Endow Iowa Tax Credit Turns Ten

Double-Digit Birthday Marks Millions In Donations And Deductions

Thanks to the Endow Iowa Tax Credit, which marks its 10th anniversary this year, Iowans not only benefit from helping other Iowans but they also make a positive impact on their communities--now and forever.

The Endow Iowa Tax Credit, enacted January 1, 2003, promotes philanthropic giving to permanent endowment funds at qualified community foundations and their affiliates across the state. By awarding tax credits for 25 percent of the amount donated to a qualified endowed fund, the Endow Iowa Tax Credit enables individuals, businesses and financial institutions to give for less.

"When my husband [a financial advisor] learned how Endow Iowa could make a difference to his clients and help our finances personally, we made plans to start our own endowments," says Carrie Barr, who, along with her husband, established four endowment funds through the Community Foundation of Marshall County, of which Barr was a founding board member.

Citizens And State Leaders Spur Philanthropy

The Barrs, convinced by the tax credit and motivated by passion for their community, established their endowments to provide enduring support for local causes they believe in. The Barrs are far from alone: The Iowa Department of Revenue reports that since 2003, Iowa Community Foundations have received more than 13,000 donations to permanent endowment funds totaling $115.4 million. This translates to hundreds of charitable organizations across the state being able to improve, enhance or expand their services, making a difference to thousands of Iowans and their communities.

Growth at this rate couldn't have happened without the support of Iowa's state leaders in addition to the generosity of its citizens. Awarded on a first-come, first-serve basis, the amount of available tax credits as part of the Endow Iowa Tax Credit Program was originally capped at $2 million. Since then, the tax credit limit has increased to its current amount of $6 million, a testimony to state leaders' belief in the value of this program.

Success Is Greater Than Numbers

Dollars, credits and other numbers, although impressive, convey only part of Endow Iowa's success. The program's real impact is more difficult to measure, but it's also easy to see--in the communities strengthened by the generosity of its citizens and in the eyes of thousands of Iowans who've been given the promise of a brighter future.

Learn more about how Iowans are helping each other and their communities through Endow Iowa.

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