Foundation offers chance to leave a legacy, contribute to supporting community groups

Some people have the desire and means to leave a legacy in their communities.

The Community Foundation of Washington County provides a way for people to do that.

'The foundation fills the needs of someone wanting to leave a legacy,” Executive Director Millie Youngquist said. 'This is a way to invest in our community.”

Through the foundation, donors can set up permanent endowments to support local non-profit organizations of their choice.

An endowment is a donation that is used as a permanent investment.

'We don't spend the principal,” Youngquist explained. 'We spend a portion of the interest.”

A minimum of $10,000 can be used to set up an endowment, which is tax deductible.

That money is invested permanently, and payments are made to the specified non-profits from the interest earned on the investment.

Youngquist said that the distribution rate is 4.5 percent of the 12-quarter (3-year) fund average.

'It's set up so the fund will grow and continue to pay out every year,” she said.

The foundation has just less than $1 million in endowed funds.

In 2019, $26,000 was distributed from the various endowments.

'It's not like we're giving away millions,” Youngquist said.

Endowments help fund non-profit organizations like HACAP, the Washington Public Library, the Kalona Historical Society, Friends of Lake Darling, Crooked Creek Christian Camp, Hospice of Washington County and the Mid-Prairie Foundation.

One of the funds, the Mike Orris Memorial Scholarship Fund, provides a $1,000 scholarship each year to a Washington County senior who has been active in FFA or 4-H.

The foundation was founded in 2006 and is an affiliate of the Greater Cedar Rapids Community Foundation.

The foundation is governed by a board that meets monthly.

'We try to have a wide representation of areas and expertise,” Youngquist said.

While the endowments provide funds for non-profits, the foundation itself has to raise separate money each year for operating expenses.

'We don't have any real source of income to keep us going,” Youngquiest said. 'We usually have a fundraiser dinner in the fall, but we couldn't do that this year.”

They will be starting 'Foundation Fridays” on Jan. 22, where on the fourth Friday of each month, the foundation will have information in communities giving people the opportunity to make donations to the foundation's operating fund.

'Jan. 8-23, the Fareway in Washington is having a ‘round-up' event for us,” Youngquist said. 'Shoppers can round up their purchase to the next dollar, and that money would go to the community foundation to help with expenses.”