Recently, EANF joined the ASIB Chamber of Commerce as a Community Leader member. The chamber and foundation are now working together to create endowment funding for residents of Aventura and Sunny Isles Beach, as well as endowment funding for local non-governmental organizations that serve them.
“It’s a perfect partnership to help with community development. The foundation emphasizes the use of charitable vehicles, as provided for in the federal tax code, as a means of increasing retirement income,” said Les Winston, chairman of the Chamber ASIB and national spokesperson for article 664 and the social security project. “As early as 1969, the United States Congress recognized the need to replace government grants to nongovernmental organizations with ‘people’ granting. The impact on communities is expected to be profound,” Winston said.
The ASIB Chamber has recognized the complex makeup of charitable vehicles and is working with the foundation to provide ongoing training for life insurance advisors and estate agents. The CE course, presented by Endow America Network Foundation, is three hours long and requires participants to be licensed and pass an exam. “These charity vehicles need to be driven safely, and that’s no joke.” Winston added: “These two economic areas offer significant tax and revenue advantages when combined with charitable vehicles. Unfortunately, most don’t know these tools exist and therefore can’t use them,” Winston pointed out.
Significantly, the chamber and foundation are committed to establishing a high school for Sunny Isles Beach. To do this, the foundation created a project called Safe schools Great schools.
Safe schools means all security features and measures necessary to protect school property – fencing, controlled entrances and exits, metal detection and protection services. In addition to these safety features and measures, Safe Schools Great Schools supports the concept of triage of problem students. The triage process is comprised of paid education, medical, and legal professionals who help the problem student and their family return as an accepted member of the student body. This concept is offered as a response to prevent any recurrence of the Parkland shooting tragedy at Marjorie Stoneman Douglas High School.
Large schools means, in a safe environment, providing the most advanced public education possible, using continued additional funding from school fund endowments. This funding will invite and support innovative ideas based on best practices.
Aventura-Sunny Isles Beach Chamber of Commerce and Community Development,
with its member Endow America Network Foundation, supports the Safe Schools Great Schools solution. The IRC and Social Security Section 664 financing concept aims to do three things:
- Provide contributors with a lifetime income;
- Save taxpayers money; and
- Provide a fund for each school.
This concept provides current and long-term financing and here is how it works:
- The donor makes a contribution to a charitable trust under IRC Section 664 or other sections of the Social Security Code;
- A percentage of the initial contribution goes to ongoing supplemental funding;
- The donor gets a tax deduction for the contribution;
- The donor has the right to receive income based on the initial contribution, either immediately or deferred;
- The donor directs the charitable support; and
- When the ultimate beneficiary of the income dies, the trust funds create an endowment.
This additional funding program is especially beneficial for taxpayers who want to generate income, save on taxes and help a school that is close to their hearts.
Building substantial endowments creates long-term sustainability of services. “We want to create additional funding that is on top of what state and federal governments are providing. We want this additional funding to make our local schools as safe and enjoyable as possible. This will have a positive impact on all members of the community and will not use taxpayers’ money. That’s the big difference – people get benefits and the community benefits. It’s a win-win result. concluded Winston.
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