January 2020
How the SECURE Act changes may affect your charitable giving
By Brad Bedingfield Giving from Individual Retirement Accounts (IRAs) is one of the most tax efficient ways to support charity. At the end of 2019, however, by way of the SECURE Act, Congress changed the law regarding IRAs in a number of ways that could potentially affect charitable giving with IRAs. Here’s a rundown of how the new act may impact donors plus more information about charitable giving through IRAs. Potential changes under the SECURE Act Qualified charitable distributions (QCDs, sometimes referred to as charitable rollovers) are nothing new – Congress allowed them for years on a temporary basis, and the law allowing them was made permanent as part of the Tax Cuts and Jobs Act in 2017. Now, with the 2019 SECURE Act, perhaps the most significant change is that most heirs of IRAs can no longer stretch IRA payments over the course of their lifetime. Many heirs who under prior law could have deferred realization of income tax over a lifetime are now required to take all inherited IRA assets into income within 10 years of the IRA owner’s death. By accelerating the payment schedule and the accompanying income tax burden after death, this change in law
Five ways to give back to your Cambridge community in 2020
Photo courtesy of Cambridge School Volunteers. Could one of your New Year’s resolutions be to more actively participate in the community? In a big world with many challenges, taking local action is a way each of us can make a difference — by impacting one family, one nonprofit, one cause, or one community. If you live, work, or spend time in Cambridge, consider giving back to the community in 2020. Here are some ideas to get you started: 1. Gift a little of your time. Consider using some of your free time to do something positive getting better connected with our community (and have fun). Do you have MLK Day off from work? Invite family or friends to join you at the MLK Day of Service (Monday, Jan. 20 in Central Square) to make valentines for seniors, create fleece blankets and scarves for community members experiencing homelessness, and more. There are also numerous year-round volunteering opportunities. Those who care about addressing the climate crisis, can join the Charles River Conservancy for clean-ups of public parks and recreational areas. People interested in supporting the next generation can make meaningful connections with youth through Cambridge School Volunteers. You can find
December 2019
Celebrating our nonprofits
A feature story from our 2019 annual report.
A day of volunteering to build a more just Cambridge.
Q&A with Lori Lander, founder, Many Helping Hands 365’s MLK Day of Service.
November 2019
The Cambridge Community Foundation infuses $672,500 into Cambridge through nonprofit grants
Photo courtesy of Playworks New England November 26, 2019—Cambridge, MA The Cambridge Community Foundation announces it will infuse a total of $672,500 into the nonprofit sector in Cambridge, Massachusetts through its fall grantmaking and new investments in focused areas. Fifty-six local nonprofits will receive a total of $357,500 in grants from the Community Fund to help address a wide range of needs in Cambridge, including hunger and homelessness, and other housing challenges; youth and early childhood education and services, work force training, and services for elders. Grants also invest in preserving our city’s artistic and cultural vibrancy. The Foundation, in partnership with its donor partners, is also distributing an additional $315,000 this fall to strategic investments in three important areas: Equity and opportunity bolstering out-of-schooltime programs for middle schoolers through the Agenda for Children supporting the expansion of the Becoming A Man (BAM) guidance program for young men into Cambridge Rindge and Latin School investing in Cambridge Housing Authority’s Work Force program over three years to ensure low-income youth in Cambridge can access the award-winning program of educational, job, and career and college prep help expanding the HomeStart program in Cambridge to support low-income residents seeking affordable housing increasing mentorship
October 2019
How a frugal cattleman has sent students to Harvard for over a century
Jonathan Maynard Parmenter. Photo courtesy of The Parmenter Foundation. Jonathan Maynard Parmenter lived a simple life. He and his brother Henry drove cattle between Massachusetts and New Hampshire and shared the family’s modest farmhouse in Wayland, Mass. However, heeding advice from a local friend, he quietly invested his income from cattle with the Harvard Trust company in a range of nascent industries – such as rail, steel, mills, telephone, electricity, and manufacturing. Meanwhile, Parmenter appeared to have never spent a penny on himself, preferring to maintain the New England farm-lifestyle he’d long grown accustomed to. When he died in 1916, Parmenter left an estate worth more than $1 million dollars – to the pure shock of all those who knew him. In his will, he donated to his neighbors, family and local church, but Parmenter also designated a trust fund of $200,000 to go to scholarships that would enable “needy and deserving undergraduates” to attend Harvard College. The terms of the fund stipulate that the entire income be paid annually to Harvard University for Parmenter Scholarships at Harvard College. Since 1916, the Cambridge Community Foundation has been the trustee of the Fund, gifting annually over the course of a century
September 2019
Honoring our teachers: join a family supporting tomorrow’s teachers
Honoring our teachers: Join a family supporting tomorrow's teachers A wonderful teacher leaves an indelible mark on children, no matter how young. Miss Eleanor Roberta Walker, who taught Kindergarten and first-grade in Belmont for 41 years was just that kind of teacher. Upon Miss Walker’s death in 1986, the mother of one of her young pupils wrote to the Belmont Herald: “Unquestionably, she contributed to the emotional and intellectual development of her pupils. She was the epitome of teacher: imparting knowledge, making it a joy to learn and helping to build character. As parents, could we ask for more?” In fact, she said, Ms. Walker stayed in touch over the years, asking with interest about her son’s progress and was the author of one of the first cards of congratulations he received upon high school graduation. Such is the power of a good teacher. To honor her legacy, Miss Walker’s family started the Eleanor Roberta Walker Scholarship in 1988, to help aspiring teachers from Belmont High School pay for college. Each year the fund offered one graduating Belmont High School student a stipend towards college tuition. After managing the scholarship privately for 12 years, the family created the Eleanor
