For Harrel and Judy Timmons, giving has always been a part of their story. Growing up, they learned that community meant neighbors relied on each other, without even having to ask. Now, when they think of their personal philosophy, they say “community helping community.”
This belief has guided them in every part of their lives, but most importantly, in their own family. Harrel shared “We have a big family, and a lot of the things we’ve done are for the children to see that giving is important in our family. We want to establish an attitude that giving is a good thing and gives us a good feeling.”
To put that belief into action, the Timmons have used two methods of giving at Galesburg Community Foundation. First, they established a Donor-Advised Fund, that allows them to direct funds to organizations as need arises, and secondly, they recently created three designated endowment funds to support Carl Sandburg College, Salvation Army, and St. Jude’s Children Hospital, all organizations they care deeply about.
“If an organization has an emergency or needs something specific that we like the sound of, we can use our Donor Advised Fund to support that. The three endowment funds we created are for specific organizations, and what we really like about that is that they are forever. Endowment helps an organization use their money wisely, because it gives them a certain amount each year, which allows them to plan for the long term,” explained Harrel.
“By establishing endowment funds, the Timmons built something permanent, something that will continue to give back to the causes and people they care about long into the future. Each year, the funds will provide steady support for students seeking opportunity at Carl Sandburg, families in times of hardship through Salvation Army, and children receiving life-saving care at St. Jude,” commented Josh Gibb, President & CEO.
The couple’s giving was also benefited from the new Illinois Gives Tax Credit, which provides a 25% state income tax credit for gifts to eligible endowment funds at qualified community foundations. For Harrel and Judy, they explained that “The tax credit certainly was an added bonus, but it wasn’t just about that, we wanted to do something to support these organizations, and the Community Foundation made it simple to do that.”
“We like that endowment doesn’t end,” Judy commented. “It just keeps helping people forever.”
For Harrel and Judy, that simple idea of neighbors helping neighbors has been a guiding principle throughout their lives. Through their endowments at Galesburg Community Foundation, they’ve found a way to make that kindness continue, quietly, and steadily, for years to come.
To learn more about establishing or supporting an endowment fund, contact Sarah Grant, Vice President of Development at Galesburg Community Foundation.
