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Lewes, Delaware
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May 2, 2003     Cape Gazette
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May 2, 2003

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46 - CAPE GAZETTE, Friday, May 2 - May 8, 2003 Great Taste offers scrumptious cuisine May 16; event benefits local organizations It's going to be a great, Great Taste Friday, May 16; tickets are now on sale. Restaurants and artists are lining up for The Great Taste ev .e:nt, scheduled for 4 to 7 p.m. A dozen of Rehoboth's pre- miere iestaurants will offer h taste of their gourmet fare and a glimpse of some.very special art exhibitions - all to benefit local- organizations. Visitors can stroll around town sampling some famous menu items and getting to see a variety of artwork as dazzling as the choices on those restaurant menus. For $20 per person, individuals can participate in The Great Taste, with proceeds to benefit Lewes- Rehoboth Meals on Wheels, the RehobothArt League and Re- hoboth Beach Main Street Inc. This is a great opportunity to help community organizations, see work by a host of regional artists, and check out some fine dining establishments, The list of partiCiPating restau- rants is still being fn-med up, but it will include Caf6 Sole, Celsius, the Cultured Pearl, Summer- house, Salero, Our Place and more. A broad spectrum of tastes will be represented from seafood, to F.rench-Medite.rranean to con- temporary American and all tastes in between. Tickets for The Great Taste are limited and are already going fast. Tickets can be purch.ased at the Rehoboth Art League or by call- ing 227-8408. Delaware Community Foundation offers reasons to start charitable fund The stock market swoon and questionable economy have prompted many people to cut back on charitable giving this year. And while it's true that char- itable giving is down from the level seen during the 1990s, a great deal of wealth was ear- marked for philanthropy in 2002 and the amount is expected to grow in coming years. Delawareans with philanthropic interests can easily and effective- ly support the causes they care about through a charitable fund at the Delaware Community Foun- dation. The foundation provides Personalized service, local expert- ise and community leadership. A donor-advised fund at the Delaware Community Foundation (DCF) provides an easy and flexi- ble means to accomplish charita- ble objtives and is an economic and effective alternative to a pri- vate foundation. Donors can start their funds immediately, establish it in their will or create it through a trust arrangement that benefits their families as well as their charities. Establishing a fund at the foun- dation can be accomplished in less time than it takes to open a bank account. The DCF handles all administrative functions asso- ciated with a fund, saving donors time and money. The foundation can also help direct the gifts where they will do the most good in the community. An important advantage in es- tablishing a fund at the DCF is the tax benefits donors receive. Since the IRS considers the foundation a public charity, contributors are eligible for the highest available tax deductions. In most cases, these tax benefits outweigh using assets to establish a personal pri- vate foundation. Here are some more benefits to creating a DCF fund: It is easy and inexpensive to establish. A fund can be started with as little as $10,000, far less than the requirement to establish a private foundation. Funds can be passed down through heirs as a charitable in- heritance with administirative sup- port from the foundation, There are. no minimum distri- bution requirements. A R Of cash to a fund allows a deduction of up to 50 percent of a donors' adjusted gross income (AGI). A donor may deduct gifts of closely held longterm appreciated stock at its fair market value, up to 30 percent.of AGI. No tax is imposed on the in- vestment income of a DCF fund. because the foundation is a public charity. A donor to a DCF fund may remain anonymous. There are fewer restrictions and reporting requirements for a DCF fund, compared to a private foundation, which has strict regu- lations regarding self-dealing, in- vestments and reporting. For more information on how to set up a fund, call Greg Johnson, associate vice president for devel- opment, at 302-504-5237 or John Hollis, director of the southern Delaware office. Those who cur- rently have a private foundation can transfer it to a fund at the DCF. Almost any kind of asset can be used to start a fund, includ- ing cash, publicly traded securi- ties, closely held st0ek, life insur- ance and private foundation as- ts. For additional i.nformation, visit Spring Forward 00F00tto A New Home! 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