Hello, and thank you for being part of the community foundation!
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We are hearing from many of you that philanthropy and charitable giving have been topics of your conversations this summer with family and friends. That's music to our ears!
As you gather around the dock, patio, or barbecue, we encourage you to think about ways you'd like to finish the year strong to further your charitable goals. Big or small, your goals are important to us. Some of you may be setting a goal to establish your donor-advised or other type of fund with us before 2023 wraps up. Others who already have a fund at the community foundation may have set a goal to learn more about how to involve their children and grandchildren in their charitable giving plans. Whatever your charitable giving goals, we are here to help. In that spirit, this newsletter features topics that we hope will help you refine your goals and celebrate your successes in your support of your favorite causes. |
Here's what we're covering:
Thanks so much for being part of the community foundation.
Wishing you all the best for July!
Michael Monteith
CEO, Peninsula Community Foundation of Virginia
- How regrets can actually help you grow your charitable giving
- Celebrating 20 years of Impact: Empowering Education
- What you might consider reading and reviewing as you evaluate your 2023 charitable giving plans
Thanks so much for being part of the community foundation.
Wishing you all the best for July!
Michael Monteith
CEO, Peninsula Community Foundation of Virginia
Unlock the unexpected power of regret to grow your charitable giving
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Did you know that the community foundation provides “regret mitigation” services? We’re only half kidding!
Not surprisingly, financial regrets are common, with those related to personal finances among the most frequent. Of recently surveyed American retirees, 75% wish they’d started saving earlier, and 62% wished they’d saved more money for their golden years. On the personal side of the equation, people frequently also regret failing to show kindness when someone was in need. These types of regrets can be uncovered in the flipside of |
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the well-documented motivations for giving in the first place. In short, people want to help others and, upon reflection, they often regret not doing so. The topic of regret is getting a lot of play. In his 2022 book, The Power of Regret: How Looking Backward Moves Us Forward, Daniel Pink describes the results of his years of research on human regret. Pink identifies different types of regret and offers readers the perspective that not all regrets need to act as negative forces if they inspire you to behave differently moving forward.
The experienced team at the community foundation can help you avoid charitable giving regrets, especially by making it easy for you to activate your charitable intentions in the most tax-effective ways possible to make an even bigger difference in the causes you care about.
For example:
Get organized with a donor-advised fund.
If you’ve already established a donor-advised fund at the Peninsula Community Foundation (or if you are considering doing so!), you know that we handle all of the logistics, including providing 501(c)(3) status for your fund so that your contributions are tax deductible, facilitating your contributions to the fund in the form of cash or stock, processing disbursements to your favorite charities, and handling all of the necessary tax documentation. A donor-advised fund makes it so much easier to organize and maximize your charitable giving.
Grow your philanthropy through planned giving.
In many cases, the community foundation can help identify ways you can support your favorite charities at even higher levels than you thought possible by deploying planned giving techniques such as bequests and charitable remainder trusts. Designating your fund at the community foundation as the beneficiary of your IRA, for example, is especially powerful.
Rally other fund holders and donors.
If you’ve established a field-of-interest or designated fund at the community foundation, don’t forget that you can rally friends and family to join you in growing that fund. Philanthropic individuals and families are often open to new ideas about where to invest their charitable dollars. Many people look to the community foundation as a point of validation that the IRS’s boxes have been checked and for peace of mind knowing that the fund is benefiting from both the oversight and advocacy of a dedicated community institution. What’s more, it’s rewarding as a fund holder to get to know other fund holders and donors who are involved with the community foundation and who also want to explore ways they can support the various funds featured in the community foundation’s marketing materials and on its website.
If you’re wishing you’d been able to do more for your favorite causes earlier in your life, there’s no need to hold onto those regrets! The community foundation can help you build a charitable giving plan to reflect a lifetime of strong commitment to the organizations in our community. We look forward to working with you!
The experienced team at the community foundation can help you avoid charitable giving regrets, especially by making it easy for you to activate your charitable intentions in the most tax-effective ways possible to make an even bigger difference in the causes you care about.
For example:
Get organized with a donor-advised fund.
If you’ve already established a donor-advised fund at the Peninsula Community Foundation (or if you are considering doing so!), you know that we handle all of the logistics, including providing 501(c)(3) status for your fund so that your contributions are tax deductible, facilitating your contributions to the fund in the form of cash or stock, processing disbursements to your favorite charities, and handling all of the necessary tax documentation. A donor-advised fund makes it so much easier to organize and maximize your charitable giving.
Grow your philanthropy through planned giving.
In many cases, the community foundation can help identify ways you can support your favorite charities at even higher levels than you thought possible by deploying planned giving techniques such as bequests and charitable remainder trusts. Designating your fund at the community foundation as the beneficiary of your IRA, for example, is especially powerful.
Rally other fund holders and donors.
If you’ve established a field-of-interest or designated fund at the community foundation, don’t forget that you can rally friends and family to join you in growing that fund. Philanthropic individuals and families are often open to new ideas about where to invest their charitable dollars. Many people look to the community foundation as a point of validation that the IRS’s boxes have been checked and for peace of mind knowing that the fund is benefiting from both the oversight and advocacy of a dedicated community institution. What’s more, it’s rewarding as a fund holder to get to know other fund holders and donors who are involved with the community foundation and who also want to explore ways they can support the various funds featured in the community foundation’s marketing materials and on its website.
If you’re wishing you’d been able to do more for your favorite causes earlier in your life, there’s no need to hold onto those regrets! The community foundation can help you build a charitable giving plan to reflect a lifetime of strong commitment to the organizations in our community. We look forward to working with you!
Carolyn Lackey
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Celebrating 20 Years of Impact: Empowering EducationOver the past two decades, The Peninsula Community Foundation of Virginia has made significant strides in supporting and empowering education within our community. Thanks to the generous support and financial contributions of our donors and community partners, the foundation (PCF Virginia) has been able to distribute over $1 million, creating a profound and transformative impact on the lives of students and educators within Virginia Peninsula.
As we celebrate our 20th anniversary, The Foundation envisions an even greater future, aiming to enhance its effectiveness and serve as a vital resource for our community. Our commitment extends to managing 20 scholarship funds, providing deserving students with the opportunity to pursue a college education. The program now awards more than $200,000 in scholarships annually to 167 students, both locally and across the country each year. These scholarships not only offer financial assistance but also serve as lasting legacies, honoring the individuals who have made a difference in our community. For instance, Carolyn Lackey, a dedicated Fort Monroe librarian for over 40 |
years, established a $1 million scholarship to ensure that any Peninsula student could pursue higher education. In the coming year, we aim to expand our scholarship programs to include job skill training opportunities, further empowering our local youth to pursue their career aspirations.
At the Peninsula Community Foundation, we are dedicated to supporting those who are passionate about making a difference in our community. We stand by our commitment to help individuals transition successfully from high school and embark on their educational journeys.
Stay tuned to learn more about our upcoming initiatives for supporting students as they embark on their educational pursuits. We are here to make a difference, and we invite you to join us in this impactful endeavor. Click here to learn more.
At the Peninsula Community Foundation, we are dedicated to supporting those who are passionate about making a difference in our community. We stand by our commitment to help individuals transition successfully from high school and embark on their educational journeys.
Stay tuned to learn more about our upcoming initiatives for supporting students as they embark on their educational pursuits. We are here to make a difference, and we invite you to join us in this impactful endeavor. Click here to learn more.
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More big donors
The most recent “Who’s Who” additions to the Giving Pledge, where wealthy donors pledge the majority of their assets to charity, was released in June. Many of the additions to the list are from the tech sector, including the twin sister of a donor who took the pledge in 2022. In a rare reversal, another recent group member was removed from the illustrious list. |
This newsletter is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.
For more information about establishing a fund, please contact [email protected]/757.327.0862
