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A private family foundation is a legal entity created, funded, and operated by a single family for the primary purpose of making grants to charities.  Because of its charitable mission, a private family foundation is given tax-exempt status, like a public charity, and contributions to the foundation by family members are tax deductible, but to a lesser extent than contributions to a public charity.

Private family foundations are typically founded by high net worth individuals and families who want to maintain a high degree of control over their charitable legacies, and are willing to assume significant costs and responsibilities, and adhere to strict rules and requirements.

Typically, private family foundations are named to honor the founders (e.g., the Ford Foundation), and their charitable grant programs continue for many years after their founders' deaths.

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Private Family Foundations

Gary R. RenaudIndiana Trust Company mourns the loss of a founder and past Chairman of the Board, Gary R. Renaud, who died at his Elkhart residence on December 7, 2014. As a founding partner of Indiana Trust Company, Gary contributed mightily to the success of Indiana Trust Company. He will be missed by his family, friends and employees of Indiana Trust Company.

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The Markets

October lived up to its reputation for volatility as triple-digit intraday swings in the Dow became almost commonplace. Despite being spooked for much of the month--at one point the S&P 500 was down almost 8% from its most recent high--both the S&P and the Dow industrials rallied strongly to end the month at fresh all-time records. Generally encouraging corporate earnings from U.S. companies, a strong Q3 GDP, and increased central bank support overseas helped equities markets overcome fears about the end of the Federal Reserve's quantitative easing and global concerns about slowing growth and the threat of Ebola.
Increased U.S. energy resources and reduced global demand meant that oil prices continued to drop, ending the month at roughly $80 a barrel. The dollar maintained its September gains against a basket of six foreign currencies; since oil is traded in dollars, a stronger dollar also helped keep oil prices in check.
Meanwhile, after a bounce at mid-month, the price of gold plummeted to roughly $1,170 an ounce. Not surprisingly, the volatility in equities caused the yield on the benchmark 10-year Treasury to fall briefly to its lowest level since June 2013 as investors sought the relative safety of Treasury securities.

The Month in Review

• The U.S. economy grew at an annualized rate of 3.5% during the third quarter, according to the initial estimate by the Bureau of Economic Analysis. That was slightly less than Q2's 4.6%, but still much stronger than during 2014's first quarter.

• The 248,000 new jobs created in September helped cut the U.S. unemployment rate from 6.1% to 5.9%; it's the first time since July 2008 that joblessness has been below 6%. Also, the Bureau of Labor Statistics said hiring during the prior two months was stronger than previously thought. However, at least some of the decline in the unemployment rate resulted from 97,000 people, such as retiring baby boomers, dropping out of the labor force. That brought the percentage of people in the workforce to 62.7%--the lowest participation rate since 1978.


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Market Month: October 2014


The Markets

Equities generally continued to push upward in November. The small caps of the Russell 2000 were the exception; they ended the month flat and were up less than 1% for the year. However, the S&P 500 and the Dow industrials once again hit new record levels, while the Nasdaq increased its year-to-date lead.

Meanwhile, the Global Dow had its best month since February.Oil prices already on the decline continued to fall, especially after members of the Organization of the Petroleum exporting Countries (OPEC) decided not to cut oil production levels, sending the price plummeting to roughly $66 a barrel. The price of gold continued its year-long downward trend
despite a partial rebound from a dip in early November; it ended the month down roughly 4% at approximately $1,175 an ounce. Meanwhile, low yields overseas continued to lure investors to U.S. Treasuries, sending yieldsdown as prices rose despite the prospect of an eventual Fed rate hike.

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Market Month: November 2014    

photoThe Employees of Indiana Trust Company met with other volunteers on Saturday, October 18, 2014 in downtown Muncie, IN to help beautify our community and pick up trash and litter. Muncie Clean and Beautiful sponsors the effort each month to build pride in the community and clean one of Muncie's most historic and unique areas. Pictured are Rob Santoni, Lavone Whitmer, Brad LaTour, Archie Spangler, and Marty Hillery (and his wife, Rose).