HCF seeks public comment on endowment bill

The Hamilton Community Foundation (HCF) is asking the public to comment on a bill currently being considered by the legislature which deals with endowment funds, however, the window for comment is short. 
LB 1114 Endow Nebraska Legislation, introduced by Senator Eliot Bostar, will create a Nebraska tax credit for gifts to permanent endowments. The Endow Nebraska Tax Credit has been scheduled for a hearing in front of the Revenue Committee on Wednesday, Feb. 7 at 1:30 pm. 
HCF is encouraging Hamilton County residents to go online and make public comments in support of LB1114 no later than Wednesday  at 8 a.m. Online comments can be submitted on the Revenue Committee Hearing Page (https://nebraskalegislature.gov/calendar/hearings.php?CommitteeID=12).
“The Hamilton Community Foundation is a wonderful example of how permanent endowments impact a community generation after generation,” said Tammy Morris, executive director. 
The community is encouraged to submit public comment online as a proponent of LB 1114. In their own words, each resident should briefly speak to the value of the Hamilton Community Foundation, and how an endowment tax credit would create even more capacity for ongoing community investment.  
The core principle of LB1114 is that it provides an incentive to capitalize permanent endowments held at Nebraska-based community foundations. If passed, this will include a 15 percent credit on State of Nebraska income taxes due, up to $50,000 per year. Credits can be carried forward for up to five years and the State of Nebraska would appropriate $5 million/year to provide EndowNebraska tax credits. 
“Community Foundations, through strategic grantmaking, play a key role in identifying and addressing community challenges and opportunities. Grants benefit every resident in the county, directly or indirectly, because of generous, thoughtful donors,” Morris said. 
Next year, Hamilton Community Foundation will celebrate its 60th anniversary. HCF started with a gift of $6,500 in memory of Tim Nielsen and has grown, today, to more than $19 million. 
“What is special about endowments is that even though our assets are at $19 million today, we have gifted more than $20 million in grants and scholarships in Hamilton County to date,” shared Morris. 
Grants through the foundation cover a wide variety of causes from animals, arts and humanities, education and health, to recreation, children and youth, seniors, veterans and much more. Over the last 59 years, program grants have been awarded to support organizations such as TeamMates, Prairie Plains Resource Institute, Edgerton, Plainsman Museum and the Food Panty to name a few. 
Through strategic grantmaking and leadership, the Hamilton Community Foundation has also played a key role in contributing to larger, multi-year, grants to capital and community improvement projects such as Bremer Center, Streeter Park Athletic Field Complex and tennis courts, Phillips Memorial Hall, Leadership Center, Hampton daycare, Aurora Community Clubhouse, Giltner Fire Projection, 12th Street Cinema, Hordville Events Center, Senior Center, Aurora Community Clubhouse and Youth Golf Practice Green.
“HCF is asking residents to go online and make a public comment that shares how HCF has impacted Hamilton County,” Morris said. “Comments posted by 8 a.m. Wednesday, Feb. 7 will have the greatest impact to advance the legistion.”