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Passing the Hat 2.0:Charitable Giving
Goes Low Maintenance
Passing the Hat 2.0:Charitable Giving
Goes Low Maintenance
Presentation byRegina Q. Jahr, Executive Director
Black Hills Area Community Foundation
Passing the Hat 2.0: Charitable giving goes low maintenance
Today’s Webcast
Discuss options for philanthropic giving
Examine the differences between community foundations and family foundations
Explore Donor Advised Funds at community foundations
Review the benefits of philanthropic giving
Charity or Philanthropy?
Charity - Giving change
Philanthropy - Making change
Creating a vision for philanthropy
Who to involve:
Family– One or two generations– Future generations
Attorney
CPA
Business partner(s)
Financial Planners
Insurance advisor/agent
Community Foundation Executive
Becoming a philanthropist
Create your philanthropic legacy
Express values through giving
Generosity
Passion
Dedication
Types of Foundations
Company sponsored foundation
Operating foundation
Private independent foundation
Community foundation
Private Foundations
Endowment usually comes from a single source
- an individual
- a family, or
- a group of individuals
Scale = impact
Contributions to endowment limited as to tax deductibility
Annual reporting includes 990-PF filed with IRS and made available to the public
The Family Foundation: it’s a business
Intense upkeep and maintenance
Governed by Board of Directors or Trustees
Transparency
No Self Dealing
Cyclical
Personnel/HR issues
Bottom-line
highly regulated
^
About Community Foundations
Growing numbers and assets in the US and in SD
Created by and for the people in a dedicated area
IRS-designated, tax-exempt, 501 (c)(3) public charities
Stewards of permanent community financial resources
Giving through a Community Foundation
Involves donors in identifyingand responding to communityissues
Makes giving flexible and easy
Offers significant tax benefits
Becomes a permanent community resource
Donor Advised Funds: Create a personal legacy of giving at your community foundation
Donors can establish a named fund
Grants distributed from a donor’s fund are awarded in the name of their fund. – This person or organization will
always be remembered and linked to good works in our community.
The benefits of a Donor Advised Fund
It’s personal
It’s flexible
It’s efficient
It’s easy
You can give anonymously or refer requests for funds to the Community Foundation
You can name successor advisors
Donors don’t give
toa
Community Foundation,
they give THROUGH
a Community Foundation
How a Donor Advised Fund works
Donor
Donor Advised
Fund Agreement
Community Foundation
Favored Charities
$
$
The Community Foundation provides:
Administrative support
Investment management oversight
Strategic grantmaking opportunities
a vehicle to create a personal giving legacy
General Guidelines for a Donor Advised Fund at a Community Foundation
Recommendations include:501(c)(3) public charity, church,
synagogue or unit of government
Federal law has established guidelines and prohibits certain activities
“A civilization flourishes
when people plant trees
under which they will
never sit.”
-Greek Proverb
The Fun Part: Grantmaking
Grantmaking is rewarding
Considerations:– What do I/we want to give to?– Who do I/we want to give to?
Allow for flexibility
Conduct due diligence*
Recognize the process is always evolving
* Only if a private foundation. Community Foundations provide this service.
Ways to Give
Outright Gifts
Retirement assets (i.e. IRA, annuity, insurance policy)
Bequest by Will
Charitable Lead Trust
Charitable Remainder Trust
Ask your professional advisor about charitable giving as part of estate planning
Prepare a will and include the Community Foundation
Outline your charitable intentions in an agreement with the Community Foundation
Memorials may directed to the Community Foundation
Encourage family and friends to include charitable giving in their wills
Legacy Giving
We help donors create an individual or a family legacy that is personal and enduring
Our Donor Advised Funds help people invest in the causes they care about most
We can preserve donor intent even as community needs and organizations change
We offer maximum tax advantage under state and federal law
We accept a wide variety of assets and can facilitate even the most complex forms of giving
Why people choose to give through a Community Foundation like BHACF
The benefits of philanthropy
Givers are happier Science magazine, March 2008
Givers live longer University of Michigan Study, 2002
You support your values
You benefit your community…forever
Thank you!
Your interest and attention are appreciated!
Thanks to Rick Kahler and the Kahler Financial Group
Please contact Rick or me if you have any follow-on questions or comments
We are here to help you!
To learn more, call 605.718.0112 or contact us at [email protected] or
visit www.bhacf.org
For good. For ever.SM
Slogan © 2006 Council on Foundations and Community Foundations of America
We are certified in compliance with National Standards for U.S. Community Foundations
Black Hills Area Community Foundation