Read the complete President's Message here.
Read Personal Generosity for
the Public Good from the Association for Small Foundations website,
here.
Read the complete President's Message here.
Read Personal Generosity for
the Public Good from the Association for Small Foundations website,
here.
Motivations of donors and donor families are grounded in the reasons why someone is interested in philanthropy and community service at all. There is something – in character, background, and/or experience that inspires their interest. It may be their faith or spiritual traditions, it may be their experience as volunteers in the community, it might have been a mentor or role model who introduced the possibility, or perhaps a family tradition of giving to charity or community involvement. It may have been a powerful personal experience such as receiving a much-needed scholarship or experiencing the death of a loved one due to a catastrophic illness.
Whatever the inspiration, donors are often motivated to give back to their community. Sometimes that is a geographic community; perhaps the hometown or region where the family grew and prospered. It can also be an area of interest – perhaps arts education in the schools or supporting medical research. Donors may want to support the organizations and institutions that have been important to them: a school, a church or synagogue, an orchestra. They may want to encourage talent or support dynamic nonprofit leadership.
When those who share a commitment to one another share an equally heartfelt commitment to something beyond the family – the community – both are enhanced. Family giving often takes the primary form of philanthropic dollars – badly needed social capital. But there is also value in the compassion and personal passion and commitment that represent the unique gifts of family philanthropy. The privilege to participate in the philanthropic process and the joy that often comes from this participation are the gifts to the donor and family.
Whether a donor or philanthropic family chooses to make grants for a specific period of time or for generations, those gifts are motivated and enhanced by their passions, their commitment, and their creative energies.
This edition of Family Giving News celebrates and features stories of donors and families who have listened to their passions, and who have focused their commitment and creative energies on philanthropy during their lifetimes. Examples come from small and modest-size family philanthropies: Alan Slifka, Alan Alda, and the Ruth and Lovett Peters Foundation; as well as from those that are among the largest and most well-known in the field: Richard Goldman, the Bill and Melinda Gates Foundation, and the Atlantic Philanthropies.
Alongside this discussion we feature new perspectives, research, and context regarding the estate tax. A California donor once reported to me that "taxes got me in the door; they didn’t keep me in the room." Further, subsequent generations of family members, who often assume responsibility for stewardship of the foundation or fund, receive no tax benefit for their leadership and service.
Still, the role of the estate tax as both a motivator for planning and as a source of charitable funds and tax revenue has been hotly debated over the past several years. It can be an important issue for wealthy individuals who are thinking about their long-term goals for the family and for their philanthropy.
We hope that each of you can find something of value in this issue of FGN, and as always we look forward to your feedback.
Sincerely,
Virginia Esposito
President, National Center for Family Philanthropy
PS Also let us know what you think of our “new look” – many of you have written to request that we make FGN easier to print out to distribute to your fellow trustees and colleagues. We hope that the new style allows you to do just that!
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The ongoing debate over repeal of the estate tax boils down to a series of difficult – and in many cases, difficult to answer – philosophical and practical questions. Some of these include:
Is there a moral prerogative for the very wealthy to give
back to society, and if so, is the estate tax an effective mechanism for
encouraging or even requiring this behavior?
Is the estate tax a “punishment for the success” of
wealth creators? Is it a tax designed to ensure that those who have
benefited from an innovative economy that has subsidized and enhanced
their success will repay that debt to society? Or is it a “tax on being
lucky” for heirs?
What effect would repeal of the estate tax have on tax revenues and overall gifts to charities?
These are only a few of the many questions that individuals on both sides of the debate, including members of Congress, are asking one another. We asked a number of individuals close to the estate tax debate to provide their thoughts and perspectives on this important topic. This special edition of Family Giving News includes an update on legislative activities by noted foundation expert John Edie, as well as personal commentaries and analysis from Bill Gates, Sr., Charles Hamilton, Mario Morino, Adam Meyerson, and Paul Comstock.
What are your thoughts regarding the estate tax and its role in philanthropy and the economy in general? Please send your comments and feedback to jason@ncfp.org.
REPEAL OF THE ESTATE TAX: WHERE DO WE STAND TODAY?
John Edie,
long-time general counsel for the Council on Foundations, describes the
current status of legislation regarding the estate tax, and offers
predictions about its future.
SAVING THE ESTATE TAX
William Gates,
Sr.,
director of the Bill and Melinda Gates Foundation and leading proponent of
the estate tax, argues that those who create great wealth have a
fundamental obligation to pay back a society that has provided an
environment and factors making this wealth possible
PHILANTHROPY AND THE ESTATE TAX?
Charles Hamilton,
executive director of the Clark Foundation, proposes that philanthropy and
the estate tax are separate issues, and that the estate tax is an
inappropriate method of addressing the real problems of economic inequality
and great wealth.
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This edition of Family Giving News celebrates and features stories of those who have listened to their passions, and who have made use of their commitment and creative energies to focus and devote their philanthropy during their lifetimes. Examples come from small and modest-size family philanthropies: Alan Slifka, Alan Alda, and the Ruth and Lovett Peters Foundation; as well as those that are among the largest and most well-known in the field: the Bill and Melinda Gates Foundation and the Atlantic Philanthropies.
MOTIVATIONS AND GOALS OF DONORS
Available
exclusively for FGN Readers!Source:
Wall Street Journal
“These donors say they simply enjoy the personal involvement of ‘giving while living’ and figure future problems can be tackled by future philanthropists,” notes the article. “Applying business practices to their giving, they are analyzing the "time value" of their money and concluding that a dollar spent now can be worth more than one, or even two, spent later. They argue there is plenty of money on hand to accelerate spending on today's critical problems. They also say that despite the recent downturn in the stock market, long-term economic growth will generate plenty more to deal with tomorrow's issues.
PROFILES
AND PERSPECTIVES FROM
DONORS AND FAMILIES
GIVING WHILE LIVING: AN INTERVIEW
WITH RICHARD GOLDMAN
If philanthropist Richard Goldman generously awards you $5 million for your
building fund, please don't ask to hang his name above the door. On the
contrary, Goldman, 83, co-founder with his late wife, Rhoda, of San
Francisco's Goldman Fund, will insist that you not name the building after
him. For Goldman, whose own charitable efforts date back to 1946, and who
distributed $56 million in 2000, giving is its own reward.
Goldman, creator of the Environmental Prize (the "Green Nobel") that bears his name, advances a socially liberal, fiscally conservative cultural and religious global agenda. Goldman's giving includes support for breast cancer research; human rights activism; firearms control; Jewish community welfare; religious pluralism in Israel; natural resources conservation; literacy training for prisoners; and reproductive health services for the needy. Goldman's three children and their spouses comprise the family foundation's board of directors.
This interview with Christopher Springmann touches upon Goldman’s motivations, funding interests, and giving style, as well as his plans for the Goldman Fund’s future after his death.
I confess the five percent annual payout rule leaves me baffled. In fact, if anything, I'd like to see it higher. Conversely, in another sense it's just not very important to me or my trustees. And I think I know the trustees pretty well. They're my parents.
As background, I run a small foundation focused on education reform. I'll say more about that in a moment, but first, let me briefly describe how the Ruth & Lovett Peters Foundation came into being. My Dad did well in business – in part because of a superb education he received while on a scholarship to Andover and Yale. It was the generosity of others who helped my Dad; now my parents would like to repay that kindness and help others in turn. In creating the foundation, my parents have focused entirely on education because they've experienced all the benefits education can offer.
Although my parents live in Chestnut Hill, Massachusetts, I run the office out of Cincinnati where I live – and where there's a huge need for better schools. Of note, the Cincinnati Public School graduation rate is 36 percent. That's right, 36 percent. That's unacceptable, and it's a threat to our democracy. We all know a democracy must have educated citizens to survive.
To put it mildly, our foundation has a passion for improving K-12 education in this country. Let me share with you how this plays out from a funding perspective. Over the last five years, we've been spending at more than double the five percent rate. In fact, our lowest expenditure has been 12 percent. We believe we must solve these problems now and not leave them for future generations. To be simplistic, we'd be doing our grandchildren a much greater favor by leaving them with an educated society and no foundation than an uneducated society with a large foundation. Moreover, an educated society will create the future Bill Gates; an uneducated one will not.
There's another aspect about the 5% rule that leaves me uncomfortable. The 5% rule suggests a "tenured comfort zone" – a willingness to accept the status quo while well-intentioned efforts are made to slowly improve things.
While that's often the philanthropic process used with low-income children trapped in failing schools, that's not how we as parents behave with our own kids. If our child has a problem, long-term to us means the end of the week. I think we owe less fortunate kids nothing less. If the need's now, why wait?
My advice? Ignore the five percent rule and make a difference now!
As the ad says, go for it!
Source:
Washington Post
GATES AND WIFE DONATE $168 MILLION TO FIGHT MALARIA
This latest in a long line of
stories about the philanthropy of Bill and Melinda Gates illustrates the
Gates’ approach to identifying an important area in need of funding and
seeking to make a difference in the present.
Gates’ business success has been well documented and has set an example for many entrepreneurs. The Gates' philanthropy is rapidly becoming an even more important example for individuals throughout the world, and even more specifically for the tens of thousands of Microsoft employees. Recent estimates indicate that Microsoft employee stock options created more than 10,000 millionaires during the late 1990s and early part of this century; many of these individuals have since established family foundations, donor-advised funds, and other charitable giving vehicles.
"Before we got involved, we thought other people were dealing with these problems," Bill Gates said, describing this latest major initiative from the Gates Foundation. "We thought human life was being valued at some reasonable amount around the world. We thought medical research was being driven by how many lives it could save. We're still in a state of shock, saying there's this vacuum here."
Source:
Atlantic Philanthropies
Press Release
The Atlantic Philanthropies have announced that, consistent with their belief in the importance of giving while living, the organization will become a limited-life philanthropy, and expects to spend down its endowment over the next 12 to 15 years.
“This decision by our Board – to put ourselves out of business in a deliberate and measured way over time – is obviously an extremely significant one for us, and, we realize, for our grantees and our staff,” said John R. Healy, chief executive officer and president of The Atlantic Philanthropies. “It is wholly in keeping with our belief in giving while living, but it has also sharpened the need for us to achieve, as part of our legacy, a meaningful impact that endures beyond the life of the organization.”
Available
exclusively for FGN Readers: Order Your Copy of Faith and Family
Philanthropy Now and Save $10 –
Source:
The Philanthropic Initiative
GIVING WELL
This speech by
actor Alan Alda, who established the Jenjo Foundation along with his wife
Arlene in the early 1990s, describes the couple’s own reasons for
establishing a foundation, and their early exploration of the ways in which
they, as a family, could make a difference with their philanthropy.
“Since I’ve begun working consciously at giving in an organized way, I’ve been humbled by the realization of how immense the world’s problems are, how pervasive and entrenched suffering is. It’s only after you embark on this voyage of philanthropy that you realize how far there is to go.”
TOOLS AND
ADDITIONAL PERSPECTIVES ON
GIVING WHILE LIVING
Source:
Social Welfare
Research Institute
THE
MODERN MEDICI:
PATTERNS, MOTIVATIONS, AND GIVING STRATEGIES OF THE WEALTHY
This paper by
Paul Schervish of Boston College addresses three
aspects of the relationship between wealth and philanthropy that can serve
as foundations for understanding and influencing a “forthcoming golden age
of philanthropy:”
the large and exponential growth in wealth,
the motivational array that inclines wealth holders to contribute to charity, and
the array of strategies that donors use in carrying out their philanthropy.
Schervish explains his intriguing title choice as follows:
I refer to today’s wealth holders as modern Medici in order to evoke the historical comparison with that self-made medieval family that extended its self-expressive world building into the entire gamut of human endeavor from war to commerce, and from politics to the arts.
Just as the unifying family trait of the wide-ranging Medici was nothing less than being producers rather than receivers of the world in which they dwelt, the class trait of modern wealth holders is what I call hyperagency--that admixture of self-confident disposition and material capacity to be founders of the world in which they reside, from businesses to government, and from personal homes to social philanthropy.
That the modern Medici, like the medieval Medici, embody and express a psychological wherewithal of determined individuality and a material wherewithal of worldly principality is the underlying motif of … the distinctive motives and strategies of charitable giving among today’s wealth holders.
Available
exclusively for FGN Readers:Subscribe
Now to Passages and Receive “Demystifying Decisionmaking” as your first
issueSource:
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Source:
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THE ART OF CHARITABLE PLANNING
The
conversation about philanthropy between advisors and clients can be enhanced
with The Art of Charitable Planning, a free, web-based guide for
professional advisors, donors, and development professionals, created to
help identify creative solutions that will help to solve estate, tax, and
financial problems and meet philanthropic objectives.
NEW EDITIONS OF PASSAGES - NOW AVAILABLE!
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How do we raise charitable children? Which of our children, nieces, nephews, (others?) should participate, and by what basis do we make this decision? How much should the foundation’s mission accommodate personal – rather than shared – interests? These and many other questions are addressed in this thought-provoking paper on one of the core issues in family philanthropy.
By
Virginia Esposito
July 2003, 12 pages
ONE-YEAR SUBSCRIPTION: $50
TWO-YEAR SUBSCRIPTION: $80
This forthcoming edition of Passages describes different kinds of decisions made under varying conditions and circumstances require different decision-making methods. Routine or minor decisions are often best be left to one person or a subcommittee, while more complex or highly charged matters may require the say of all board members.
By
Ann Shulman
September 2003, 12 pages
NEW RESEARCH ON FAMILY GIVING - COMING SOON!
WHAT CALIFORNIA DONORS
WANT: IN THEIR OWN VOICES
This unique study looks at the motivations, goals, and challenges of
California philanthropists, based on candid in-depth interviews with more
than 25 leading donors from a variety of backgrounds and communities. The report will be available in
October
2003; to receive a complimentary PDF
copy of the executive summary for the report when it is available, please send us an email
with your name, address, and affiliation.
By Deanne Stone and Jan McElwee
October 2003, 45 pages
To receive a copy of Family Philanthropy: What We Don't Know, subscribe now to Passages:
This paper provides those with research, policy, and practice-oriented interests in the field – including nonprofit administrators, fundraisers, advisors, and donors themselves – with a compilation of available knowledge about family philanthropy.
By
Francie Ostrower
October 2003, 12 pages
Is your organization or another you know of planning a meeting that would be of interest to families and donors? Please let us know by sending details to jason@ncfp.org.
Splendid Legacy: A Seminar for
Family Foundations
NYU Center for Philanthropy and Fundraising, in collaboration with the
National Center for Family Philanthropy
October 13, 2003
~ New York
This day-long seminar is exclusively for family members or staff of family
foundations, and will focus on key issues of goal setting and management of
a family foundation.
Utilizing the newly published Splendid Legacy: The Guide to Creating Your Family Foundation, this one-day seminar will explore the role of values in setting the mission and direction, succession, intergenerational and legacy issues, and key management challenges to achieve the family goals. Participation in this seminar is by permission of the instructor.
For more information, please contact, Richard Marker, Adjunct Associate Professor of Philanthropy, NYU Center for Philanthropy, at 212.585.3332 or Richard.marker@att.net.
FOX
2003 Fall ForumFor more information, please contact the National Center at 202.293.3424.
Shaking The Tree
launches “Conversations on Philanthropy”
November 2003 ~ New York and Philadelphia
Dates to be announced
Shaking
the Tree Interactive Productions will be hosting two evening events this
November, in New York and Philadelphia, featuring the first play in their
new “Conversations on Philanthropy” series, a new set of short plays
depicting the many challenges family foundations are facing today. The
series will be a new and meaningful way for families and foundation
executives to discuss critical issues impacting the both the technical and
relationship side of family philanthropy. These unique events, exclusively
for family members, single family office executives and family foundation
executives, will include an opportunity for discussion as well as a short
talk by a speaker on intergenerational issues in family philanthropy.
For more information, contact Maryann Fernandez, President of the Board, Shaking the Tree Interactive Productions, at 212-580-8411 or visit their website at www.shakingthetree.org.
With Deborah Brody Hamilton, National Center for Family Philanthropy and Samuel Davis III, Signature Financial Management, Inc.
See link at left for additional details.
Funding Social
Movements Globally: Collaboration for Social Change
A Funder Convening Sponsored by Grantmakers Without Borders
October 12th, 2003
Followed by the annual conference of the National Network of
Grantmakers, October 13th-15th.
Social movements are an essential force in the struggle for a peaceful, just and equitable world. Grantmakers Without Borders' gathering will explore how funders can best respond to the challenges-and the tremendous opportunities-of funding social movements globally. The convening will bring together funders and social movement leaders from around the world for dialogue, debate, learning, and solidarity.
See link at left for additional details.
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This issue of Family Giving News provides context, perspectives, and research on both sides of the estate tax debate. We feature research and briefing pieces that estimate the impact of the estate tax on the economy, charitable giving, and other areas. Included are studies and analysis from the Urban Institute, Brookings Institution, and the Joint Economic Committee. Also included are articles and briefing papers from the Indiana University Center on Philanthropy, Paul Schervish, the Editorial Advisory Board for Planning Giving Today magazine, and other sources.
This information complements our section on New Perspectives on the Estate Tax Debate, which features commentaries from John Edie, Bill Gates, Sr., Charles Hamilton, Mario Morino, Adam Meyerson, and Paul Comstock.
CONTEXT AND PERSPECTIVES ON THE ESTATE TAX
Source:
Urban Institute
Since 1916, the United States has imposed a tax on the estates of the wealthiest individuals. The 2001 tax cut reduces the estate tax over time, and then repeals it as of 2010, only to reinstate it in 2011. Because politicians are unlikely to allow this pattern of changes to occur, estate tax reform will return to the policy agenda in the near future.
One of the most important issues in assessing reform options is the impact on charitable giving. The estate tax encourages charitable giving at death by allowing a deduction for charitable bequests. It also encourages giving during life, as explained below. But the tax reduces charitable gifts by reducing the amount of wealth decedents can allocate to various uses. The net impact of these effects is ambiguous in theory.
The paper’s central conclusion: “Estate tax repeal would reduce annual charitable giving in life and death by about $10 billion, the equivalent of eliminating all current grantmaking by the country’s 110 largest foundations.”
TAX POLICY CENTER
This
collection of policy briefs, articles, and meeting transcripts features
research and perspective from the Tax Policy Center (a joint project of
the Urban Institute and the Brookings Institution).
Source:
Indiana University Center on
Philanthropy
REPEAL OF THE ESTATE
TAX: ITS IMPACT ON PHILANTHROPY
This
enlightening article by Eugene Tempel and Patrick Rooney from the Center
on Philanthropy at Indiana University presents a thorough overview of the
arguments for and against the repeal of the estate tax. The authors
address many aspects of the debate, including the potential effects on
heirs and the economy at large, as well as a wide array of potential side
effects that repeal or revision of the tax may have. Also included is a
comprehensive bibliography of studies, articles, and research regarding
the estate tax prior to the article’s publication in 2001.
“The reasons for and against continuing or repealing the estate tax are complex, both theoretically and empirically,” conclude the authors. “We believe these complexities call for a thorough study and a more exhaustive public discussion of the tax’s challenges and benefits, the potential unintended consequences of keeping, changing or repealing it, and especially the impact on charitable giving. In the meantime, policy leaders should slow the public policy process to allow time for more study and debate of the issues.”
A
SUMMARY OF ARGUMENTS FOR AND AGAINST REPEAL OF THE ESTATE TAX
Adapted From: “Repeal of the Estate Tax: Its Impact on Philanthropy
An outline of the arguments presented for and against the estate tax, adapted from the article “Repeal of the Estate Tax: Its Impact on Philanthropy.” Please click link at left for formatted version of this chart.
|
Arguments Favoring
Repeal |
Arguments Against
Repeal |
|
There is tremendous mobility of income and wealth in the U.S., with movement both up and down the income scale, so the estate tax is not necessary. |
The estate tax redistributes the increasing concentration of wealth in the U.S.
|
|
|
|
|
The estate tax collects relatively few dollars and requires disproportionate compliance costs. |
The estate tax is an important source of tax revenue. |
|
|
|
|
The estate tax is a “punishment for success” and amounts to double taxation of those being taxed. |
The estate tax is a “tax on being lucky” and is actually paid by heirs who have had the good luck to pick financially successful parents. |
|
|
|
|
The estate tax causes many family farms and small businesses to be sold to pay these taxes. |
The estate tax is paid by only the wealthiest individuals and families, who in almost all cases can readily afford the tax. Family farms and businesses make up only a very small part of all estates taxed. |
|
|
|
|
The estate tax discourages savings, which in turn discourages investment in the economy as a whole, which in turn lowers real wages and harms those the tax is intended to help. |
Estate taxes have a small effect on savings, and in some cases may even provide an incentive for individuals to create more wealth in order to have enough for their heirs and other purposes after the deaths. |
|
|
|
|
Repeal of the estate tax would provide rich individuals and their heirs with more wealth to give to charities. |
Heirs give only a small percentage of their wealth compared to wealth creators, and repeal of the tax will result in much fewer dollars going to charity due to lower tax revenues and a reduced incentive to create charitable giving vehicles. |
|
|
|
|
Estate tax revenues equal only 0.1 percent of household net worth, and the tax is likely to have little meaningful impact on the distribution of wealth. |
The estate tax helps society to avoid a situation where there is excessive concentration of wealth in relatively few hands. |
|
|
|
|
Those supporting new donors should be able to make the case for how and why they can give more without resorting to the “punishment” of the estate tax. Financial planners and advisors have a vested interest in the estate tax due to the large fees that they earn in drafting and managing charitable trusts. |
Advisors to the wealthy have indicated that without the estate tax, they would lose an important incentive for talking to their clients about philanthropy, and would be even more hesitant to discuss the options for charitable bequests. |
|
|
|
|
|
|
Source:
Planned Giving
Today
THE ESTATE OF THE
UNION
Eight members of Planned Giving Today’s Editorial Advisory Board
respond to the question: “What effect would the elimination of the federal
estate tax have on planned giving?”
Selected comments, speculations, and conjectures include:
“Tax considerations play an integral part in the timing of the gift, the structure and vehicles used to make the gift and the size of the gift.” – Joe Bull
“Repealing the estate tax would deprive federal and state governments of revenues for societal needs, reduce the ability of charities to attract private support for these needs, and result in a society that is less just and more divided along class lines.” – Frank Minton
“If there is estate tax repeal over a period of 8 to10 years, there will be an extraordinarily favorable marketing opportunity for charities. Sales of digital projectors and PowerPoint seminars by gift planners will increase significantly. Gift planners will have a great opportunity to reach out to the demographic groups within their donor spectrum.” – Charles Schultz
“Eliminating the federal estate tax would change the way we market planned gifts, but I doubt much else will change. With the exception of some sophisticated gifts that use life insurance products or discount valuation techniques, I don't believe that the estate tax is a great motivating factor.” – Susan Thomas
Source:
Fundraiserhelp.com
HOW WILL CHANGES IN
THE ESTATE TAX LAW AFFECT CHARITABLE GIVING?
This useful survey offers links and
quick summaries of opinions on both sides of the estate tax debate, as
well as suggestions for fundraisers on how to prepare for the positive
impact of potential changes in estate tax policy.
“Instead of concentrating on estate gifts, planned giving directors and other fundraisers could look at gifts that provide tax incentives during an individual's lifetime,” proposes the author, Bob Martin. “Charities can look inwardly and decide if they receive donations because they provide a needed service or do they receive the majority of their contributions merely because they can provide a donor with a tax break. This is an excellent opportunity for nonprofit organizations to make sure that they are fulfilling their mission of service and that their supporters and prospects are aware of the positive difference they are making.”
Source:
Council on
Foundations
RETAINING THE ESTATE TAX IS APPROPRIATE