|
Purpose:
In 1999, TLPA established an endowment fund called the Torch Lake Preservation
Fund to preserve and protect the future of Torch Lake for our benefit and that of our
children. We know pressure on the Lake from development, population, and
recreational activities will continue to grow. We are working with local units of
government and through educational programs to manage growth pressure to
preserve water quality and the natural beauty of Torch Lake.
Spending:
Only the income generated by the Fund is spent while the principal continues to
grow from appreciation and by additional donations. Annual spending of the
income is used for such projects as preserving shore line, protecting water quality
including control of zebra mussels/milfoil and minimizing harmful run-off, limiting
boat noise levels and developing ordinances to avoid overuse of the Lake.
Donations:
In addition to their annual dues, members are encouraged to make an annual
donation to the Torch Lake Preservation Fund to help ensure the future of the Lake
for our children. Because the Fund is managed by the Grand Traverse Regional
Community Foundation, donations from Michigan residents are eligible for a 50%
tax credit (not just a deduction) on their state income taxes up to a maximum donation of $400
per couple. Assuming a Michigan couple donates $400, the net cost of the donation to the donor is ONLY $88 after the
state tax credit of $200 and the federal tax deduction of $112 (assuming a 28% federal tax bracket). Payments
can be made check, credit card, stock, real estate, trusts etc. The Grand Traverse Regional Community Foundation can assist
you or you financial advisors in analyzing whether a planned gift would be helpful in your estate planning.
Contact us at
TLPA PO Box 706, Bellaire, Michigan 49648 or Call 231-409-7034 for more
information.
|
|
