About the White Lake Senior Center
The White Lake Senior Center is a non-profit, non-sectarian, non-political organization whose sole purpose is to enhance the quality of life of senior citizens by offering programs, services and social activities. This web site describes these activities in detail.
The White Lake Senior Center serves the cities of Whitehall and Montague and the five surrounding townships which are Montague, Whitehall, White River, Fruitland and Blue Lake.
A Board of Directors and a Director run the Senior Center.
The Senior Center is supported by the communities it serves and by donations from individuals and businesses.
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What is the White Lake Senior Center Fund
The White Lake Senior Center Fund is a Component Fund of the Community Foundation for Muskegon County.
It provides for the long term support of the White Lake Senior Center.
Each year, up to 5 percent of the fund can be distributed back to the White Lake Senior Center to provide services for our area seniors.
Benefits of investing in the White Lake Senior Center Fund:
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An Everlasting Gift
Your gift will continue to grow and secure the future for senior citizens in the White Lake area.
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Security
You will know that your money has been securely invested by professional investment managers.
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Tax Benefits
Due to the Michigan Income Tax legislation, taxpayers can make a contribution to the White Lake Senior Center Fund worth more than three times its actual out-of-pocket cost!
This amazing effect is created via the Michigan Tax Credit for Community Foundations.
Here is the way it works - for both individuals and corporations.
The law permits a taxpayer to reduce Michigan Income Tax or single Business Tax liability by a credit of 50% of the amount contributed to a community foundation, subject to a maximum credit of:
- $100 for an individual filing singly (based on a $200 contribution)
Example:
Actual cost of $200 gift to the White Lake Senior Center Fund could be as little as $38.
Assume a Federal Marginal Income Tax rate of 31%.
The savings from federal taxes would amount to $62.
The savings from state taxes would be half the gift, $100.
Total tax savings would be $162, leaving an actual cost to the donor of only $38.
- $200 for a married couple filing jointly (for a $400 contribution)
Example:
Actual cost of a $400 gift to the White Lake Senior Center Fund could be as little as $76.
Assume a Federal Marginal Income Tax rate of 31%.
The saving from federal taxes would amount to $124.
The savings from state taxes would be half the gift, $200.
Total tax savings would be $324, leaving an actual cost to the donor of only $76.
- $5500 or 10% of tax liability before claiming any credits, whichever is less for a resident estate or trust
(for a $10,000 contribution)
Actual cost of a $10,000 gift to the White Lake Senior Center Fund could be as little as $3,300.
Assume a projected state income tax liability of $100,000 and a Federal Marginal Income Tax rate of 34%.
The saving from federal taxes would amount to $1,700.
The savings from state taxes would be half the gift, $5000.
Total tax savings would be $6,700, leaving an actual cost to the donor of only $3,300.
**Note** This information is for illustration only.
Your particular tax situation should be discussed with your personal or corporate tax advisor.
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