Jim and Edna Anderson
Jim and Edna Anderson became interested in
donating funds to Lawrence County Community Foundation when they learned a
few years ago about Lilly Endowment's GIFT II offer to match donations
"Jim thought it would be a shame if
Lawrence County didn't take advantage of the offer," Mrs. Anderson
said. "We could donate money for the community plus take advantage of
Lilly's generosity." The Andersons donated stocks that
appreciated rather than paying taxes.
"Estate taxes are blatantly unfair if
you've worked all your life," she said. "Donating to the
foundation is doing something to give back to the community and doing
something for generations."
The donation was placed in Bedford Urban
Enterprise Zone Association's fund to provide seed money for small
businesses. As a result of donating to a designated fund during GIFT II, the
Anderson's gift also leveraged GIFT II funds, which were placed in the
foundation's unrestricted fund. That fund distributes interest payments to numerous
nonprofit community projects twice a year.
“The Foundation doesn’t spend the
principal, only the interest,” she said. “It’s something that will go
on forever, which is a pretty meaningful thing to do. If you donate to
charity, you donate all the time, but this is a one-time donation that keeps
on going and growing because money stays invested. I feel like the more
people learn about this, the more people will invest in it and our little
nest egg will grow.” The
understand how difficult it is to start and maintain a small business, which
is why they decided to donate to the Bedford Urban Enterprise Zone
Association’s existing fund. The couple owned and operated a restaurant,
Red Barrel Drive-In, for eight years beginning in 1956. Later, they closed
the restaurant to form A&A Realty. Eventually,
sold commercial real estate and later became a land developer.
“I would rather give money to the local
community and have some say so over where it goes, rather than giving it to
Uncle Sam to do whatever with,” Mrs. Anderson said.
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