We are pleased to present the nominees for the 2011 Annual Philanthropy Awards.  The winners will be announced at the upcoming Summit on Philanthropy.

Corporate Philanthropy Award

• COLSA Corporation
• Dynetics
• First Commercial Bank
• Logicore Corporation
• System Product and Solutions, Inc.

Family/Individual Philanthropy Award

• Damson Family
• Julian and Dorothy Davidson
• Darden F. Heritage
• Alan and Debra Jenkins
• Wallace Kirkpatrick
• Derek Simpson
• Linda Smith

Youth Philanthropy Award

• Sanders Clayton
• United Way Youth Council

Foundation Award

• Jane Knight Lowe Charitable Foundation

The Community Foundation has distributed over $400,000 in donations to non-profits and churches to date.  As the Community Foundation continues to grow, so will our distributions.
 

The Land Trust of North Alabama recently received a donation from one of our Donor Advised Funds. The Land Trust, Alabama's first land trust, is a non-profit organization dedicated to preserving and conserving greenspace, wildlife habitat, and fresh water resources in ten counties of North Alabama.  Over 6,100 acres have been preserved since 1987.  Volunteers have created and maintain 40+ miles of public trails on three Nature Preserves - each of which is larger than Central Park and all are located within Huntsville city limits.  These large preserves provide free recreation areas for hiking, biking, environmental education, and bird watching.  
 

For more information about The Land Trust of North Alabama, visit their website at http://landtrustnal.org. 

Calculate your income

Try to get a handle on your tax liability for the year.  Did your unearned income increase?  Did you sell any appreciated assets?  Will you owe more taxes?  This alone may motivate you to increase your giving before December 31.  In fact, you may even want to move some of your giving forward from next year to create a larger income tax charitable deduction for yourself this year.  Non-itemizers may especially find this "grouping of gifts" useful in order to take advantage of an itemized tax return every other year.

In any case, by the time you fill out your income tax return, it will be too late to make charitable gifts for the previous year.  Take the time to do some planning while you still have the opportunity to make a year-end gift.

Review your stocks

Look at the stocks you have held for more than a year.  Even in this economy, some stocks have actually appreciated in value.  Which ones have appreciated the most?  It may be prudent for you to make your year-end gift using one or more of these stocks.  Here's why: If you sold the stock, you would incur capital gains tax on the appreciation.  However, if you give the stock and allow the Community Foundation to sell it, no one pays the tax.  You get get a charitable deduction for the full amount of the stock, just as you would if your gift was made with cash.  And what's more, if you can't use all of the income tax charitable deduction resulting from the gift, you can carry it forward for up to an additional five years. Such gifts are deductible up to 30 percent of your adjusted gross income.

Do your giving early

This is especially true if you want to make a gift of non-cash assets (stock, real estate, etc.).  Your professional advisor is busy beyond belief as the year winds down.  The sooner you can get your gift activity going, the better it will be for everyone concerned.

Talk to your advisor

Before making any significant gift, you should have your CPA, attorney or other advisor help you understand the impact of your gift on your income tax return and estate.  We at the Community Foundation want your giving to be prudent, as well as generous and joyful.  
  

Bill Fleming

Warren, Averett, Kimbrough & Marino

Chair, Investment Committee