis, Donna Goldman, Brenda Smith, Kara Dulaney, Stacye Trout, Ameliea Dulaney, and Keith Fulcher, Community Foundation Staff after packing and loading the emergency relief buckets to be delivered to Desoto County Emergency Services. | |
HUB Co-Directors, Kara Dulaney and Brenda Smith | | |
Accounting Executive, Colin Davis | | |
The finished buckets were donated to the Desoto County Emergency Services Team to be distributed to emergency shelters. | |
As the year begins to wind down, start addressing year-end planning items NOW rather than waiting until November or December. The Community Foundation is here to remind you of essential year-end planning tips to ensure that you don't miss out on opportunities to further your goals!
“Nothing is so fatiguing as the eternal hanging on of an uncompleted task.”
–William James.
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If you are a business owner and philanthropically minded, talk to your advisor about incorporating charitable giving into your succession plan. This is a good time to have that conversation in light of legal developments and upcoming tax law changes.
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Review the charitable components in your estate and financial plans with your advisor, including provisions in wills and trusts, beneficiary designations, donor-advised funds, prior years’ tax deductions, and historical gifts to favorite charities.
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If you want to support a particular need or organization in the community, the Community Foundation can establish a field-of-interest or designated fund, which can then receive distributions from your IRA up to $105,000 annually per spouse. Talk to your advisor about your Required Minimum Distributions if you are 73 or older.
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If you are already dreading gathering tax receipts for 2024 charitable donations, talk to your advisor about setting up a donor-advised fund at the Community Foundation to serve as a convenient “hub” for charitable giving. Going forward, you can conduct the bulk of your giving using the donor-advised fund and avoid the mad scramble for receipts. If you already have a donor-advised fund, make sure you know how to use it effectively and reach out to the Community Foundation for advice.
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Think of the charities you plan to support before year-end, but don’t automatically reach for the checkbook! Most of the time, highly appreciated marketable securities (or other highly appreciated, long-term assets) are ideal gifts to a fund at the Community Foundation because you may be eligible for a tax deduction at the assets’ fair market value, and the proceeds from the sale of the assets will flow into your fund at the Community Foundation free from capital gains tax. That means more funds are available to support your favorite causes.
Remember to reach out to your advisor for other year-end topics, such as annual exclusion gifts, estimated tax planning, and updating wills and trusts before the extended family gathers for the holiday or travels together overseas. Contact Development Director, Stacye Trout (strout@cfnm.org) for advice in any of the above areas.
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Closely Held Stock is Having a Moment | |
In light of recent legal developments and pending tax law changes, more and more financial and estate planning advisors are encouraging their clients to consider implementing gifts of closely held stock to a fund at the Community Foundation. Notably, two developments could have a big impact on your work with these clients:
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The estate tax exemption sunset set to occur at the end of next year continues to loom large. Without intervening legislation, a lot of donors will need to wrestle with the reality that their estates will likely be subject to a hefty tax, causing many donors to rethink both the timing and methods to transfer business interests. Making gifts of closely held business interests to a fund at the Community Foundation is likely to become more attractive.
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Valuation has always been a critical factor in any type of tax or estate planning. This is certainly still the case with substantiating the value of closely held business interests that donors transfer to the Community Foundation. The Supreme Court’s decision in Connelly v. United States makes things even more interesting. The Connelly decision impacts the way business interests are valued for estate tax purposes. In Connelly, the Supreme Court held that life insurance proceeds indeed ought to be included in the valuation of a company without offsetting the redemption obligation. This could translate to higher taxable estates for your business owners, creating further incentive to leave a portion of closely held stock to the Community Foundation. The decision is also a reminder that careful planning can potentially avoid pitfalls.
Talk to your advisor to discover the best options for your situation.
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Standard Deduction Planning: How to Avoid Leaving Dollars Behind! | |
One of many items on the legislative “watch list” is the standard deduction. Without intervening legislation, in 2026 the standard deduction for individual taxpayers younger than age 65 is scheduled to drop from $14,600 to $8,300.
The Community Foundation is happy to work with you and your tax advisors to map out a charitable giving plan for the next few years to navigate anticipated changes in the law. For example, this year you could consider using a technique called “bunching” to make two years’ worth of gifts up front to your donor-advised fund to take advantage of the standard deduction while it is still high. This is especially helpful if you earn a large bonus, get a big increase in compensation, take a job buyout, or experience a significant liquidity event.
Most of the time, though, even when you deploy a bunching strategy, donating highly appreciated marketable securities is a better choice than giving cash because it is extremely tax efficient. Stock given to a public charity, such as your donor-advised or other type of fund at the Community Foundation, typically is deductible at the asset’s fair market value. The Community Foundation, in turn, pays no capital gains tax on its sale of the asset, thereby generating more dollars to support your philanthropic interests than if you had sold the stock and given the proceeds to your fund.
The bottom line? Now is a perfect time to look ahead at your charitable giving plans so that you don’t leave dollars behind. Your own financial situation, as well as the charities you support, will benefit from your careful planning. The Community Foundation is here to help!
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Giving to Others Gives Us Lots of Reasons to Smile | |
The Community Foundation of Northwest Mississippi is honored to serve at the center of your philanthropy. Whether you’ve established a donor-advised or other type of fund, arranged a bequest or to the Community Foundation itself, our team strives to help you organize your giving to make it easy and convenient.
The World Giving Index 2024 Global Trends in Generosity reports that 4.3 billion people worldwide helped someone they didn’t know, volunteered time, or donated money to a good cause in the preceding month.
It’s no surprise that research indicates that giving to others actually puts donors in a good mood. People enjoy working with the Community Foundation. One reason is because the Community Foundation activates the research’s three key factors:
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Feels good in the moment. The Community Foundation makes it easy to give cash, stock, or other assets to a type of fund that is the best fit for you. When you initiate the stock transfer, for example, it’s fun because the Community Foundation makes it easy. You know immediately that you’ve taken meaningful action.
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Offers choices. The Community Foundation’s tools are flexible to meet your charitable giving goals. We can help you set up an annual giving strategy, establish a bequest to your fund in your estate plan, and everything in between. Most of all, we want to help you support the causes that are most important to you, whether those are particular charities or broader areas of community need.
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Shows results. The Community Foundation has its finger on the pulse of our region’s priorities. Every day, we work with you and other families, individuals, and businesses to help you not only make a difference, but also actually see the difference you are making. From research and hands-on site visits to networking with other donors and meeting with community leaders, our team will provide a wide range of opportunities for you to see first-hand the results of your philanthropy.
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HUB on the Road: Coffee & Conversations | |
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 wrapped up their 2024 Coffee & Conversations Series with the last three counties of 11 they have visited this year! The purpose is for nonprofits, community leaders, and local organizations in each county to come together to (1) share what they are doing in their county, (2) learn about what others are doing in their county, and (3) exchange contacts and resources to support each other's initiatives.
To learn more about the HUB, visit the program page.
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Bolivar County Coffee & Conversations Event | |
Tunica County Coffee & Conversations Event | |
Quitman County Coffee & Conversations Event | |
HUB on the Road: Northwest Mississippi Food Pantry Visits | |
The Maddox Nonprofit & Volunteer Resource HUB in partnership with Delta Directions as a part of the Healthier Mississippi initiative is making visits to local food pantries, farms and distribution centers as a follow up to their 2024 Hunger Summit Series. This allows them to assess needs and meet pantries where they are as they plan for 2025 programming. | |
The Statesman's Shelf: Cleveland, MS | |
David Lovin, Sophie Hathaway, Kara Dulaney, Brenda Smith, and Emily Lovin | |
The Statesman's Shelf is an on-campus food pantry for students attending Delta State University. | |
Brewer Farms: Greenwood, MS | |
Brenda Smith, Kara Dulaney, James Brewer, and Stacye Trout | |
Expanding Broadband in Mississippi:
Digital Literacy for Coahoma County Residents
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Community Partners Team Up to Provide Digital Literacy Skills and Devices to Residents of Coahoma County following federal Broadband efforts in the State of Mississippi | |
October is the Perfect Month to Support Causes that Matter to You! | |
Fund Categories & Corresponding October Causes | |
Health
Breast Cancer Awareness Month
National Down Syndrome Awareness Month
National ADD/ADHD Awareness Month
National SIDS Awareness Month
National Non-GMO Month
| Education
National Economic Education Month
National Cryptocurrency Month
National Dropout Prevention Month
National Learning and Development Month | Human Service
Domestic Violence Awareness Month
Tackling Hunger Month
World Blindness Awareness Month
| Other
National Women's Small Business Month
National Women in AI Month
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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 our office at 662.449.5002 | |
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 about the Box Project, visit the website or contact director@boxproject.org.
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Our Executive Board has agreed to sponsor a family in need this Christmas Season...
Will you join us?
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OCTOBER 19th MEDLEY FEST 2024 | |
DECEMBER 3rd GIVING TUESDAY | |
To send us events to add to our calendar, email info@cfnm.org | | | | |