Catholic Community Foundation 4/8/09 - Unconventional Giving Strategies: May 5th Seminar to Explore the Role of Community Foundations in Philanthropic Planning

Catholic Community Foundation

4/8/09 - Unconventional Giving Strategies: May 5th Seminar to Explore the Role of Community Foundations in Philanthropic Planning
(APRIL 8, 2009, ST. PAUL, MINN.) – Research indicates that, even in light of today’s faltering economy, $41 trillion will transfer between generations nationwide over the next 50 years. Of this wealth, at least $6 trillion is expected to benefit charities through bequests, outright donations and other methods (Source: Millionaires and the Millennium, Boston College Center on Wealth and Philanthropy, 1998). For the attorneys and financial advisors working to facilitate this “invisible economy,” community foundations are a resource that can help maximize the tax and income benefits for their clients, while meeting the current and long-term charitable needs of communities.

On Tuesday, May 5, 2009, the Catholic, Lutheran and Jewish Community Foundations will jointly present a breakfast seminar, “Unconventional Giving Strategies,” to share case studies demonstrating the interplay of donors, professional advisors, and community foundations in charitable planned giving. The event will be held from 7:30 to 9:30 a.m. at The Minneapolis Club, 729 Second Avenue South, Minneapolis. There is no cost to attend, but seating is limited and registration is required; to register, visit www.givewithfaith.org or call 952-417-2354. Continuing Legal Education (CLE) credit has been applied for.

The seminar will begin with a keynote address by Dr. Cathy Gustafson, Director of Hamline University’s Master of Nonprofit Management program. Dr. Gustafson will provide an overview of the economic and legislative trends shaping philanthropic planning today. With that perspective, Catholic Community Foundation (CCF) President Dr. Marilou Eldred, Lutheran Community Foundation (LCF) President Chris Andersen, and Jewish Community Foundation (JCF) Director Sally Forbes Friedman will present case studies showing how individuals and advisors worked with their respective foundations to make unique and impactful gifts.

For example, Eldred will discuss the case of an entrepreneurial couple who transferred ownership of their privately-held company to CCF, which then liquidated the shares to create a Donor Advised Fund valued at $1.5M to support the donors’ preferred charities. “This is a couple who lives very frugally, and wanted their gift to be an expression of their strong faith. In addition to the tangible tax benefits of this gift, these donors gained the satisfaction of supporting those less fortunate through this legacy gift,” Eldred said.

LCF’s Andersen will present the story of another successful business person who, at age 55, made a gift of $100,000 to create ten $10,000 flexible deferred gift annuities. Each gift annuity has its own start date for retirement income (at times of the donor’s choosing), and the remainder creates a permanently endowed fund that supports his favorite charities upon his death. “This was a very strategic solution that provides the donor with flexibility, future guaranteed retirement income, tax deductions while his income is high, and future support for his favorite charities,” Andersen said.

Forbes Friedman of the Minneapolis Jewish Federation’s Jewish Community Foundation will share how one elderly donor has structured his estate plan to provide for his children but designates the majority of his assets to a Donor Advised Fund supporting charities that serve youth and seniors. “The theme of “how much is enough” was central to this gentleman’s estate planning,” Forbes Friedman said. “As a successful businessman, he wanted to ensure that his children were provided for, but not to the point of excess. Charity is an important value for him, and something he wanted to pass along to his family after his death.”

Although these three examples are very different from a technical perspective, they share the common ground of being values-driven gifts and highlight the creative possibilities of planned giving. This seminar is targeted to trust and estate attorneys and financial advisors, but prospective donors are also encouraged to attend. The Catholic, Jewish and Lutheran foundations are presenting this seminar as part of their Give With Faith initiative, which was launched in 2007 to increase awareness of giving through local faith-based foundations.

ABOUT THE CATHOLIC COMMUNITY FOUNDATION

The Catholic Community Foundation (www.ccf-mn.org) is the nation’s largest community foundation serving Catholic philanthropy. The Foundation was established in 1992 to support financially the spiritual, educational and social needs of the Catholic community in the Archdiocese of St. Paul and Minneapolis. The Foundation currently manages assets in excess of $120 million and has distributed more than $60 million in grants to the community since inception.

ABOUT THE LUTHERAN COMMUNITY FOUNDATION

The Lutheran Community Foundation (www.TheLCF.org) works nationally to help people give where they find their strongest connections. Established in 1995, the Foundation’s flexible giving options help donors create giving solutions that match their personal interests and financial circumstances. Collectively, these donor gifts provide millions of dollars annually to charities serving our local, national and international community.

ABOUT THE JEWISH COMMUNITY FOUNDATION

The Jewish Community Foundation (www.jewishminnesota.org) is the planned-giving and endowment department of the Minneapolis Jewish Federation. It enables individuals and families to fulfill their personal philanthropic goals in important and meaningful ways. The Foundation and its donors provide funds for cultural, educational, humanitarian, health and social services for both the Jewish and general communities locally, in Israel and in 65 countries around the world.

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