Pat and Jerry Papenfuss in 2023.
Through a Donor-advised fund, individuals are able to make tax-deductible charitable gifts into their named fund, and then recommend grants to their favorite charities from that fund when the time is right. A donor-advised fund is established according to IRS guidelines that provide tax advantages for the donor as well as administrative efficiencies.
The Winona Community Foundation offers donor advised funds among its many giving options. One of these donor-advised funds is held by Jerry and Pat Papenfuss. Both Pat and Jerry grew up on farms, and were taught by their parents to give back what they could and involve themselves in service to the community. The couple sat down with us to discuss why they choose to facilitate their philanthropy through this type of fund, especially when faced with the option to start a private family foundation or even to establish a donor-advised fund at a large institution. “We found a private family foundation is expensive to start and expensive to maintain. It’s so much easier when you can deal with local people. The only cost to maintain a Winona Community Foundation individual fund is the charge for managing the funds in the account.” Community foundations also have a unique advantage in their awareness of local needs and the organizations doing the best work to address them.
In addition to the benefits of working locally, the Papenfusses find their fund easy to utilize. “When you contribute to your fund, the dollars are invested and continue to increase in value. Then when you are ready to contribute, all you do is ask Winona Community Foundation to send a check to your selected organization. You can add to your fund at any time and you can give away funds as often as you want.” A fond example of this for Jerry and Pat is a grant they directed towards Home & Community Options, a Winona organization that supports and empowers people with developmental disabilities. “A few years ago, Suzanne at Home & Community Options said the organization wanted to start a new program for a special group of children. We gave them the money they needed [through our donor-advised fund] and the program got off to a positive start.”
When asked what they wish the community knew about the Winona Community Foundation’s work, the couple shared, “How much good the Winona Community Foundation does. How easy it is to participate. You don’t need to be a millionaire to be part of the Winona Community Foundation.”
The Winona Community Foundation offers a range of charitable options and funds for individuals, families, businesses, and nonprofits to accomplish their philanthropic goals. As your trusted partner, resource, and steward for community philanthropy, the Winona Community Foundation is committed to helping every individual give back in a way that is both meaningful to them and the causes they care about. Contact us to learn more.
