County Endowment Program
The County Endowment Fund legislation provides that .8 of one-percent of the state's gambling revenues will be distributed to the 84 Iowa counties that do not have gambling entities. These funds are deposited and distributed through Qualified Community Foundations or Community Affiliates that address countywide needs.
The program is administered by the Iowa Economic Development Authority (IEDA) with the Iowa Council of Foundations (ICoF).
For more detailed information visit the Iowa Economic Development Authority website or contact IADG.
The Endow Iowa program is part of an effort to enhance philanthropic activity in the State of Iowa by encouraging investments to new or existing community foundations. The program provides significant tax incentives for individual, business or organizational donors of community foundations.
Endow Iowa allows taxpayers to take a 25% Iowa tax CREDIT on their Iowa state return in addition to the normal federal charitable income tax deductions for certain charitable gifts. Gifts are limited to $300,000 in tax credits per individual for a gift of $1.2 million or $600,000 in tax credits per couple for a gift of $2.4 million if both are Iowa taxpayers. Approximately $6,000,000 in Iowa tax credits will be awarded in 2015.
The charitable gifts must be made:
- By cash, real estate, appreciated securities and outright gifts of retirement assets.
- Through a "qualified" community foundation (the Community Foundation of Greater Des Moines is a qualified community foundation).
- To a permanent endowment fund which limits distributions to 5%.
- For the benefit of one or more Iowa charitable causes.
- By individuals, corporations, or financial institutions.
Eligible gifts may qualify for credits on a first-come/first-serve basis until the yearly appropriated limit is reached. If the current available Endow Iowa Tax Credits have been awarded, qualified donors will be eligible for the next year's Endow Iowa Tax Credits. The Community Foundation of Greater Des Moines encourages donors to act early in the year to ensure they receive Endow Iowa credits. Consult with your tax advisor to review individual circumstances.