I am often asked if charitable giving to the Community Foundation depends on the economy. Are recent tax changes helping or hurting charitable giving? Is the booming economy and up/down stock market encouraging or hindering philanthropy? Does the inclination to give and charitable gift timing depend on outside economic influences?
Guess what, for many people, it just doesn’t matter.
If you’re 90 years old, you probably do not have most of your money in the stock market.
Many of our most generous donors are at least age 75. When they decide they are ready to give, that is when they give. Older donors don’t give based on the market, or on real estate prices, or even always when asked. They give when they are good and ready. We are truly fortunate at the Community Foundation that many donors, and their advisors, turn to us when they feel ready.
Just in the last two weeks, we’ve heard from donors who are ready. Significant gifts are underway, to fund now and later through estate plans. These gifts will benefit our environment, animal groups, the University, community needs including water quality, community emergencies, and parks and recreation in Reno, Carson City, and beyond. Other people who are “almost” ready, have discussed with me about gift plans to benefit rural communities, youth camps, education, students, and the arts.
Some charitable plans are for outright gifts of cash or stock, but most people I have recently worked with are giving land, residential property, interest in companies, commercial and industrial property, private foundation conversions, and even personal property. Donors, their advisors, and I are working together on split-interest gifts such as charitable trusts that will provide an income stream for life. All these charitable plans are the realization of someone’s dream to help through meaningful philanthropy. Community Foundation staff work tirelessly to bring the vision to reality exactly as the donors intend, forever.
It is still the first quarter, but 2018 has begun on a very strong charitable note. I am happy many people are ready to give, and ready to start talking, dreaming, and planning. If you want to learn about charitable gift planning, so you will know when the right time is for you; please give me a call. The Community Foundation is here to help you care, connect, and engage.
Chris Askin, President, and CEO
Connecting people who care with causes that matter