With the holiday season and the end of the year fast approaching, Communities Foundation of Texas would like to thank you for your partnership to provide your clients with the most effective charitable planning and gifting solutions.
We know that you have been busy providing answers to your clients who are eager to understand the impact of the tax laws on their families and businesses. To help you with your upcoming client review meetings and calls, we would like to remind you of CFT’s year-end contribution deadlines along with several quick charitable planning tips.
From contributing to a donor-advised fund to making a private foundation's required 5% payout, our team can be a resource to walk you and your clients through the steps. We are in the office and happy to assist until 5:00 pm, Monday, December 31, 2018. Please contact Kathryn McGill, Geri Jacobs, Sarah Higdon,Jeri Chambers or Carolyn Newham for help via e-mail or by phone at 214-750-4226.
Gifting Appreciated Assets
One of the biggest tax advantages in charitable giving is the benefit donors receive when donating appreciated assets instead of cash to their CFT donor-advised fund. By giving appreciated assets like stocks held for more than one year, a donor receives:
a charitable tax deduction for the full value of the asset
On October 1, 2018, CFT launched a Social Impact Fund with a team of experienced environmental, social and governance (ESG) investment professionals to expand charitable investment options for our fund holders. The new investment option focuses on ESG opportunities to deliver excess market returns over full-market cycles. Sample investment considerations include:
Communities Foundation of Texas’ investment strategies are designed for different levels of risk tolerance and time horizons, so that each donor can meet his or her unique philanthropic objectives. For additional information about this fund, click here.
Advisory Council Fall Highlights
On October 25, CFT hosted our Advisory Council breakfast to welcome newly appointed members and catch-up on CFT news. Philanthropist, educator and CFT fund holder, Beverly Brown, along with Advisory Council member, Ronnie McClure, discussed transitioning a private foundation to a donor-advised fund. Kathryn McGill moderated the chat.
2018 Advisory Council Meeting Panelists
(From L to R): Ronnie McClure, Beverly Brown, and Kathryn McGill
Working Side-by-Side to Simplify a Donor’s Life
Beverly Brown is a fifth-generation native Texan with a quick smile, who grew up in Farmers Branch. As a child, she would often accompany her Mom to area charities where they volunteered to help others who were homeless or hungry. Those early lessons have fueled Beverly’s heart for giving back through active volunteerism, board leadership, and donor support. Her interests span so many organizations that Beverly says the “list would be ridiculous and I don’t want to go on and on about me.”
In adulthood, Beverly took on the responsibility of managing a family foundation, which was established at the passing of her father. Together with her husband, Matthew, a Park Cities chiropractor, she maintained a bustling household of five children while pursuing a career in education. At the same time, she deepened her volunteerism and grant support of multiple North Texas and Colorado grass-roots charities that serve disadvantaged women and families, as well as educational causes.
Last year, when working alongside her estate attorney, Larry Wolfish, founder of Wolfish and Newman, P.C. and her CPA, Ronnie McClure, of Seeking North, LLC, Beverly expressed the desire to simplify the administrative oversight of her family foundation. With her children grown, she was looking to enjoy more time for volunteer activities and for travel with Matthew to Denver where the couple of 31 years maintains a second home.
Larry suggested that Beverly consider transitioning her private foundation to a donor-advised fund at CFT. Ronnie, Beverly’s tax advisor, echoed the recommendation as it would eliminate the reporting and administrative costs that Beverly was incurring to manage her foundation. Ronnie states: “At the same time, a donor-advised fund maintained the grant-making capabilities that she needed.”
So, together Beverly and Ronnie met with CFT to discuss a long list of Beverly’s questions. Satisfied that she could continue her charitable gifting according to her plans, Beverly opened a donor-advised fund at CFT in 2017, which she established with the transfer of her family foundation assets. Says Beverly, “Had I known how easy it would be, I would have done it much sooner. I have also gained the knowledge and staff of CFT to support my philanthropic work.”
You can watch a video of the entire interview with Beverly Brown and Ronnie McClure below.
Introducing the 2018-2019 CFT Advisory Council New Members in Attendance
(From L to R): Jennifer Lan, Haynes & Boone, LLP; Genevra Williams, Mendrygal Law, PllC; Tresi Weeks, Weeks Law Firm; Todd Carlton, BNY Mellon; Tracey Spivey, Montgomery Coscia Greilich, LLP; Peter King, Geary, Porter & Donovan, P.C.; Jonathan Blum, Polsinelli; Norman Lofgren, Gray, Reed & McGraw, LLP; Jamie Carter, Haynes & Boone, LLP; Todd Healy, Texas Financial Partners. Not pictured: Kevin Bryant, Crow Holdings; Mark LaRoe, US Trust; Michael Meadows, Westwood Trust; Rick Szelc, Neuberger Berman, LLC
“I enjoyed the Advisory Council Fall Meeting last week! It’s always great to hear a donor and his/her advisor share the story of their relationship with CFT. I’m so grateful to be part of the CFT Advisory Council and be able to help spread the word about the fantastic things CFT is doing for those in need!”