Giving back to your community feels good, but did you know it can also benefit you come tax time? Donating to the Hillsboro Community Foundation (HCF) is a fantastic way to support local causes you care about while potentially reducing your tax burden. Let’s explore how:

1. Deductibility of Charitable Donations

The IRS allows taxpayers to deduct charitable contributions made to qualified organizations like HCF. This means you can subtract the value of your donation from your adjusted gross income (AGI), which can lead to a lower tax bill.

2. Types of Donations That Qualify

• Cash: The most common form of donation, cash gifts are easily tracked and deductible.
• Securities: Donating appreciated stocks, bonds, or mutual funds can provide even greater tax advantages. You can often deduct the fair market value of the securities while avoiding capital gains taxes.
• Real Estate: Donating property can result in significant deductions, but it’s crucial to consult with a tax professional beforehand.
• In-Kind Donations: Donating goods or services may also be deductible, provided they meet IRS guidelines.

3. Maximizing Your Deductions

• Itemize: To claim charitable deductions, you must itemize on your tax return (Schedule A).
• Donation Limits: The IRS sets limits on how much you can deduct each year, typically a percentage of your AGI.
• Maintain Records: Keep thorough records of all your donations, including receipts and acknowledgment letters from the HCF.

4. Benefits Beyond Tax Savings

While tax benefits are a nice perk, remember the true impact of your generosity:

• Strengthening Your Community: Your donation supports vital programs and initiatives that improve the lives of Hillsboro residents.
• Investing in Local Causes: HCF focuses on local needs, ensuring your contribution directly benefits your community.
• Leaving a Legacy: You can create a lasting impact by establishing a named fund or including HCF in your estate plans.

Ready to Make a Difference?

Contact the Hillsboro Community Foundation today to learn more about how your donation can support local causes and potentially reduce your tax liability. Remember to consult with a tax advisor for personalized guidance on maximizing your charitable giving benefits.

Disclaimer: This blog post provides general information and should not be considered tax advice. Please consult with a qualified tax professional for personalized guidance.

As the year draws to a close, many of us reflect on what truly matters. It’s a time for gratitude, connection, and giving back to the communities that enrich our lives. And if you’re looking for a way to make a lasting impact, a year-end gift to the Hillsboro Community Foundation (HCF) is a powerful choice.

Here’s why your generosity makes a difference:

• Amplified Impact: HCF is a local asset for addressing local needs. We pool charitable gifts from individuals like you and strategically invest them in programs that tackle critical issues like poverty, education, health, and the environment. Your gift joins forces with others, creating a ripple effect far greater than any single donation.
• Long-Term Vision: Unlike one-time grants, HCF focuses on sustainable solutions. We build endowments that provide ongoing support for vital programs, ensuring that your gift continues to benefit your community for generations to come.
• Local Expertise: HCF is deeply rooted in our region. We understand the unique challenges and opportunities facing your neighbors and partner with effective nonprofits to drive positive change close to home.
• Tax Advantages: Year-end giving to HCF often comes with significant tax benefits, allowing you to maximize your charitable impact while potentially reducing your tax burden. (Consult with your tax advisor for specific guidance.)
• A Legacy of Giving: Your year-end gift is an investment in the future of your community. It’s a way to leave a lasting legacy of compassion and support, ensuring that the causes you care about thrive long after the holiday season.

Beyond the Benefits:

Giving to the Hillsboro Community Foundation is about more than just the financial impact. It’s about joining a network of people who share a passion for making their community a better place. It’s about being part of something bigger than yourself and knowing that your generosity is making a real difference in the lives of your neighbors.

Ready to Make a Difference?

This year, give a gift that truly matters. Contact the Hillsboro Community Foundation today to explore year-end giving options and discover how your generosity can create a brighter future for all.

by Laura Fowler Paulus
Hillsboro Free Press
November 27, 2024

Over the past two decades, the Hillsboro Community Foundation (HCF) has grown into a trusted partner for local donors and nonprofits alike. HCF has facilitated the establishment of numerous charitable funds, enabling individuals and families to leave a lasting legacy for Hillsboro and the surrounding community. These funds have supported a wide range of initiatives, including scholarships, community projects, nonprofit support, health, arts and culture.

The organization recently celebrated its 20^th anniversary with a huge Dollars-4-Scholars campaign.

Hillsboro’s generous community donated $83,685, which was then matched by an additional $70,000 from the Patterson Family Foundation.

This significant increase in funding will directly benefit 12 scholarships, empowering deserving students to pursue their dreams.

“It was gratifying to see the community and donor support for our students during the campaign. These contributions are a big step towards growing the scholarships awarded through the foundation. We thank all the donors who helped make this campaign successful,” said HCF Board Treasurer Kelly Groening.

On Oct. 7, the Hillsboro Community Foundation strengthened its future by hiring Chad Hughbanks as its new full-time director. Hughbanks’s hiring replaced the part-time director position previously held by Max Heinrichs, made possible by a Capacity Building grant from the Patterson Family Foundation.

A lifelong resident of the area, Hughbanks grew up north of Lehigh and graduated from Hillsboro High in 2006. He is proud to serve the community he has called home since he was a kid.

Since 2020, Hughbanks has been a dedicated volunteer with the Hillsboro Community Foundation.

“I started off as a volunteer graphic designer. I did that and then became part of the grant cycle committee as a community member. I was involved with that for two years prior to coming on as a board member in December of 2023,” said Hughbanks.

It was during the campaign planning that Hughbanks realized he might be ready to take on the director role.

“That was about the time when I started having conversations internally with the foundation board members and had a lot of support going forward,” said Hughbanks.

He is excited to contribute to the Foundation’s mission and continue making a positive impact on the community he loves.

“Dedicating my time and energy to the community I grew up in was a simple decision to make. Hillsboro is my home. Being able to help contribute to its future is something I’ve wanted to do for a long time,” said Hughbanks. “Growing up, my parents instilled in my brother and me that your family and community will take care of you, but you need to take care of your family and community, as well.”

“In less than two months as director, Chad has already had a very positive impact on the foundation, bringing energy, vision, and fresh ideas. Under his direction, we believe the foundation’s role of facilitating charitable giving in the Hillsboro area is in good hands,” said Groening.

“I’m excited to build on the legacy of the dedicated individuals who founded and shaped the Hillsboro Community Foundation. From the original five visionaries to the 54 board members who’ve served, and from past directors like Kathy, Cynthia, Bonnie, Virginia, Max and Erin, their hard work has laid a strong foundation. My goal is to propel HCF into the next twenty years and beyond,” said Hughbanks.

The next focus for Hughbanks is Giving Tuesday.

“Giving Tuesday is our next event. That’s going to be December 3rd, and we’re hosting it at Pizza Hut from 5-8 p.m. Pizza Hut is going to be donating back 20% of their sales that night to the Foundation. But it’s a time when people can come in. They can donate in person if they want to. They can get a meal. They can meet Foundation staff members and volunteers and ask questions about the foundation, about what we do, what we got going on. So it’s a time when people can come in and get more information about what the Foundation does to help Hillsboro, Lehigh and Durham,” said Hughbanks.

Donations can also be made online at www.hcfoundationks.org/giving-tuesday. Giving Tuesday donations are tax-deductible.

HCF is also now leasing space inside the Hillsboro Chamber of Commerce at 110 N. Main St. in Hillsboro if people want to stop in to make a donation or visit with Hughbanks and get more information about what is going on at HCF. More information is also available at their newly updated website at www.hcfoundationsks.org

More than 700 individuals, families, businesses, and organizations have made donations through the Hillsboro Community Foundation since the foundation was created in 2004. As we reflect on the past 20 years, we are grateful for the generosity and support of our donors and partners. Together, we have made a meaningful impact in the Hillsboro area community.

This Thanksgiving, we are thankful for the opportunity to serve our community, provide support for those in need, and help make Hillsboro a better place to live. Happy Thanksgiving to our friends and neighbors and to all those who make our mission possible!

GivingTuesday was created in 2012 as day that encourages people to do good. It is held each year on the Tuesday after Thanksgiving and has grown into a year-round global movement that inspires hundreds of millions of people to give, collaborate, and celebrate generosity. The Hillsboro Community Foundation has proudly supported this initiative since 2017, aiming to bring its spirit of giving to our local community.

This year, HCF is hosting our GivingTuesday event at the Hillsboro Pizza Hut on December 3rd from 5:00 to 8:00 pm. This is an opportunity for you to meet HCF board members, find out more about the foundation, make a donation, or just enjoy a good meal. Please join us in contributing toward building the better Hillsboro area community we all want to live in. Learn more at www.hcfoundationks.org/giving-tuesday.

Community Foundation Week was established in 1989 and is celebrated annually from November 12-18. The week highlights the role that community foundations play in fostering local philanthropy, addressing community challenges, and improving the quality of life for residents. For the past 20 years, the Hillsboro Community Foundation has made it possible for citizens, businesses, and organizations to create permanent philanthropic resources for the current and future needs of our community.

At the Hillsboro Community Foundation, we believe that everyone has the power to make a meaningful impact. We are always eager to discover what causes inspire you and how we can work together to create a brighter future for our community. If you are passionate about making a difference, please reach out to us.

On this date, eighteen years ago, the Hillsboro Community Foundation held a banquet to announce the formation of the Hillsboro Area Impact Fund. Larry Hatteberg, KAKE-TV journalist, gave an entertaining presentation as the featured speaker despite a 45-minute electrical outage in the middle of his talk. Hatteberg spoke about stories of ordinary people, often working silently behind the scenes, who made a difference in their communities.

The campaign begun that night raised more than $265,000 and has now reached a balance of $382,000. Since 2008, more than $172,000 in investment earnings have been distributed to local charities and causes. The Impact Fund has proven to be a worthwhile investment in our community and one that will continue to generate positive impacts for many years to come.

Donating to the Hillsboro Community Foundation through an Individual Retirement Account may help you stretch your charitable giving dollar and reduce taxes. If you meet the age requirements, you can make a Qualified Charitable Distribution from your IRA directly to certain charities, including many of the funds at HCF. You won’t pay income tax on the distribution, and it counts toward your Required Minimum Distribution obligation.

Another IRA-related consideration is to designate HCF as one of the beneficiaries for a portion of your IRA balance. There are various tax efficiencies in doing so that involve estate taxes and income taxes depending on your situation.

Always consult your tax or financial advisor when considering an IRA donation or charitable beneficiary designation.

Donating an asset that has gained in value to the Hillsboro Community Foundation can help you stretch your charitable giving dollar. By transferring an asset to HCF, no capital gains tax is paid on the gain, either by you or by HCF, due to its tax-exempt status. Plus, you receive a charitable tax deduction for the asset value at the time of the donation. Assets may be as varied as stocks, other marketable securities, real estate, and even art or other collectibles.

Another tax-efficient option is to donate grain to HCF. You avoid including the sale of the grain in your farm income, but still deduct the costs of growing the crop. You benefit even if you don’t itemize your deductions and take the standard deduction instead.

Always consult your tax advisor when considering a non-cash donation.

Chad Hughbanks is a lifelong resident of Hillsboro, KS. He graduated from Hillsboro High School and attended Salina Area Technical College where he earned his Associate’s Degree in Commercial Art. With over 12 years of experience in customer service and sales, he has cultivated a strong ability to build lasting relationships. Prior to that, he honed his graphic design skills in both corporate and freelance settings.

Chad has been a member of the HCF community for nearly four years. As a grant cycle reviewer for three years, he has had the privilege of serving twice as a community member and once as a board member. Since joining the HCF board in December 2023, he has been deeply involved in the organization’s September 2024 match campaign and have coordinated numerous events.

Chad and his wife have two children. He is committed to making a positive impact on the community where he grew up.