By PDG Al Bonney, District 6290 Rotary Foundation Committee Chair, 2016-2019
As I entered my second year as District 6290 Rotary Foundation Chair, I began preparing a new club presentation for club visits. My first year presentation was entitled, “What Do They Do With My Money?” While it was a good presentation and people liked learning the answer, it generated several suggestions; they wanted more. More in this case meant a broader introduction to The Rotary Foundation’s full range of services and benefits. So I entitled my second year’s presentation, “TRF: The Engine Behind Rotarians Doing Good in the World.” Basically it was a tour of the range of services and benefits that TRF brings to Rotary clubs and members.
Teachers know this but I am a slow learner. Preparing and presenting that talk turned out to be a major learning activity for ME. While I learned a lot about our Foundation, what struck me most was discovering how the different funds were each unique benefits that helped Rotarians focus their charitable donations in very specific ways to insure THEIR money did what THEY wanted it to do.
One of the funds was a special learning opportunity for me. I always thought that an endowment fund was for the old rich guys who could write checks in 6 or 7 figures. Hardly my level of giving. That is, until I read a quote from an old Michigander, Bill Diamond, who said, “I give to the Annual Fund to support the Foundation’s immediate needs. I give to the Endowment Fund to insure that Rotary can address those needs long into the future.” The light bulb in my head went on! I got it! "Rotary’s tomorrow depends on what we do today," That afternoon I actually read the Endowment Fund brochure, cover to cover, and then called The Rotary Foundation office for help.
What Michelle brought to the table were a set of questions to make me think more deeply about what I wanted my money to do if channeled through one of the Endowment Fund’s programs. Her questions were very helpful to me and my wife when we sat down later to examine our entire set of charitable giving practices. What evolved was that the amount of money we were able to put into the Endowment Fund (Not 6 - 7 figures) could be used to do exactly the kind of good in the world that we wanted; in this case, to support projects for Water and Sanitation, AND it would continue doing this forever!.
Our gift to Rotary's Endowment would earn somewhere around $1,000 a year which could be transferred once a year to the World Fund to, in Bill Diamond’s words, “Support Rotary’s immediate needs.” The original donation, of course, would not be touched, but keep earning around that same amount every year – long after I am gone - to keep supporting Rotary’s work for clean water and sanitation around the world! I had a perpetual Annual Fund gift. Current trustee policy states that you may direct undesignated gifts of $10,000 or more to World Fund, if you prefer that.
There are a number of other ways to direct your money through the Endowment Fund, but my original lesson holds: You don’t have to be in the 6 – 7 figure giving line to consider accessing the benefits of the Endowment Fund. I was able to direct my gift to Endowment - SHARE, but there are several other places and ways you can direct your gift. A simple call to the Foundation Office gets you on the road to understanding what plan is the best for your specific circumstances.
I also learned that other types of financial resources, besides cash, can be included in an estate plan such as:
- Insurance beneficiary designations,
- Real estate and other asset transfers, and
- Gifts of retirement plan assets or other financial accounts.
Not being a lawyer or a financial planner, I personally found the staff’s patience to be important when deciding what I wanted to do to create my legacy. Joan and I were able to provide funding for our personal passion: Water and Sanitation, year after year, and make a lasting difference. Your District Foundation Chair (DRFCs), Regional Rotary Foundation Chairs (RRFCs) Endowment Major Gifts Chairs (EMAGs), and our Rotary Major Gifts Officers, Kevin Kelly can answer your questions and help you with the process.
So, my question to you, again, is, "What do you want YOUR Rotary legacy to be?" Be the Inspiration for others.
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