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
www.delcf.org.
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Mon.-Fri. 9-5 •
