Grenada Community Foundation welcomes Entergy Mississippi as GCF’s first Donor Advised Account.
In the fall of 2012, Entergy Mississippi’s Customer Service Manager, Jim Lyles, approached GCF Chairman, Deborah Bailey, about forming a Donor Advised Account within GCF to be used for improvement projects within the community. Entergy knew where they wanted half of the money to go but wanted to use the remaining funds later, to help fund a new Main Street effort or a succeeding organization dedicated to downtown redevelopment.
- Upon receiving the funds, GCF provided Entergy with an acknowledgement for IRS purposes for the entire amount of the gift, as Entergy actually made the entire donation to GCF in 2012. The entire amount is deductible in the year that the funds are given.
- Upon instruction from Entergy, GCF disbursed half of the funds to the first recipient, Grenada Area Chamber of Commerce’s Leadership Grenada program, and earmarked the remaining half of the funds to be disbursed as Entergy directs later.
- Entergy is free to choose where and when it wants to donate the funds at any time, so long as the organization receiving the funds is pursuing a mission that serves the public good, and thus fits the charitable purposes of GCF.
Donor advised funds are not just for companies. They provide a wonderful, flexible tool for anyone wishing to donate to their favorite charities while GCF provides fiduciary accountability. Such accounts can be used for estate planning purposes, or to build a permanent endowment for a favorite charity, or just to create a convenient way to manage tax deductions and concentrate donations and paperwork in one place.
For more information or to set up your own fund, call 662.792.0002 or email email@example.com.
Grenada Community Foundation is a not for profit corporation registered as a charity with the Mississippi Secretary of State and recognized by the United States Internal Revenue Service as tax exempt under Section 501(c)3 of the Internal Revenue Code.