Contributions
The Lake Fork Community Foundation is a 501(C)3 Private Operating Foundation. Your contributions are tax deductible. As we enter 2024 and our 30th year, the LFCF is grateful that you have provided vital support to local non-profits with your generous donations. Thank you.
Qualified charitable distributions from your IRA.
A qualified charitable distribution (QCD) is generally a nontaxable distribution made directly by the trustee of your IRA (other than a SEP or SIMPLE IRA) to an organization eligible to receive tax deductible contributions. You must be at least age 70½ when the distribution was made. Also, you must have the same type of acknowledgment of your contribution that you would need to claim a deduction for a charitable contribution. See Records To Keep in Pub. 526.
The maximum annual exclusion for QCDs is $100,000. Any QCD in excess of the $100,000 exclusion limit is included in income as any other distribution. If you file a joint return, your spouse can also have a QCD and exclude up to $100,000. The amount of the QCD is limited to the amount of the distribution that would otherwise be included in income. If your IRA includes nondeductible contributions, the distribution is first considered to be paid out of otherwise taxable income.
Also, QCDs don't require that you itemize, which due to the recent tax law changes, means you may decide to take advantage of the higher standard deduction, but still use a QCD for charitable giving.
Donation form and Partner list Please make checks payable to LFCF and list your distribution choices:
Lake Fork Community Foundation
PO Box 322
Lake City, CO 81235
Grants and Support
Discretionary Fund Grants: Grant requests meeting foundation purposes are considered at the Board's quarterly meetings. Grant application information, forms and guidelines are available from the foundation or on our website.
Roger Coursey Scholarship Fund: All Lake City area students graduating from high school are eligible for scholarships to attend college or otherwise continue their education. Coursey Scholarships continue so long as the student remains enrolled in a higher education institution and maintains a 2.5 grade point average. Scholarships are paid directly to the educational institution.
Lake Fork Memorial Park Fund: The Foundation maintains funds for continuing improvements to Lake Fork Memorial Park. The park is a project overseen by the Town of Lake City.
Lake Fork Community Foundation Endowment Fund: The Endowment fund is created for future funding needs of the community. Donations to the fund increase its principal and are always welcome.
Partner Organizations and Agencies: Lake City area organizations and community support groups may use the foundation to collect funds so long as their purposes and activities meet IRS guidelines for charitable status.
Ben Brownlee Memorial Fund: Ben Brownlee was a passionate hiker and outdoorsman who died in a climbing accident on October 3, 2020 in the remote San Juan mountains of Hinsdale County near the town of Lake City, Colorado. This fund was established in his memory to properly equip and train the all-volunteer Hinsdale County Search & Rescue Team, Lake San Cristobal Peninsula Park and needs of other first responders. www.benbrownleememorialfund.com
Partners must enter into an agreement with the Foundation for this service.