We will not know for certain until the final vote, but it appears we may have only a few weeks remaining to get in front of expiring tax provisions. Both the Senate and the House version of tax reform include an increase in the standard deduction, while eliminating many other deductions. That means in the future, fewer people will benefit from itemizing their deductions, such as charitable donations.
Below we offer a few key charitable strategies to consider before the close of 2017: (more…)
Whenever we sit down to visit with new clients about the most important things for them to pass down to the following generations, we hear about values, faith, family stories and life lessons. Occasionally we hear about a personal possession with a strong emotional value. Inevitably it takes a while to come around to financial assets and real estate.
What is money for?
How do you view your wealth?
What is your obligation to the younger generation, and to the world at large?
Top of mind for many of Rodman & Associates’ clients is “how do we raise charitable offspring”? (more…)
I’ve known Austin’s Gary Cooper for years, as a fine man and an effective community activist. Recently I learned that as a youth he received a full college scholarship from a successful businessman he was referred to by a newspaper editor who had interviewed Gary at his inner-city high school. Gary knew this was a gift he should pay forward and when the time came, he chose another fine young man, David Reyna, as his recipient. (Read David and Gary’s story here )
Gary had known David since he was 5 years old, when his mother began working for Gary. Gary has funded David’s dental care for several years, and now is paying college tuition, housing and transportation for David as he pursues his dream of becoming a petroleum engineer. Gary is also introducing him to engineering professionals and community cultural events to expand his vision and encourage his aspirations. I asked Gary to lunch so I could learn more about this compelling philanthropic story. I learned much more. (more…)
Do you earn $50,000 or more? Itemized tax returns of U.S. Citizens earning $50,000 or more were examined to determine giving habits in the 50 largest U.S. cities.
This data represents almost 80 percent of all individual charitable contributions and offers the best possible view into charitable giving in distinct metropolitan areas.
A breakdown of top Texas cities: (more…)
For decades, the primary tool available to philanthropists were cash gifts and grants to nonprofit organizations. In the ‘60s that began to change as forward thinking organizations started offering low-interest loans to create low-income housing. Today philanthropists employ multiple tools to harness the power of capital markets and spur societal change:
- Debt offerings such as bonds to improve municipal water systems
- Deposits with Community Development Financial Institutions (CDFIs), and
- Mission Related Investments, such as investing in new diagnostic technology to improve health outcomes.
These examples illustrate (more…)
American philanthropy has multiplied 6 ½ times since the 1950’s. As our giving grows, the ways to create a philanthropic legacy have extended beyond naming a building or establishing a large endowment. (more…)
Rodman & Associates was recently quoted in the Austin American Statesman’s analysis of the Giving USA 2017 report. Here we recap three key takeaways from the report as researched and written by the Indiana University Lilly Family School of Philanthropy.
All of the philanthropic focus areas tracked went up, a rare occurrence. For only the sixth time in the last 40 years, every single nonprofit sub-sector tracked—from health, to religion, to human services—realized an increase in donations in 2016. (more…)
The story of the newest residence in Community First! Village started with a group of 10 retired guys who played golf a couple of times a week. Their wives became friends and the group began to socialize, starting a dinner club and even traveling together.
One couple, Skip Helms and his wife Connie, belonged to Lake Hills Church, a congregation providing volunteer services for Mobile Loaves and Fishes, a program that delivers dignity, opportunity and healthy meals to disabled or homeless citizens. This led the couple to Community First! Village, (more…)
We field more questions from colleagues about the role of a nonprofit Board than just about anything else. The answer is always, “it depends”.
As a nonprofit organization matures, a healthy Board will grow right along with it. For an organization to be sustainable over the long-term current leaders must face up to the realities of what it will take to successfully lead the organization in the future. A board member who is valuable at the early stage of development may not have the appropriate skills necessary to be an effective board member of a fully developed organization, and vice versa.
We’d like to share this very visual description of the life stages of board development—From Overalls to Black Tie. (more…)
When I accepted a position as the Development Director for a small Austin nonprofit, I thought that my years of service in the sector would inform the role. I had been a nonprofit founder, board member, leader and consultant. Surely, I could effectively apply these experiences to this new role. But, as it turned out, it was older lessons — learned when I was a financial advisor — that would serve me best. (more…)