Cumulative gifts of $10,000 or more to permanent endowment funds and endowments of $10,000 or more
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PHOTO BY BRANDON SNIDER
Benefactors
Richard Farris reflects on his partnership with the Community Foundation and how it has helped maximize his impact.
Maximizing the Benefits of a Gift As an attorney specializing in estate planning, Richard Farris has long known the benefits of working with the Oklahoma City Community Foundation. Through the years, he encouraged clients to take advantage of various giving opportunities to establish scholarships, support their charitable interests and maximize their assets. Although estate planning was his specialty, he frequently found his clients needed advice on how to maximize tax benefits, and thanks to his relationship with the Community Foundation, he always had an excellent solution. But Richard didn’t just talk the talk. As a member of the Oklahoma Youth With Promise Scholarship committee, he discovered a passion for foster youth, and he wanted to do more. After touring Sisu Youth Services, an Oklahoma City shelter for homeless youth, and discussing the problems that foster and homeless youth experience, Richard realized that access to health care was a real issue for this population. 2020 Annual Report | The Strength of Together
The difference between a donor designated fund and a donor advised fund is that a donor designated fund is established to support specific charitable organizations while a donor advised fund allows the donor the option to make choices over time.
“These youth see high rates of mental health and women’s issues,” Richard said. “But, even though they qualify for Medicaid, the initial exam is often times not covered, so I saw this as an opportunity for me to step in and help.” Through an IRA Charitable Rollover gift, Richard established the Linda Farris Memorial Health Fund, a donor designated fund that supports health care for young women who have aged out of foster care or are experiencing homelessness. Through his charitable fund, he was not only able to take advantage of tax benefits, but he could also continue to support causes important to him. 15
