By Jackie Jacobs
One of the reasons donors create endowment funds is to perpetuate their values.
For example, Sarah and Winston Mensch believe in the mission of the BestCharityEver and want to provide ongoing financial support to further the non-profit in the years to come. They create the Sara and Winston Mensch Operations Endowment Fund at BestCharityEver with a current gift to the organization. They also earmark a portion of their estate to go into their endowment at death.
Their generosity and foresight means that BestCharityEver will receive a reliable and predictable gift every year toward operational expenses. The Mensch Endowment will generate perpetual support to help BestCharityEver fulfill its mission for generations to come.
Through their endowment fund, Sarah and Winston are not only furthering their lifetime commitment to BestCharityEver but they are also providing a living witness to family and friends of the values they embraced during life.
Is a Mensch-like endowment fund right for you? I often hear responses such as, “We are not rich; we can’t afford to establish such a fund,” or “Doing something like this is too complicated for me.”
While these may seem like legitimate concerns, they are readily resolved. First, you might be surprised to know how little it really costs to set up an endowment, especially when done through one’s estate. Also, some planned giving tools can provide you with lifetime income before the assets enter your endowment.
Second, it is remarkably easy to accomplish. The planned giving officer at the organization you wish to help, or your local community foundation, can thoroughly explain the elements to you and, if you wish, to your advisor(s). At any point in the process, you can change your mind.
Endowments may not be for everyone … but on the other hand, one just might fit you like a comfortable glove. You won’t know until you reach for more information.
Feel free to contact me with no obligation at 614-338-2365 or firstname.lastname@example.org if you would like to discuss a planned gift for the Jewish community’s benefit. I will guide you and zealously guard your confidences.
Article appears as originally published in the Ohio Jewish Chronicle Thursday, April 20, 2017.
Jackie Jacobs is the Chief Executive Officer of the Columbus Jewish Foundation, the Central Ohio Jewish community’s planned giving and endowment headquarters.