2021 CFAAC Annual Report - Report - Page 31
“Working with the Community Foundation
just made the most sense for the LSO,” said
LSO Board President Jack Evans. “They offer
a very competitive product, they’re local,
proactive, and very easy to work with - they
get things done.”
Partnering with CFAAC to establish
an
endowment
focus
on
their
Community
allows
the
mission
Foundation
LSO
while
to
the
manages
the paperwork and other details of
investing resources.
Partnering with CFAAC to establish an
endowment allows the LSO to focus on their
mission while the Community Foundation
manages the paperwork and other details of
investing resources. It also provides the LSO
the capacity to reach donors that the
orchestra might not be able to access. And
that is exactly what Jack said is the LSO’s goal.
“With the endowment fund, we hope the
orchestra not only continues to expand its
audience base and present more varied
types of concerts in the future but also
increase awareness of the LSO in the
community,” he said.
“The LSO wants to provide an alternative
source of classical music to the various
communities in our area that’s more
accessible, less expensive,” added Jack. “And
even though the pandemic put a hold on
several programs in the past year or two, the
LSO continues to partner with several local
organizations including Annapolis Green,
.
WWW.CFAAC.ORG
CAAPA (the Coalition for African Americans
in the Performing Arts), and the Rotary Club
of Parole. It’s our hope that the LSO
endowment fund can help establish a firm
financial base to help these, and new,
relationships grow.”
Endowment funds at CFAAC not only ensure
a future for organizations like the LSO but
they also can benefit donors. Contributors
may be eligible for an Endow Maryland Tax
Credit when they donate between $500 and
$50,000 to a permanent, endowed fund at a
qualified community foundation in Maryland.
Cash gifts to public charities are deductible at
100% of adjusted gross income for tax year
2022 and gifts of long-term appreciated
assets to charities avoid long term capital
gains tax and net income tax. It’s a win-win
for both the organization—in this case the
LSO—and the donor.
Endowment funds at CFAAC not only
ensure
like
a
the
benefit
future
LSO
for
but
donors.
organizations
they
also
Contributors
can
may
be eligible for an Endow Maryland
Tax Credit.
Contact CFAAC for information about
opening an Agency Fund. Our experienced
staff can meet with your leadership, present
information about partnering with CFAAC,
and answer any questions you may have
about Endow Maryland or opening a fund.
Contact us for free consultation at
410.280.1102.
PAGE 31