 The gifts Americans give to charity every year provide critical support for more than a million organizations that are helping sustain the quality of life in our communities. Philanthropy equates to 2% of GDP–that’s a little more than the home health care services sector! And, trust is growing as a must-have prerequisite before your clients decide to give to an organization, increasing from 63.9% to 69.9%between December 2021 and December 2022.
 If you’re not talking about charitable giving with your high net-worth clients, 2024 is the year to start doing it! Recent studies show that 85.1% of affluent households give to charity. Certainly many of your clients are among them.
Take a few minutes this month to scan your client list for three common scenarios and related opportunities for charitable giving solutions.  A new year ushers in a fresh batch of resolutions and goals. It’s also a time when new questions pop onto the radar. That’s certainly the case even in these early days of 2024. Here are a few of the top questions we’re already hearing from our nonprofit partners, along with answers to help you navigate the year ahead.
 More often than not, boards of directors of nonprofit organizations are made up of business and community leaders who are not typically embedded in the day-to-day operations of charitable organizations. That’s why it’s important to focus on continuous learning opportunities for your board members, including (and especially) board members’ roles in maintaining your organization’s financial stability.
An endowment is a key component of achieving that financial stability, and, if your organization has established its endowment or reserve fund at the community foundation, you’re likely in close touch with the team at the community foundation about keeping your board members informed about endowment-building strategies and successes. We are happy to help!  Millennials and Generation Z are already focused on retirement, and 30% of them are setting their sights on becoming millionaires to achieve their goals. What this means for you and other charitable organizations is that it’s likely a smart move to expand your planned giving outreach strategies to include younger donors, as well as the traditional audience of generations who are retired or approaching retirement. Indeed, many of your younger donors are increasingly becoming investment savvy and will understand the value of planning ahead.
Because younger generations are often motivated to give online and inspired by social media, your planned giving strategies should be tailored accordingly. Many planned giving techniques are complex, which is understandable considering the various legal and tax considerations that factor into structuring a bequest, charitable remainder trust, or beneficiary designation of a retirement plan or life insurance policy. Try to do whatever you can, though, to keep your language and promotional materials simple to match the preferences of this audience and the channels where they receive information. |
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