The Lake Fork Community Foundation is a 501(C)3 Private Operating Foundation. Your
contributions are tax deductible. Another year has come and gone, making it seventeen
years that you have provided vital support to local non-profits with your generous
Qualified charitable distributions from your IRA.
A qualified charitable distribution (QCD) is generally a nontaxable distribution made
directly by the trustee of your IRA (other than a SEP or SIMPLE IRA) to an organization
eligible to receive tax deductible contributions. You must be at least age 70½ when the
distribution was made. Also, you must have the same type of acknowledgment of your
contribution that you would need to claim a deduction for a charitable contribution. See
Records To Keep in Pub. 526.
The maximum annual exclusion for QCDs is $100,000. Any QCD in excess of the
$100,000 exclusion limit is included in income as any other distribution. If you file a joint
return, your spouse can also have a QCD and exclude up to $100,000. The amount of
the QCD is limited to the amount of the distribution that would otherwise be included in
income. If your IRA includes nondeductible contributions, the distribution is first considered
to be paid out of otherwise taxable income.
Also, QCDs don't require that you itemize, which due to the recent tax law
changes, means you may decide to take advantage of the higher standard
deduction, but still use a QCD for charitable giving.
Donation form Please make checks payable to LFCF and list your distribution choices:
Lake Fork Community Foundation
PO Box 322
Lake City, CO 81235
Grants and Support
Discretionary Fund Grants: Grant requests meeting foundation purposes are
considered at the Board's quarterly meetings. Grant application information, forms and
guidelines are available from the foundation or on our website.
Roger Coursey Scholarship Fund: All Lake City area students graduating from high
school are eligible for scholarships to attend college or otherwise continue their education.
Coursey Scholarships continue so long as the student remains enrolled in a higher
education institution and maintains a 2.5 grade point average. Scholarships are paid
directly to the educational institution.
Fretom Fund Grants for Medical Education: The Fretom Fund provides tuition
assistance for Lake City area residents advancing their medical educations. Please contact
the Foundation for details and application information.
Lake Fork Memorial Park Fund: The Foundation maintains funds for continuing
improvements to Lake Fork Memorial Park. The park is a project overseen by the Town of
Lake Fork Community Foundation Endowment Fund: The Endowment fund is
created for future funding needs of the community. Donations to the fund increase its
principal and are always welcome.
Partner Organizations and Agencies: Lake City area organizations and community
support groups may use the foundation to collect funds so long as their purposes and
activities meet IRS guidelines for charitable status.
Partners must enter into an agreement with the Foundation for this service. See a list of