Ask The Financial Experts

. May 31, 2019.
Ask the Financial Expert

The Experts:

Nick Kulik, CFRE, Chief Donor

Nick Kulik

CFRE, Chief Donor
Engagement Officer
nkulik@community-foundation.com

Tracy McMath

Tracy McMath

J.D., CAP, Development
Planned Giving Officer–
tmcmath@community-foundation.com

Findlay-Hancock County Community Foundation
101 W. Sandusky St., Findlay
419.425.1100 | community-foundation.com

Q: Now that tax season is over, we’re thinking about our giving for 2019. What is family giving?
A: Family giving focuses on volunteering, charitable giving and being aware of community needs as an integral part of your family’s life. Giving as a family has many benefits. It demonstrates to your children the importance of volunteerism and financial generosity, managing wealth and can help families do something tangible and positive for others in need. On the financial side, most gifts made to nonprofit organizations are tax deductible.

Q: How can The Community Foundation support family giving?
A: We can help you and your family make a meaningful, strategic and positive difference in our community. There are two ways for your family to partner with us. They are the community’s endowment and donor directed funds. If you’re passionate about a particular area or cause, the Community’s Endowment ensures Hancock County will always have philanthropic resources to address future needs and opportunities. Together, we can achieve the greatest possible impact for our community by establishing a legacy for your family with a named fund. If there’s a specific organization you’re interested in supporting, Donor Directed Funds allow donors to accomplish their philanthropic dreams by investing in Donor Advised Funds, Scholarships, Agency Endowments, Designated Funds and Supporting Organizations. These customizable options allow donors to start their own lasting legacy and involve your family hands-on.

Q: How can I help my parents or grandparents in their planning?
A: Our goal is to ensure a lasting legacy for your loved ones and support their philanthropic interests. We encourage you and your family to meet with us and your professional advisors to create a plan that makes sense for everyone. For example, if your parent or grandparent is over age 70 their Individual Retirement Accounts (IRA) are great vehicles for charitable giving. IRAs provide favorable tax incentives during their life and to their heirs after death. We can work with you and your professional advisor to see if this option would be right for you.

Tammy Bridenstine, Back Office Support Manager

The Expert:

Tammy Bridenstine

Back Office Support Manager

Millstream Area Credit Union
1007 Western Ave., Findlay
419.422.5626 | millstreamcu.com

Q: Why do I see two different balances when I check my account online?
A: The actual balance is the amount you have in the account, however, the available balance is the amount you have available to use. The difference may be due to pre-authorized debit card transactions you have made that have not finalized or been fully debited from your account.

Q: Would it be better to deposit my funds into a higher interest bearing savings account or a certificate of deposit?
A: This would depend if you want the money to be accessible or not without a penalty. If you need to keep the funds available to you, then you would want to deposit it into a savings account. However, if you can lock the money up for a certain period of time without the need to use it, you could put it into a certificate of deposit. Certificates of deposit usually have a better interest rate.

Q: How do I improve my credit score?
A: The simplest way is to pay your bills on time each month, pay off debt and keep credit card balances as low as possible. Don’t close unused credit cards, keep them open with no balances and only obtain new credit when necessary. If there are any collections, make arrangements with the creditor to make payments and pay off the collections. It will take time, but following these steps will increase your score and save you a lot in interest.