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Kim Bowman

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Living Generously
Living Generously 3881 2861 Kim Bowman

If you have been taking a Required Minimum Distribution (RMD) from your IRA each year, please read on. An intriguing new opportunity has arrived in 2023 as part of the SECURE Act.

Background: If you are age 70-½ or older, you may re-direct funds coming out of your IRA (your RMD) to charitable causes. These are called QCDs or Qualified Charitable Distributions. You simply ask your IRA custodian to send your RMD funds to your favorite charity rather than taking the income yourself. Two tax-wise reasons to deflect these funds to charity are that (1) this fulfills a gift to charity that you wish to make and (2) it reduces your taxable income. Plus, you are donating funds you’ve already saved up, so you don’t feel the pinch in your checkbook.

What’s new for 2023: If you have a large RMD to re-invest or donate, this new opportunity may suit you nicely. Starting in 2023, instead of giving your QCD directly to charity, you may use up to $50,000 of your RMD to fund a charitable account that will provide you with income for the rest of your life. Basically, the funds come out of your IRA and are placed in a charitable vehicle that generates a fixed income based on your age. At the end of your life, the funds remaining go to the charity you have named, such as Way to Grow. This is currently a one-time opportunity.

Way to Grow would be delighted to be your named beneficiary for a future gift, so our work to support children and families can thrive in the future. Of course, those who make a planned gift provision for Way to Grow are eligible for membership in our Shine Legacy Society. For more information, please give us a call at (612) 874-4740 and we will be pleased to walk you through the details. We would love to hear from you!

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Living Generously
Living Generously 3881 2861 Kim Bowman

As Thanksgiving approaches, please know that gratitude abounds at Way to Grow for all of the gifts we receive to support our intensive home visiting work with children and families. Our hearts are moved by the generosity we see in action each day, knowing we could not have a deep impact without the many donors who fuel our work by sharing their blessings at all levels.

This is the most common time of year for people to consider their charitable giving for the year. It is a time to reflect on our values, which charities are truly having an impact, and what is most meaningful to each of us in improving our community and world.

As you review possibilities and put your gifts in motion, we hope Way to Grow’s innovative and highly effective early childhood education, elementary education, health education and teen parenting programs are top of mind. This year, 98% of Way to Grow children tested ready for kindergarten, as our dedicated staff developed new interventions and refreshed curriculum for parents. This is only possible through donations from those who believe, like Way to Grow does, that every child should have an opportunity to succeed in school and in life.

Your gift can help parents stabilize their homes for their families, and help children learn to read and pursue their dreams, strengthened by literacy and the confidence this brings. What could be more beautiful than a happy, healthy child on the pathway to success? We’ve served over 600 families this year, representing over 1,000 happy, healthy children!

Way to Grow will be grateful for your renewed or increased support in 2022! Here’s how:

Go online: With a few keystrokes, you can set in motion an automatic monthly gift or make a one-time gift here.

Mail a check: We love checks! Simply send your gift to Way to Grow, 201 Irving Avenue North, Suite 100, Minneapolis, MN 55405. Your envelope should bear a 2022 postmark.

Shares of stock: If you own stock that’s grown in value – and that you’ve held for a year or longer – it may be tax-wise to transfer the shares to Way to Grow (rather than selling them). Here’s why. First, you’ll avoid paying capital gains tax on the shares’ growth, and Way to Grow will receive 100% of the proceeds tax-free as a charity. Plus, you’ll enjoy a tax deduction for the full fair market value of the shares (rather than the basis you paid for them). Third, these gifts don’t drain your checkbook. For details, call us at (612) 874-4740.

Qualified Charitable Distribution (QCD) from your IRA: If you are age 70-1/2 or older, you can send a gift to Way to Grow directly from your IRA. This bypasses your federal tax return, so it is not counted as income, nor deducted as a gift, and if you are 72, it can fulfill your Required Minimum Distribution. Even better, you are using pre-tax dollars to make a gift, so the gift costs you less. Individuals can give up to $100,000 each year to qualified charities through this method, putting already saved up dollars into action now to serve neighbors in need.  Way to Grow would be delighted to receive your IRA gift! For assistance, check with your tax advisor or call us at (612) 874-4740.

Sincere thanks to you! Way to Grow wishes you and yours a healthy and happy holiday season!

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Living Generously
Living Generously 3881 2861 Kim Bowman

With school back in session, calendars are filling with autumn activities, sports events, social gatherings and charity galas (ours is October 14 – join us!). The pace of life is speeding up, and it seems impossible to fit everything in.

As autumn unfolds, we hope you’ll note moments when your heart is stirred to help others through personal generosity. Way to Grow’s work continues every day to serve children and families to ensure that every child has an equal opportunity to succeed in school and life. What could be more important than children reaching their potential in life by getting the best possible start? Your yearly gift — or automatic monthly gift – will help ensure Way to Grow’s work is sustained and strengthened. Please give as generously as you can here.

If you are age 70-1/2 in 2022, you may send Way to Grow a gift directly from your IRA, which may also fulfill your Required Minimum Distribution ((if you are 72 or older in 2022). This is a beautiful method of giving that leverages pre-tax dollars to support qualified charities, so it costs you less than cash you’ve already been taxed on. It also taps into dollars already saved up and puts those funds to work now in support of neighbors in need. Individuals can gift up to $100,000 out of their IRAs each year, and these funds bypass the Federal Tax Return, so they are neither taxed as income, nor deducted as a gift.

Way to Grow would be pleased to receive your IRA gift or assist you with other tax-wise ways of giving. Please call us at (612) 874-4740 or check in with your tax advisor. Way to Grow cherishes gifts of all types and sizes. With your great support, we can reach even more families and children whose futures will be brighter because of your generosity. Thank you!

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Living Generously: Where there’s a will, there’s a way
Living Generously: Where there’s a will, there’s a way 3334 1459 Kim Bowman

Did you know that on average, Americans update their will or trust every seven years? Changes to personal and family circumstances may mean that prior plans are no longer current and need to be updated to ensure that everything is in order as you intend.  
 
Why have a will? A will helps you provide gifts for loved ones after your life. It helps ensure that your wishes will be honored and family and friends will receive the money or property you intend for them. If you have children, a will allows you to name guardians for their care. Whether you have a lot or a little to share, every person has the right to direct how their nest egg is used after their life. Without a will, your property is distributed according to a “one size fits all” state formula that may not reflect your wishes.  It’s never too soon to set your plans in motion.
 
You can also leave a gift in your will for charities you hold dear to support their work in the future, like Way to Grow. Simply state a percentage of the estate or a dollar amount for Way to Grow to receive as your legacy gift. Estate gifts to Way to Grow are deeply appreciated and help ensure that children in the most isolated households are born healthy, stay healthy and are prepared for school, even after your lifetime.      
 
What could be a more meaningful legacy than ensuring brighter futures for all children in our community? 
 
When you include Way to Grow in your estate, you are eligible for membership in Way to Grow’s new Shine Legacy Society. We’d love to hear from you! Please contact us at (612) 767-0425 for more information and a free brochure on planning your estate.

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Living Generously: Helpful tax hints for 2020 gifts
Living Generously: Helpful tax hints for 2020 gifts 3334 1459 Kim Bowman

Now is the perfect time to support Way to Grow’s vision to ensure every child has an opportunity to succeed in school and life – and enjoy extra tax benefits for your generosity. 

  • Taxpayers who don’t itemize gifts on their tax returns can receive up to a $300 tax deduction for 2020 gifts.
  • Taxpayers who do itemize can deduct up to 100% of their Adjusted Gross Income (AGI) for gifts made in 2020.
  • With the stock market surging, you may own shares of stock that have grown significantly in value over the years. Gifting stock directly to Way to Grow allows you to avoid paying capital gains taxes in the shares while allowing Way to Grow to utilize the full proceeds toward its vital mission.
  • While those age 70-1/2 and older are not required to take minimum distributions in 2020 from their IRAs due to the CARES Act, you may still make charitable gifts from your IRA. Qualified Charitable Distributions (QCDs) use pre-tax dollars to fulfill gifts to charities, tapping funds already tucked away.  Gifts up to $100,000 per person bypass your federal tax return and are not taxed as income nor deducted as gifts. To make a QCD to Way to Grow, please contact your IRA custodian immediately to ensure timely fulfillment.

If you have questions, Kim Bowman is pleased to assist you at 612.874.4740. Thank you for your great support that changes lives, and puts children and families on the pathway to success.

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Living Generously: Counting our blessings
Living Generously: Counting our blessings 2560 1707 Kim Bowman

As we approach Thanksgiving, please know that Way to Grow is counting its blessings and is extremely thankful for the great support we have received this year. Despite the challenges that 2020 has presented to all of us, Way to Grow continues to serve children and families because we have the support of individuals, foundations, and companies. Thank you! 

We hope you’ll consider a year-end gift to Way to Grow! A gift of appreciated shares of stock that you have held for one year or longer can provide you with several tax benefits while supporting our vital mission.

First, by donating shares directly to Way to Grow, you avoid paying capital gains taxes on any growth in the shares.  Plus, Way to Grow receives the full value of the stock tax free, so you effectively increase your gift by up to 20% (max capital gains rate). Secondly, you may deduct the full fair market value of the shares as valued on the date of the gift, reducing your tax burden for 2020. Third, if a particular stock has risen sharply in value, donating shares to Way to Grow helps re-balance your holdings.  

Most importantly, your gift will help ensure that children are born healthy, stay healthy, and are prepared for school.   

For all of these reasons, we hope you’ll join others in discovering the power of donating stock to Way to Grow. To put your gift in motion, simply contact Kim Bowman for assistance at (612) 767-0425. We are here to help!  

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What a difference a toy makes.
What a difference a toy makes. 3334 1459 Kim Bowman

Way to Grow has been beyond blessed by the gracious giving of our friends at the Manhattan Toy Company in Minneapolis. Box after box of dolls, rattles, plushies, books, and blocks arrived in our offices. We could not be more grateful and our staff and their families could not have been more thrilled! To have a special doll to hug, when there is so much change all around us brings hope. The children were so excited to receive these wonderful gifts of kindness! Thank you again to our great friends at Manhattan Toy Company! 

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Celebrating Neighborhood Spirit
Celebrating Neighborhood Spirit 1440 2560 Kim Bowman

In 2019, Way to Grow moved into new offices better designed to meet its staffing needs, in the Harrison Neighborhood situated between Bryn Mawr and downtown Minneapolis. Staff soon discovered the Bryn Mawr Market, a family owned and run grocery store that is open 365 days a year.  

“During a visit to Bryn Mawr Market,” says Kim Bowman on the Way to Grow development team, “the owner asked me who I was, because they know everyone who shops there.” She told him that Way to Grow had moved in down the street and shared their mission to ensure children in the most isolated households are born healthy, stay healthy, and are ready for school.   

Doug Anderson, the co-owner and clerk, pointed to a large donation jar on the checkout counter. He said, “We are about to take up a new collection of donations from our customers for a neighborhood cause. The last one was for a neighbor’s medical bills. This time it will be for Way to Grow.”  

Over the years, the Bryn Mawr Market has helped fund neighbors in need over a dozen times, simply by taking up a collection of change from its patrons. When you visit the market, you can see images of previous charitable checks hanging quietly on the wall behind the checkout counter.

Fast forward to August 2020, when Doug Anderson presented Way to Grow with a generous check for $1,142.27.  “This is from our customers. I am so proud of our community and so happy to be here,” said Doug. “And we believe in what Way to Grow is doing.” 

Way to Grow is incredibly thankful for this beautiful expression of neighborhood support from co-owners Doug Anderson, Paul Anderson, and the Bryn Mawr Market and its customers. Thank you, neighbors!

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Living Generously: CARES Act
Living Generously: CARES Act 1562 561 Kim Bowman

If you are feeling the call to help others during challenging times, you are not alone.  In times of need, Minnesotans step up!  

Fortunately, Congress is also encouraging our better angels. For 2020, Congress has enacted the CARES Act (Coronavirus Aid Relief and Economic Security Act) to help reduce the financial impact of the pandemic.

Included is a brand new “universal deduction” that allows taxpayers who don’t itemize to deduct up to $300 this year for charitable gifts to charities like Way to Grow. This makes giving even more appealing in 2020 and Way to Grow is thankful to receive donations of all sizes.

For those considering larger gifts, the CARES Act also allows taxpayers who do itemize to deduct their charitable gifts up to 100% of their adjusted gross income (AGI) for 2020 only, reducing and eliminating their tax burden through charitable giving. In a year when charities are working harder than ever to support those in need, a significant gift to Way to Grow is a powerful investment in children and families at a time when they need our support most. Your gift will go to work immediately to ensure that parents are equipped to teach their children, children are prepared for school, and that every child has an opportunity to succeed in school and life.

For more details, please call us at (612) 767-0425 for assistance with your gift.

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Living Generously: Estate Planning
Living Generously: Estate Planning 4000 2786 Kim Bowman

As snowy days of March give way to the promise of spring, it may be a good time to review your estate plans to ensure everything is in order as you intend. Changes to our personal and family circumstances may mean that prior plans are no longer current and need to be updated. On average, Americans review their will, trust or other estate documents every 7 years as loved ones pass away, new additions join the family, and as we experience life changes.
 
Why have a will? A will helps you provide gifts for loved ones after your life.  It helps ensure that your wishes will be honored and family and friends will receive the money or property you intend for them. Whether you have a lot or a little to share, every person has the right to direct how their nest egg is used after their life. (Without a will, your property is distributed according to a “one size fits all” state formula that may not reflect your circumstances.)
 
You can also leave a gift in your will for charities you hold dear to support their work in the future, like Way to Grow. Simply state a percentage of the estate or a dollar amount for Way to Grow to receive as your legacy gift. We hope you’ll keep us in mind! Estate gifts help ensure that children are born healthy, stay healthy and are prepared for school. What could be a more meaningful legacy than brighter futures for all children in our community? Donors of estate gifts are eligible for membership in Way to Grow’s new Shine Legacy Society.
 
Your call is encouraged at (612) 767-0425 for more information and a free brochure, “Planning for the Future.”

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