Women in Philanthropy
Non-Profit
Community Foundation of Northeast Iowa
US Postage Paid
425 Cedar Street, Suite 310 PO Box 1176 ~ Waterloo, IA 50704 www.cfneia.org
Waterloo, IA Permit #707
Return service requested
OCTOBER 2009
Women, Money and Power Understanding the Unique Relationship Women Have with Money
INSPIRE.
Women in Philanthropy inspires women to utilize their VALUES, VISION, and VOICE to empower others. Erica Feldick
Unique Giving Opportunity - 20% State Tax Credit! $2 million in credits still available through the end of 2009. Gifts to the Women’s Fund and all other permanent endowment funds at the Community Foundation of Northeast Iowa are eligible.
Online at www.cfneia.org or fill out the form below:
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COMMUNITY FOUNDATION
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Please DONATE to the Women’s Fund to support women & girls in the Cedar Valley.
of Northeast Iowa Established in Waterloo/Cedar Falls in 1956
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Name: Address:
City, State, Zip:
Phone:
Email:
Donation Amount: $
Please make check payable to name of fund.
*Gifts to endowment funds at the Community Foundation are eligible for a 20% state tax credit. Call us at (319) 287-9106 for more information. I would like to make a gift to the WOMEN’S FUND ENDOWMENT. I would like to make a gift to the INCREASE THE IMPACT EXPENDABLE FUND.
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I would like to make a gift to the BLACK HAWK COUNTY GENERAL COMMUNITY FUND.
I would like to learn more about the Foundation and other giving options (e.g. stock gifts). PLEASE CONTACT ME.
Please clip this form and mail it with your donation to: PO BOX 1176, WATERLOO, IA 50704
In September 2009, Women in Philanthropy members welcomed a special guest presenter, Erica Feldick, to their luncheon hosted by WIP member Terri Jackson. Feldick is a Certified Financial Planner practitioner with Jacobson Financial Services in Cedar Falls and a graduate of Cedar Falls High School and the University of Iowa.
At the luncheon, Feldick gave a very interesting presentation entitled “Women, Money and Power.” The presentation was based on a study that took a closer look at the unique relationship women have with money and focused on three main points: 1) why women need a financial strategy, 2) helping women discover who they are financially, and 3) how women can get started creating a solid financial strategy.
often encouraged to “marry well.” Furthermore, only 18 percent of women teach their children about money and finances today. Another important finding of Hostess Terri Jackson (middle) the study is that life events welcomes WIP guests Emily Nolting impact a woman’s financial (far left) and Deb Staack (far right) to situation. Feldick led the WIP their first WIP luncheon women in a discussion about such life events as buying a first home or downsizing a home; starting a family; starting over as a result of divorce, emptynesting, or becoming a widow; retirement; starting your own business and more. Because these life events can come at women quickly with little or no warning, it’s essential for them to have a financial strategy in place before the events happen.
The study revealed several important things women should consider when it comes to their finances.
Additionally, it’s important that women are proactive instead of reactive. One way they Dottie Plager and Erica Feldick take time to can accomplish this is by getting to know their catch up existing financial professional better. If they It’s important that women have a don’t work with someone, they should begin financial strategy due to their evolving roles in society and the process of starting a relationship with someone they can increased responsibilities. The study found that 90 percent of trust. women will be solely responsible for their finances at some point in their lives. Feldick also stressed that it’s vital for women to understand who they are financially. The WIP women took a quiz to The study also revealed that identify which financial personality they related with most. The 90 percent of women feel personalities were Financial Initiator, Analyzer, Collaborator, somewhat insecure when Avoider, and Dreamer. it comes to their finances, regardless of demographics and Finally, Feldick concluded by discussing a tip to help the how much money they have. women get started in creating their own financial strategy. This is suggested to be a result First, she encouraged them to write down their three most Phyllis Zager and Mary Ann Burk of the fact that women weren’t important financial goals and three biggest financial concerns. typically educated on finance The next step is for them to share these with their spouse (if and investing while they were growing up. Instead, they were they have one) and their financial professional. v
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HOLIDAY LUNCHEON The next WIP luncheon will be Tuesday, December 15 from 11:30am-1:00pm. Our holiday luncheon will be hosted by Pat Allen.
BE OUR GUEST! If you would like to attend our holiday luncheon as a guest, we would love to have you! Please contact the Community Foundation office at (319) 287-9106 for information.
Become a Member of Women in Philanthropy! What is Women in Philanthropy? Women in Philanthropy (WIP) is a program developed by the Community Foundation of Northeast Iowa to promote the intellectual and economic growth of women in today’s culture. Our Women in Philanthropy program can be divided into three parts: the Women’s Fund, the Women’s Network, and Increase the Impact (see column on left). The mission of WIP is to educate and inspire women to become leaders in philanthropy and to use philanthropy to empower others. What is the Women’s Network? The Community Foundation has built a network of women donors who recognize the impact their financial support can make in a community.
Guest speakers facilitate discussions on such issues as personal estate planning, the power of giving, and local charitable causes affecting women and girls at our quarterly WIP luncheons. This network helps women stay informed of issues affecting programs for women and girls in the Cedar Valley. Becoming a WIP Member Women in Philanthropy membership is open to all women interested in making philanthropy fun. Annual dues of $100 ($80 of which is tax deductible) are billed in November and used to cover meeting expenses. Unused dues are transferred to the Women’s Fund endowment. To join the Community Foundation’s Women in Philanthropy group and help build a legacy for women and girls or to get more information, call (319) 287-9106. v
Foundation Offers Two Unique Ways to Give to Support Women & Girls
In special memory Remembering WIP members and dear friends... * Jean Bishop
#1 - The Women’s Fund Endowment
#2 - Increase the Impact Expendable Fund
The Women’s Fund endowment is a permanent fund established within the Community Foundation of Northeast Iowa.
Increase the Impact is a hands-on way for donors to make a greater impact on the causes they want to support while the Women’s Fund Endowment continues to build.
Every year, the principal of the fund is invested and a portion of the income from the fund is granted out to support non-profit organizations serving women and girls. Donations to the endowment are eligible for a 20% state tax credit since the fund is held at a qualified community foundation.
* Jean Parker * Jerry Duea (husband of WIP member Joan Duea)
WORDS OF WISDOM “You take nothing with you that you gained...only what you gave away.” -St. Francis of Assissi
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Donations to the Increase the Impact Expendable Fund are added to the amount granted from the Women’s Fund Endowment every December, thus increasing the size and impact of the grants made. Past recipients of the grants from these funds have included: Boys and Girls Club, YWCA, House of Hope, Quakerdale, Beyond Pink TEAM, Family and Children’s Council and Girl Scouts. v
2009 WIP Members Patricia Achey-Cutts Pat Allen Pauline Barrett Berdena Beach Marlene Behn Stacey Bentley Janice Bittner Margaret Bradford Mary Ann Burk Patricia Christensen Stephanie Clohesy Joyce Coil Jessica Crouch Jodi Deery
Joan Duea Uyntha Duncan Dawn Duven Ann F. Enderlein Erica Feldick Mindy M. Gress Jean Hall Donna Harman Susie Heaton Theresa Hoffman Joni Hollen Bonnie Humble Terri Jackson Sharon Juon
Jeri Jenner Karr Bobbi Kazenelson Beth Knipp Margie Langlas Amy Lockard Sue Loveall Mary Ellen Molinaro Becky Mudd Alison Parrish Stacy A. Paul Ginger Penaluna Gerri Perreault Dorothy Plager Alice Shirey
Nancy Shirey Nancy Showers Lisa K. Smith Lynn Smith Andrea Sparks Carolynn Sween Jan Van Note Marilyn Voorhees Terri Walker Carol Williams Katy Williams Elizabeth Wuertz Phyllis Zager
Families Giving Together
Realizing the Benefits of a Donor-Advised Fund at the Community Foundation Families looking for less time-consuming but still informed and effective ways to give back are increasingly turning to donor-advised funds at community foundations, like the Community Foundation of Northeast Iowa. So, just what is a donor-advised fund and how can it be a useful tool for family giving?
“Our work with donors who have donor advised funds is as comprehensive as our donors would like it to be—depending on many factors, including stage of life, and amount of time,” explains Burk. “We help donors with all aspects of philanthropic planning. We help families conceptualize a long-term plan.”
“We have in-depth knowledge of the community,” explains Burk. “Donors who are interested in serving and contributing to Black Hawk County and Northeast Iowa will come to us and we’ll share the knowledge and expertise that we have.” Diversity
The Donor-Advised Fund Donor-advised funds at a community foundation are irrevocable gifts to a public charity, over which the donor retains the ability to advise the charity concerning distributions from the fund’s income.
Because much of the administrative heavy lifting is handled by the community foundation, donors are free to be as philanthropically engaged as their family circumstances permit.
Today, there are more than 106,000 donoradvised funds at host organizations around the country, according to the National Philanthropic Trust, an independent public charity dedicated to increasing philanthropy. Together, they hold $21.6 billion in assets and distribute $12 billion to charity every year.
If a family’s mission involves funding human services or education, one or more family members might create a donor-advised fund to support the arts or the environment. “It’s common for families to keep a fund for a mutual goal and spin off multiple donoradvised funds to attack different areas,” says Burk.
Along with this growth has come considerable media and Congressional scrutiny. Families considering donor-advised funds should be careful to choose an experienced, reputable host organization with a strong record of regulatory compliance. With the help of such a host, advised funds have a number of advantages over other giving vehicles.
Engaging the next generation
The Monaghan Family of the “John and Stacie Monaghan Family Fund”
Convenience “Simple, flexible, and efficient—those are the keywords when it comes to donor-advised funds, “ says Mary Ann Burk, President & CEO of the Community Foundation of Northeast Iowa. As donors begin to give while they live and give earlier in life, philanthropy is no longer something solely left to a bequest or until retirement. Younger philanthropic families may be pressed for time caring for young children, establishing careers, or earning degrees. “With a donor-advised fund at the Community Foundation, there’s less responsibility on the family to meet regularly, or do paperwork,” says Burk. “They can do grantmaking more freely.” Many community foundations are expanding their offerings to assist families in their grantmaking.
Just as personal and professional obligations can pull a family in different directions, families find their own philanthropic values can pull them in different directions as well. Family members are not always interested in the same things, leading them to turn to donor-advised funds to support individual as well as collective goals.
Geography Whereas a family and its philanthropy may have once been rooted in a particular town, city, or state and its concerns, today’s families are dispersed around the country. Donoradvised funds, particularly those hosted by community foundations, allow families to connect and reconnect with the communities they care about. One couple recently created a donor-advised fund at the local community foundation for their newly married daughter and son-in-law so that the newlyweds could stay connected to the community even as they built a new life elsewhere. Dispersed philanthropic families often rely on their community foundation partners for important insight into community needs and potential grantees.
The ease with which donor-advised funds can support the charitable visions of family members in different places with different interests also makes them important vehicles to engage a new generation of donors. In her book, “The Giving Family”, National Center for Family Philanthropy Vice President Susan Price tells the story of Georgia Welles of Bowling Green, Ohio who created the Granny Fund in 1998 for her 14 grandchildren. The Fund is composed of five different funds at community foundations around the country in the cities where her grandchildren live. Each fund was given $25,000, and the grandchildren were told that they were responsible for how the interest would be distributed. “It’s up to them to choose whether to pool their funds with their siblings or make individual decisions,” she says. v
Source: Excerpts taken from Donor Advised Funds: Tools for Giving Families by Kevin Laskowski. National Center for Family Philanthropy. October 2007.
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