Philanthropy Avenue: A Path for Community Building
Article one
Phi-lan-thro-
The Community Foundation of Greater Butler County is a local resource for helping those wishing to impart goodwill locally, now and for generations to come. There are some who believe philanthropy is only for the very wealthy. For some, philanthropists are narrowly defined as only those who make large financial gifts to charity. It is my conviction that philanthropy encompasses the broadest sense of caring for humanity. So to me, most of us have the means and ability and interest to engage in philanthropy. Giving of our time, our talents and yes, for some their treasure.
The Community Foundation is a resource for learning more about how you can make an impact in your community. Providing education about a vast array of approaches that make donating cash, stocks, land and other assets is one element of our community building role. Additionally, we are here to assist in the broader framework of philanthropy for the people, the causes and the organizations in our region by connecting one another.
I look forward to sharing more with you about how people can make an immediate and lasting impact here at home. To learn more about the creative ways of making lifetime gifts, where to turn for estate planning, establishing a named fund, how to get involved and much, much more, visit our website or contact me!
Article Two
How Can I Make a Difference
“How can I make a difference?” Have you ever asked yourself this question? Most likely you have in one way or another.
Making a positive difference is what many of us seek. Maybe you already coach sports, volunteer at a local school, or donate to a charitable cause. Others of you may give of your time at church and some of you do your part by recycling. By each of us doing our part, we improve and make life better today.
Now the question changes to “How can I make a lasting difference?”
Establishing an Endowment is a great option for many individuals, families and businesses in our community. Donors who endow their gift make a difference during their lifetime, while the benefits will be reaped in perpetuity.
When you establish a charitable fund in this manner, you have the opportunity to greatly impact the community. Making a lasting difference is possible with this permanent source of community capital because the principal is held intact, while the earnings are used to make grants for charitable good.
When considering ways to make a lasting difference, cash is not the only option; stocks, bonds, real estate and other assets may be a solution for establishing an Endowment.
If you have considered, or if you are now considering, ways to make a lasting difference give me a call. Creating your legacy can start today!
To learn more about the creative ways of making lifetime gifts, where to turn for estate planning, establishing a named fund, how to get involved and much more, visit our website, www.communityfoundationgbc.org or contact me!
Article Three
Big Impact – No Worry. Establishing an Unrestricted Fund may be the solution for you.
Some donors play a very strong role with their giving plan. They work with advisors and community foundations with very specific charitable interests and goals for their giving. While this personal investment in giving is easily attainable in the industry of philanthropy today, we still have many donors that want to make the financial contributions but want to leave how their funds are distributed for community impact to professional staff.
Community Foundations in particular are strong leaders in grant making. Identified areas of need generally encompass education, health, human services, community preservation, the arts and in some communities, animal welfare. Unrestricted Funds established by donors are utilized for grants in these areas of need. Local agencies, organizations and groups apply for these charitable-based grants during open application grant making cycles.
Donors seeking an avenue for making a gift that will yield high community impact should consider an Unrestricted Fund. Plus this type of gift, as with all contributions, will allow the donor to receive the highest tax benefits allowed by law. A board issues grants for local needs and assistance. The administrative processes and worry is managed by professional staff. All those benefits may help you really see what we mean - - Big Impact – No Worry.
Now to further top off this option for Philanthropic Giving, the Fund can be named for an individual, a family, or a business. Recognition of the specific Named Unrestricted Fund will be made when grants are given. Establishing this type of named fund is a particularly nice way to honor someone special or remember someone in memoriam.
To learn more about the creative ways of making lifetime gifts, where to turn for estate planning, establishing a named fund, how to get involved and much more, visit our website, www.communityfoundationgbc.org or contact me!
Article Four
Ever consider what the Net Worth is in Kansas? In 2004 the State Net Worth was reported at $545 billion. Yes, I used the letter “b”.
Breaking this down to the local level is of even greater interest to many of us. Butler County in 2004 was reported as having a net worth of nearly $12 billion. Wealth transfers. Generally the transfer goes to family. Sometimes this is planned in a formal Will or Trust arrangement but more often it is not formally arranged.
My comments today are to encourage you to consider your wealth status, along with your wealth transfer plans. Most of us will have transfer of assets occur. Ideally, to be sure your wishes are granted, you will want to take a direct role in planning for how your estate will transfer. Also it is important to point out, arranging your estate is not for just high net-worth individuals.
The Kansas Association of Community Foundations is encouraging Kansans to consider gifting 5% of their estate to their local Community Foundation. Giving to a local philanthropic entity like your Community Foundation ensures this portion of your estate goes toward providing charitable gifts to local causes and projects. Retaining a percentage of the wealth right here in your local community is a way of passing forward your goodwill to the future generations. Using this or a similar percentage model, still allows you to provide for your heirs and other benefactors of your choosing.
Most of us do not think about this until later in life and for some, not at all. I challenge you to give consideration to your transfer of wealth. If you find you are interested in exploring options further, please contact me to discuss various opportunities. There are also numerous advisors in the area that can assist you in formalizing a plan when you are ready.
The study this column references was conducted by Wichita State University in partnership with the Kansas Association of Community Foundations. A link to this study can be found at www.communityfoundationgbc.org/
To learn more about the creative ways of making lifetime gifts, where to turn for estate planning, establishing a named fund, how to get involved and much, much more, visit our website, www.communityfoundationgbc.org or contact me!
