What’s In Your Wallet?
Friday, 25 February 2011 20:26
The credit card commercials asking “what’s in your wallet?” crack me up. In case you haven’t seen them, the commercial depicts barbarians from the Middle Ages ransacking present day scenarios. The point of the commercial is to ask if the credit card you are carrying meets your financial needs. It’s not so much the name of the card, but what that particular credit card company can do for you.
The Community Foundation doesn’t ask “what’s in your wallet.” Our standard questions focus on needs, impact, and legacy. “What kind of charitable needs would you like to address?” “What type of impact would you like to create?” “What kind of legacy would you like to leave?”
We always work backward, moving from what a donor wants to achieve to what resources they have to bring their ideas to reality.
Take these scenarios, for example:
If a donor wants to create a $1,000 scholarship spending 5 percent of the fund each year, then the best option is for the donor to create a fund with $20,000.
If a donor wants to award grants to specific organizations but never touch the principal from the fund, then the donor’s best option is to create an endowment fund which distributes only income and dividends from the fund’s investments.
If a donor wants to create a funding stream for a favorite community endeavor but doesn’t currently have the resources, then the best option is to create a charitable plan that includes gifting at specific times, which results in building the fund to the level the donor wants to achieve.
Yes, working backward from the ultimate goal of impact is our strategy.
So the question I have is not “what’s in your wallet?” but “what kind of impact would you like to create?”
I would be interested in hearing your comments on this topic. At the Community Foundation, we are interested in working with you to fulfill your charitable dreams that are For Good. Forever. For Frederick County.
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