Community Foundations Finding a Niche In Guiding Donors Who Want to Give Back

(June 25, 2009)  A recent article in the Wall Street Journal (4/22/09) noted that today's philanthropists are choosing to take a more active role in determining how their money is being used. The story said that growing numbers are turning to their local community foundations to establish donor advised funds, bearing out what staff at the Community Foundation of Greater New Britain have been seeing in our region.

"We're finding that local donors want to have more input then ever as to where their money is going. Many are discovering that this is part of the joy of being a philanthropist," said Ann Bova, director of development at the Community Foundation.

Ms. Bova explained that the Community Foundation helps these clients determine which local organizations are doing important work and then ensures that the impact of their charitable investment does the most good. "We don't just write the checks. We can help you do the research and walk with you as you decide where you put your money," she said.

Sometimes, people setting up donor advised funds or scholarships for the first time come to the Community Foundation upon the advice of a trusted professional advisor - an estate attorney or financial planner. It's a 'win-win' when advisors ask their clients if they want their estate plan to fund a cause that's been meaningful in their lives, said Ms. Bova. ÒProfessional advisors can be the connecting force for people into meaningful philanthropy," she noted. 

Would-be philanthropists don't need to wait until they're gone to make this happen - and they don't need to have a large sum of money. For example, a donor advised fund can be set up for a minimum of $5,000. "This is doable for many people," noted Ms. Bova. "We make it really easy and flexible for both the professional advisors and their clients."

When the Rogers Orchards' family in Southington wanted to establish a scholarship to honor 'Bud' Rogers, who died last year, and mark the Orchard's 200th anniversary, they turned to their advisor, Frank Miller, CPA. He encouraged them to set up the fund through the Community Foundation.

"My recommendation was that the family entrust an undertaking of this nature to the Community Foundation of Greater New Britain. The Community Foundation has a good track record with a number of other funds in town, is very experienced in managing endowed funds like these and people have confidence in them," explained Miller.

The Community Foundation of Greater New Britain is also an excellent resource when someone wants to tackle an issue or give back to the community but doesn't have a specific charity in mind, notes Atty. Kenneth J. Carifa, an estate attorney with Camp, Williams & Richardson in New Britain. "The Foundation can provide guidance and a vehicle to help the donor fulfill their goals by benefiting a number of different organizations tackling the same issue. Another plus to this arrangement is that it honors the donor's intentions while remaining flexible to changing needs that occur in the community over time," he said. 

For more information about establishing a donor advised fund or scholarship with the Community Foundation of Greater New Britain, please contact Ann Bova at 860.229.6018, ext. 302 or via email at abova@cfgnb.org.