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Taber funds now administered by Greater Polson Community Foundation

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News from the Greater Polson Community Foundation

POLSON  – When Polson resident George Taber passed away in November 1999, he left much of his hard-earned money to the Taber Foundation. In an effort to ensure the greatest benefit possible is achieved from Mr. Taber’s gift, the Taber Foundation was recently transitioned to a donor advised fund administered by the Greater Polson Community Foundation (GPCF). The legacy contribution is now known as the George W. Taber Donor Advised Fund. 

“Managing Mr. Taber’s monies as a donor advised fund has at least a couple of important benefits over a private foundation,” explained GPCF administrator John Cowan. Small private foundations are expensive to manage, whereas the fee structure of a donor advised fund is very low – in GPCF’s case, just 0.25 percent of the average balance over the course of a year. In addition, with a donor advised fund, all of the money in the account is tax deductible and all of it may eventually be granted to 501(c)(3) nonprofit organizations, if the donor and advisors wish.

Two committees of the Greater Polson Community Foundation will be overseeing the George W. Taber Donor Advised Fund: the advisory committee and the investment committee. The advisory committee will ensure fiduciary responsibility and adherence to Mr. Taber’s request that his donations benefit youth-oriented causes. The investment committee works to ensure that the monies being managed by the GPCF make money through responsible investment practices. 

“George was a wonderful person,” commented his friend and attorney, John Mercer. “Although he had no children of his own, he loved kids and would be pleased to know these funds are now in the hands of the Greater Polson Community Foundation for use in addressing youth needs.”

For more information about donor advised funds, contact the Greater Polson Community Foundation at pennymt@centurytel.net. 

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