These were the gifts of individuals and families who accumulated wealth through their business activities.

The Iowa West Foundation, created by laws and regulations ensuring that dog and horse racing and casino gaming in the state would be beneficial to Iowans, has forever changed the face of southwest Iowa and eastern Nebraska.

But with the spread of community foundations, anyone, including those with limited wealth but a desire to invest in a better future, can be a philanthropist.

Now in its 10th year, the Pottawattamie County Community Foundation created that possibility.

The idea for a foundation in Pottawattamie County came from a 2006 study commissioned by the Iowa West Foundation that determined that over the next 50 years, an estimated $10.5 billion in wealth will be transferred to heirs in the county.

PCCF was formed in October 2007 with the initial financial assistance of the Iowa West Foundation. aI like to toot the horn for the foundation because itas such a great way for donors to create a legacy that will continue to give back in perpetuity.a

Much of the early emphasis was on having the PCCF recognized by the Internal Revenue Service as a 501(c)(3) organization, which allowed PCCF to accept funds, and getting PCCF nationally accredited.

Summy was quick to praise Iowa lawmakers for establishing the 25 percent Endow Iowa tax credit, something many states do not offer residents.

The Endow Iowa tax credit program provides tax incentives for Iowa taxpayers to endow funds at a qualified community foundation such as the PCCF. An individual making an eligible $10,000 donation is able to reduce their Iowa tax payment by $2,500 for the year the donation is made.

The Legislature, where the Endow Iowa tax credit program has drawn bipartisan support, currently allocates about $6 million annually for the tax credits.

Eligible gifts that qualify for the tax credit are awarded on a first-come, first-served basis until the yearly allocation is reached. Load comments sHTML += ”;