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Russellville Community Center Steps Closer to Long-Term Sustainability

Russellville Community Center Steps Closer to Long-Term Sustainability

Greencastle, IN - July 18, 2018 - Darrell Wiatt, a transplant to Russellville, is wholeheartedly dedicated to the Town and works tirelessly to support it and the Russellville Community Center. "The Community Center connects our community and keeps people involved," says Darrell. "It provides a place of safe recreation for youth and adults and serves as an emergency shelter for the American Red Cross."

Always thinking of the future, Darrell and his mother started an endowment for the future of the Center in 2002. In 2006, he committed support for the Center in his will, and in July 2018, Darrell donated a house to the Community Foundation that will be sold, and the proceeds added to the Russellville Community Center Endowment administered by the Community Foundation.

The donated home is located in West Lafayette and was purchased in 2009 for Darrell's children to live in while they attended Purdue University. After the last child graduated in 2018, Darrell realized that the home had appreciated in value by nearly $100,000 and that there would be significant capital gains taxes to pay on the appreciated value. Upon investigation, he also learned that he would be able to deduct the full appraised market value of the home from his income taxes for up to five tax years.

"I am very happy about making this gift," said Darrell. "I am not getting any younger, and this will help support the Community Center forever. I avoid capital gains taxes, and I receive a tax deduction for up to five years. And the Community Foundation is taking care of selling the property, so I don't have to worry about it."

The Putnam County Community Foundation is a nonprofit public charity established in 1985 to administer endowments, award grants, and provide leadership, enriching the quality of life and strengthening community in Putnam County. The Community Foundation administers more than 284 active funds supporting a variety of charitable activities and has awarded more than $13.6 million dollars in grants and scholarships.

Is a gift of real estate right for you?

If you own highly appreciated property such as real estate or stock, you could benefit from charitable gifting. There are different gifting vehicles to consider, some of which pay you or a designee income for life.

If you have questions about the benefits of gifting appreciated property, please contact us. We would be happy to work with you and answer any questions that you have.

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