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Endow - Chabad Future Fund

Endow - Chabad Future Fund

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We all want to ensure that the future of Harford County's Jewish community is secure.

I am sure you imagine a future where David can be bar mitzvah'd even though he has a limited Jewish education we dream of a place where Janice can attend services although she can't afford to donate and where everyone can feel at home. 

To ensure a a permanent, predictable stream of funding for this mission of education coupled with goodness and kindness together with a generous $10,000 donation by an anonymous donor in memory of her parents, The CHABAD FUTURE ENDOWMENT FUND was started at the Harford County Community Foundation.

The CHABAD FUTURE ENDOWMENT FUND welcomes gifts of all kinds, including cash, bequests, closely held stock, real estate, life insurance and retirement assets. Gifts can be made online here or by calling 443.353.9718.

To contribute to the fund by check, mail a check payable to The Community Foundation of Harford County to 202 S Main St, Bel Air, MD 21014 and in the memo please note: Chabad Future Fund 

Donations over $500 to this fund are eligible for the Endow Maryland Tax Credit

Businesses or individuals who make a donation to a qualified permanent endowment fund at an eligible community foundation may be eligible for a credit against the Maryland State income tax.

The credit may be taken against corporate income tax, personal income tax, insurance premiums tax or public service company franchise tax. However, the same credit may not be applied to more than one tax type.

To qualify for the credit:

Donations of $500 or more of cash or publicly traded securities made by the taxpayer to a “qualified permanent endowment fund” at an “eligible community foundation” that meets certain requirements are eligible for tax credits. Individuals and businesses may claim a maximum of $50,000 in credits per year, representing a donation of no more than $200,000.

The taxpayer must apply to the Maryland Department of Housing and Community Development (DHCD) for a certification for the donation.

For any tax year, the sum of all Endow Maryland tax credits, including any carryover credits, may not exceed the lesser of $50,000 or the total amount of tax otherwise payable by the individual and/or business for the tax year. Excess credits may be carried over for five (5) years.

More Information about this tax credit can be found here

As always if you need any assistance just call Rabbi Kushi at 443.353.9718 or Rabbi@HarfordChabad.org

 

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Rabbi Kushi Schusterman
Executive Director
443.353.9718
Rabbi@HarfordChabad.org