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| CFAAC COMMUNITY CONNECTOR - DECEMBER 2024
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A Message From our President & CEO
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As this year draws to a close, we celebrate the incredible impact of your giving. We are continually inspired by your support, which helps us transform ideas into action and challenges into opportunities in the community. From the $5 to $7 million we grant annually to our dedicated nonprofits to the important, wide-ranging educational programs we offer, please know that it is all made possible by your generosity.
Thanks to you, we can continue to make a meaningful difference in our community. Your confidence in our mission inspires the work we do every day, and we are truly grateful.
From all of us at CFAAC to you, may your holidays be filled with warmth, joy, and treasured moments. And may the new year bring you renewed hope, health, and happiness.
Happy Holidays,
Mary Spencer
CFAAC President and CEO
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In Case You Missed It: November's CFAAC Commentary in The Capital Gazette
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Why You Can Trust Community Foundations with Disaster Relief
By Mary Spencer, CFAAC President & CEO
Few things impact us more deeply than the powerful photos and heart-wrenching stories of those devastated by natural disasters. Hurricanes Helene and Milton are two recent examples of hard hit areas needing our support. You may want to help, but where do you start and who should receive your donations?
Look no further than local community foundations. They are established and trustworthy organizations that are ingrained in the communities they serve. Since they are typically geographically focused, they know the best way to get the donations where they are immediately needed—whether it be for medical supplies, shelter, food or unexpected needs brought on by the disaster. They can get money out rapidly to vetted nonprofits who can provide targeted and much needed assistance to their community.
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End of Year Giving Deadlines
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On behalf of the Community Foundation of Anne Arundel County and the nonprofits you support, we express our gratitude for your generosity and commitment to our community in 2024. CFAAC strives to ensure that your contributions have the most significant impact on the causes you care about while maximizing your tax-saving benefits.
With that in mind, and to facilitate the best service and ensure your charitable gifts qualify for a 2024 IRS tax deduction, please take note of the deadline dates noted here.
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CFAAC Achieves the Highest Standards for Philanthropic Excellence
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The Community Foundation of Anne Arundel County recently renewed its accreditation with Community Foundations National Standards®, signifying that CFAAC continues to uphold the highest standards of philanthropic excellence. Achieving this accreditation involves a rigorous process that requires community foundations to thoroughly document their policies on donor services, investments, grantmaking, and administration. These materials are then carefully reviewed by a community foundation expert selected from a panel established by the Community Foundations National Standards Board, a supporting organization of the Council on Foundations based in Washington, D.C. We are proud to undertake this process to reflect our work at the highest level on behalf of our community, donors, and nonprofits in Anne Arundel County. With this reaccreditation, donors can be assured that CFAAC will continue to steward their contributions responsibly and effectively.
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Did you know that you can donate cryptocurrency through CFAAC?
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Cryptocurrency is experiencing explosive growth right now, creating new opportunities for tax-savvy philanthropy. As accumulated wealth continues to surge, donors are making impactful donations to support causes they are passionate about while taking advantage of year-end tax benefits. When donating crypto that has been held for more than one year, donors can deduct its fair market value at the time of the donation and avoid paying capital gains tax on the appreciated asset.
What’s holding you back? Join other generous donors who are using crypto to make a positive impact in their community and transform their favorite nonprofits.
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Don’t forget—CFAAC is a 501(c)(3), too! We need your support to continue making an impact in our community. And we accept all forms of donations—including stock.
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Sue Pitchford is All in for Making a Difference
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Becoming a lifetime member of Anne Arundel Women Giving Together (AAWGT) was a natural next step for Sue Pitchford. After all, she has been an extremely active member of the giving circle for 12 years. Once she became an AAWGT member, Sue was all in—joining committees and eventually becoming president. Now, as AAWGT’s Membership Chair, Sue reflects on why she became a lifetime member.
“The nice part about being a lifetime member is that it's an individually named endowment, and it’s specifically associated with the Community Foundation,” Sue said. “The Community Foundation has just been extraordinary, so I like to be associated and involved with it. I like having an endowment there because the money will eventually go into the AAWGT Endowment Fund managed by CFAAC in perpetuity. So, it will always be with an organization that is important to me.
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Herzberg-Wild Memorial Scholarship Application Closes March 19, 2025
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The Lance Corporal Eric William Herzberg and Lance Corporal William Taylor Wild, IV Scholarship (Herzberg-Wild Scholarship) was established at CFAAC in 2014 by anonymous donors to honor two fallen Marines, Eric W. Herzberg and Taylor Wild, IV, both residents of Anne Arundel County.
The Herzberg-Wild Scholarship awards one $10,000 scholarship annually to a deserving high school senior from Anne Arundel County Public Schools.
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Officer Grant Turner Memorial Scholarship Application Closes March 19, 2025
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The Officer Grant Turner Memorial Scholarship Fund was established after Officer Grant Turner passed away to honor his love of sports and baseball. The fund advisors host one of the largest preseason baseball tournaments in the state.
Scholarship funds may only be used for tuition, fees, and books at institutions of higher education. Four scholarship opportunities are available, each valued at $1,700. This one-time disbursement of $1,700 will be paid directly to the institution.
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The Community Foundation of Anne Arundel County is thrilled to welcome the following funds to our family of funds:
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- The Alison Kamine AAWGT Lifetime Membership Fund: A CFAAC Endowed Fund that supports Anne Arundel Women Giving Together’s mission to fund programs devoted to improving the lives, health, education, and well-being of women, their children, and families.
- The Cate Family Foundation: A CFAAC Donor Advised Fund established to support the philanthropic interests of the fund advisor(s).
- The T. Sue Gladhill Fund: A CFAAC Donor Advised Fund established to support the philanthropic interests of the fund advisor(s).
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ReCap: Implementing a Corporate Social Responsibility Program
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On Tuesday, November 12, Founder of Wendie Veloz Enterprises, LLC and Social Entrepreneur Wendi Veloz led a discussion about creating a Corporate Social Responsibility (CSR) initiative. Increasingly, consumers and employees prefer to do business with community-conscious, proactive companies that have philanthropic programs. CSR initiatives can not only help your company boost profits and build a loyal customer base but also attract and retain employees.
This educational program, presented in partnership with the Anne Arundel County Chamber of Commerce, outlined steps businesses can take to establish a CSR program that supports giving while building their brand.
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| NEWS FOR PROFESSIONAL ADVISORS
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REMINDER: AAEPC Membership Registration Closes January 31!
AAEPC membership registration is open! Current members can renew anytime between now and January 31.
Give yourself the gift of networking by renewing or activating your membership and continue being part of this vibrant community. Don’t miss out!
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If This, Then That: Your Charitable Planning Quick Reference Guide
Do you ever wish you could skim a “charitable giving cheat sheet” to quickly determine which charitable planning tools at the Community Foundation might be a good fit for a particular client? We’ve got you covered! We’re always happy to be a sounding board for any client situation where charitable giving is an option. Please reach out anytime you and a client are discussing philanthropy. To get your wheels turning, check out these three scenarios that have come up frequently over the last few weeks. Read more.
QCDs: An Increase from $105,000 to $108,000 in 2025, and FAQs
As you and other professional advisors put the finishing touches on implementing clients’ year-end charitable giving plans, you may have a moment when it hits you: “Wait, how exactly does a Qualified Charitable Distribution (QCD) work?”
That’s a great question, and you’re not alone if you’re asking. Even though QCDs are well-covered in financial media, they’re complex enough that it’s hard to remember the nuances when a client could benefit. To make it easier, the Community Foundation has compiled a list of FAQs. Read more.
Estate Tax Planning: What’s Your Next Move?
As attorneys, CPAs, and financial advisors, you’re well aware of potentially significant upcoming changes to tax laws that could impact your high-net-worth clients. Whether or not a post-election Congress takes action to prevent the estate tax exemption sunset at the end of 2025, it may affect how you design your clients’ wealth transfer strategies. Read more.
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| The Community Foundation of Anne Arundel County (CFAAC) is a tax-exempt, 501(c)(3), publicly supported philanthropic organization with the long-term goal of building permanent funds that provide support to local nonprofit organizations through grants and special projects. Our mission is to inspire and promote giving in Anne Arundel County by connecting people who care with causes that matter. Established in 1998, CFAAC is one of the largest funders of nonprofit organizations in Anne Arundel County. CFAAC distributes nearly $5 to $7 million annually. Learn more at www.cfaac.org.
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