Who are the recipients of Cranberry Legacy Endowment funds?
Scholarships and Awards
Other Community Causes
Nonprofit & Civic
The primary reason for starting
the Cranberry Legacy Endowment (CLE) was to create lifetime funds for the
support of local nonprofit and civic organizations. Successful communities are supported by four strong pillars:
a sound business base; healthy public institutions; strong faith communities;
and robust volunteer nonprofit and civic organizations. Creating permanent endowments to
benefit one or more nonprofit groups in Cranberry Township is the CLE’s
ultimate goal. Those
nonprofit group can count on yearly income from those contributions, but
can never touch the principal.
Why give to the Cranberry Legacy Endowments rather than directly to the Nonprofit group? Every cent of income generated
by CLE’s fund investments goes to the nonprofit or civic group of your
choice. The CLE board consists
of representatives from each of the nonprofit/civic groups for whom an
endowment has been created.
Second, nonprofit boards and their
paid staffs often experience turnover from year to year. Placing your endowment with CLE
provides a level of protection to assure the principal is never touched in hard
times or to used to fulfill a one-time need. Your endowment with CLE will last a lifetime and more.
Third, your endowment with CLE
will encourage others to follow suit. Since your endowment will be recognized annually in
our June Annual Report, you are helping to nurture the idea for others to do
the same. Each additional Legacy
Endowment helps plant a seed to encourage another family or individual to follow
your lead in the future.
Fourth, some nonprofit and civic
groups are not 501(c)3 nonprofits in the eyes of the
IRS. Utilizing CLE will give you
full tax deductions and opportunities per IRS rules and regulations.
Finally, we can offer
professional administration and investment expertise that might not be
available for an individual investment directly with the nonprofit group. See the Administration/Investment
section for more details.
That’s why we encourage you to
give to CLE directly in cooperation with the nonprofit or civic organizations
you care about. There are other
reasons, too. We would be happy to
discuss Legacy Endowments and their mechanics with you in full detail to make
clear how you your gift will be used according to your wishes.
What nonprofit and Civic groups can I give to?
We recognize all Cranberry
Township Community Chest (CTCC) organizations like the Library, Rotary, Lions,
Miracle League, The Chamber and dozens more. To see the complete list go to http://www.ctcchest.org/groups.asp .
If a group you’re considering isn’t
on the list, let’s meet to discuss if that group would qualify as a CLE recipient.
Creating a named scholarship
through the Cranberry Legacy Endowment is one way you can help current students and leave a legacy for the
future. It's also a very
meaningful way to honor family members and friends. Here’s a Step-by-Step guideline:
STEP 1: Determine Type of Scholarship Fund
Endowed scholarship funds are designed to be permanent and can be created with
gifts totaling a at least $10,000 at the outset or with an initial commitment
of $5,000 that is added to over time until the $10,000 level is attained. A $10,000 endowed scholarship will award
an approximately cash distribution of $500. A separate Annual contribution allows your endowed
scholarship to increase each year. The principal of the fund is invested to
produce income, and an annual award is made to the student(s). The principal remains untouched.
Type of Scholarships
Is this scholarship for a specific university or college? Is it for a certain major? We also administer scholarships within
the Seneca Valley area for home school, private school, and public sector
institutions at the high school level. Please review the establishing criteria below.
STEP 2: Establish Scholarship Criteria
As a scholarship donor, you choose the name of the
scholarship as well as the criteria. For most scholarships, we work with the
administration of Seneca Valley so that they are awarded to deserving students
based upon area of interest, geographical origin, leadership potential, merit,
financial need, academic achievement and/or other criteria. For scholarships directed specifically
to Butler County Community College, we would let the BC3 administration select
the candidate based on your criteria. All of this can be determined during the scholarship setup.
STEP 3: Administration of Scholarship Funds
Typically, a school-based selection committee reviews the scholarship
applications submitted by students and selects the most deserving recipient(s)
based on the donor-established criteria. Benefactors of a scholarship fund are notified annually when the
scholarship recipient(s) have been selected and are informed of their names and
hometowns, as well as the amount of the award. Recipients often write a thank-you note to the donor, and in
some cases, the recipient and donor are able to meet.
Tax Benefits of Funding a Scholarship
An outright gift in the form of cash or appreciated securities will allow
you to receive immediate tax benefits in the year you make your gift to The
Cranberry Legacy Endowment. In the case of appreciated securities, you may also
avoid capital gains taxes.
You can also provide for scholarships in your estate plans. Estate gifts or
planned gifts are an easy way to establish a scholarship without affecting your
current income or assets.
Make Cranberry even better!
How can you leave a Legacy that
makes your community better? Create
a planned community asset that future generations will enjoy. By establishing your plans through
Cranberry Legacy Endowments, your investment can not only improve our community
but could be tax deductable and utilized for estate planning. This is a great opportunity
to create something new or establish memorial/naming rights to an existing
The possibilities are unlimited. Here are some ideas based on existing assets and new assets:
Existing Assets: Many assets that are currently in use are available for
improvement and can be used as memorials or given naming rights. Many of
Cranberry’s ball fields are available for businesses or individuals. Trails,
sled riding hill, shelters, tree groves, section of the library, gardens, and
more can all be enhanced with your endowment and used as a memorial through a
New Assets: Creating new assets to implement the master plan of Cranberry’s
public parks is just one possibility – from new shelters, fountains,
playgrounds, and sculptures to creating entire new parks. They can also include our library, fire
department, school district, and BC3 in Cranberry.
Funding new assets:
All of the methods used to fund Legacy Endowments are available to fund
community assets. In a few cases,
when an irrevocable trust or CLE-owned insurance policies are utilized, the
asset can be built in advance of distributions. Each asset is different in funding, but what is consistent –
beyond the direct cost of the asset – is the establishment of an
Endowment to support the maintenance of the asset, typically around 25% of its
original cost. So if you created a
new asset which cost $200,000, it would also require another 25% ($50,000) to
keep that asset in good repair. Each
year the endowment would pay into a sinking fund for any maintenance, insurance
or repair costs – assuring your asset is designed to last forever. For smaller assets like memorial park
benches, you would pay the asset cost ($500 for a bench, for example) and then
fund a CLE endowment with a minimum of $10,000. That endowment would assure eventual
replacement of the bench, but it can also be used for other distributions that
do not have to be specifically for the park.
Funding Existing Assets:
Funds to support existing assets will be used by the Cranberry Legacy
Endowment to benefit the group that owns those assets. The benefit of working with CLE rather
than the owner of the asset is that you know the endowment cannot be touched by
the recipient’s board of directors and will provide income forever. In addition, your Legacy Endowment will
be recognized annually in our Annual Report and encourage others to follow suit.
Questions and answers:
I want to establish an endowment for naming rights
with a nonprofit that does not want the money going to Cranberry Legacy
Endowment. Will you still recognize this donation?
We recognize that many nonprofit
groups have need for immediate use of the capital to build their project, but we
will only recognized donations made directly to CLE.
Why does buying a park bench via CLE cost $10,500?
Our real focus is establishing
Community Endowments and providing choices in doing so. You can easily purchase a park bench or
other assets directly through the township at face value.
How can you offer Township assets to private donors?
We have an agreement with the
Township; their relationship with “Friends of the Park,” a nonprofit group,
allows us to offer you tax deductions for your contributions consistent with
IRS law. Annual proceeds then go into
a fund that supports this asset or benefits that specific park use. That money is made available to the
Township to use for this purpose.
Other Community Causes
Your endowment can support a wide range of human and community services.
For example, helping assure meal deliveries to the elderly, supporting a drug
prevention program, providing certain types of material to our library, to
providing free medical help. Your
Legacy Endowment will be matched with the organization which can best provide
that service; they will receive an annual contribution from your fund. In
addition, we will continue to make sure that your funds are being used for the
purpose you established.
Legacy Endowments are flexible in design with the goal of helping people and
organizations in our community. We
welcome your ideas about benefitting causes that are important to you. Please
contact us at email@example.com with your questions and suggestions.