The Pella Community Foundation Board of Directors recently approved the creation of a new program called Grow Pella.
Pella Community Foundation President Jim Brandl says farmland has always been a crucial part of the community. Grow Pella allows farmland owners to create a lasting legacy benefiting the community, preserving its heritage and enhancing the quality of life for the people of Pella.
Brandl believes Grow Pella is an important tool for retaining one of the community’s greatest assets: farmland.
Landowners receive a tax deduction for the charitable portion of the gift, and depending on how the endowment funds are structured, the gift may be eligible for a 25% Endow Iowa tax credit. The gift removes the asset from the possibility of estate taxes and keeps farmland in production. Tenants can also be named by the landowner to continue renting the land. Charitable Organizations, as directed by the donor, receive a legacy of sustainable funding.
Pella Community Foundation recently received a gift of farmland from the Paul & Marjorie Vos Charitable Foundation.
“This is a very important and significant gift as it acts as a catalyst to really give this project a great deal of momentum and encourages other landowners to consider similar gifts. We are deeply grateful to Paul Vos for his foresight and generosity,” Brandl said in a release.
Anyone interested in more detailed information about how Grow Pella works and how it could be a benefit to them in their estate planning should contact Jim Brandl directly by e-mail at jbrandl@iowatelecom.net, or contact the foundation through www.pellacommunityfoundation.org or call 641 628-8003.