The Friends of the Newport Senior Activity Center received a donation from Diane Gloe of Friday Harbor, Washington on behalf of the estate of Mr. Ed Knutsen. Mr. Knutsen, once a merchant mariner and fisherman, had resided in Newport for over 20 years. Many locals recognized Ed by his white hat and trench coat he wore while on his walks in Newport. No matter what the weather Ed would stop in daily at the senior center. Being a very patriotic citizen, he would ensure the flag at the senior center was flown at half mast to honor our fallen veterans and also on other occasions.
This donation will allow the friends of the Newport Senior Activity Center to establish an endowment fund. Proceeds from the fund are to be used solely for the benefit of the Newport Senior Center. It is managed by a citizen board who oversees the collection of principle and the disbursement of interest. The contributions made to the endowment fund are all tax deductible.
The endowment fund is our key to providing exceptional services for our senior citizen population now and into the future. The dollars could fund additional activities and services at the Newport Senior Center that are not covered by budgeted services.
Contributors will receive financial benefits for contributions to the Endowment Funds dependent upon the way they choose to give in the following forms:
* Real Property (Real Estate): You receive a tax deduction and Tax avoidance on gain.
* Personal Property: Tax deduction for item donated and Tax avoidance on gain.
* Cash: Tax deduction for contribution
* Life Estate in your Home or Farm: You continue to use your property but receive Tax avoidance on gain.
* Stocks & Bonds: You receive an immediate tax deduction.
* Bequests: Your estate can receive a deduction for charitable contributions lowering Estate tax.
* Lead Trust: Allows property to be passed to others with reduced transfer taxes.
* Life Insurance Policies: Current deduction for your policy and possible future deductions.
* IRA Charitable rollover extended through December 31, 2013.
The Friends wish to extend their gratitude to Mr. Ed Knutsen, for this most generous gift. This initial investment will allow the friends to establish the endowment fund. A plaque will be established listing and honoring Mr. Knutsen as the first Gold contributor. There are three levels of contribution. Gold, Silver and Bronze. If you have any questions about the fund please call Peggy O’Callaghan at 541 574 5459.