What is the Bedford Community Foundation?
The Bedford Community Foundation (BCF) is a public foundation actively serving our community as a fund developer, fund manager, and grant maker. We also serve as a conveyor, planner, and enabler for special projects. It becomes a union of many gifts, many different estates, or parts of estates, contributed for the most part by people of a particular community for the benefit of that community.

Where does the foundation get its funds?
The BCF receives its money from individuals, families, organizations, or corporations interested in providing financial support for charitable purposes and organizations, which serve the residents of the Bedford Township and surrounding areas. These gifts and bequests make up the permanent endowments of the BCF, the income from which is used to make grants.

How are the gifts made to the foundation?
A donor may make a gift or bequest of any size to the BCF for the community's benefit. Many donors provide unrestricted gifts to the Fund of Bedford. This fund responds to community needs as they arise. Other donors designate a specific organization or area of concern. Scholarships and memorial funds are also popular. Contributions may be eligible for tax purposes as allowed by law.

How are assets managed?
A volunteer finance committee, comprised of experienced financ professionals, set the overall investment policies. The committee, staff, and evaluation consultant monitors the performance of investment managers carefully.

Who decides how the funds are distributed?
A volunteer grants committee recommends Grant awards, after review by professional staff. Trustees of BCF make the final decision regarding all non-designated distributions.

Where does the money go?
Grants are made to charitable organizations serving the residents in Bedford Township and surround areas in the areas of health, human services, economic development, the arts, education, and civic affairs. Grant amounts vary depending on the nature and need of the request.

Is my gift deductible?
MICHIGAN TAX CREDIT
The Michigan Community Foundation Tax Credit is a non-refundable tax credit which allows you to deduct up to 50% of your gift to a Community Foundation from your Michigan income tax.

GUIDELINES:

  • Your gift must be to a permanently endowed fund.
  • The maximum credit of a $200 donation is $100 dollars.
  • The maximum credit of a $400 donation is $200 dollars.
  • For a resident, estate, or trust, the credit is the lesser of 10% of the taxpayer's tax liability for the current tax year before claiming any credits allowed by the Income Tax Act; or $5,000.00 for a $10,000.00 gift.
  • For single business taxpayers, the lesser of 5% of the taxpayer's liability for the tax year before claiming any credits allowed by the Single Business Tax Act; or $5,000.00 for a $10,000.00 gift.
  • If you give less than the maximum, your credit will be 50% of the gift.
TYPICAL TAX SAVINGS FOR TAXPAYERS WHO ITEMIZE
Michigan Tax Credit
Single Tax Payer
Married Tax Payer
Single Business
Amount of the Gift:
$200
$400
$1,000
Michigan Tax Credit:
$100
$200
$500
Federal Tax Rate:
28%
28%
25%
Federal Tax Savings:
$56
$112
$125
Total Tax Savings:
$156
$312
$625
Actual Cost of Gift:
$44
$88
$375

 
 
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