COMMUNITY  FOUNDATION  OF  THE  FOX  RIVER  VALLEY
Council of Professional Advisors
MEMORANDUM 
 
August, 2013

 

The "Value" of Integrity 

 

 

As an advisor, you spend your entire professional career establishing, building, and maintaining the trust of your clients.  Advisors often cite the business of "relationship building" as important - if not more important - than the work they do as an attorney, financial planner, etc. 

 

The Community Foundation is no different.  Many of the donors who establish funds at the Community Foundation do so at the suggestion of their professional advisor.  And, the professional advisor will only refer a client to the Community Foundation if they trust us.  The Community Foundation is an extension of your relationship with your clients, and we take that business very seriously. 

 

Furthermore, when a donor makes a gift to the Community Foundation, they trust that we will use that gift for its intended purpose; whether it be for scholarships, to support a specific not-for-profit organization, or for the Foundation's general grantmaking.  No matter the intent of the gift, donors can rest assured knowing that the Community Foundation of the Fox River Valley will uphold the wishes of the donor in perpetuity.  Unfortunately, not all not-for-profit organizations exercise this same level of integrity.

 

Recently, a New Jersey Superior Court ruled on a case involving donor intent.

 

The Case:   Bernard and Jeanne Adler of Princeton, New Jersey made a $50,000 gift to a Mercer County (NJ) animal shelter in 2007.  The gift was intended to be used to subsidize the cost of building a larger animal shelter so to better care for larger dogs and older cats.  The Adlers filed suit in 2007 claiming that the animal shelter misused the funds and disregarded their initial intent.  

 

The Ruling:   The NJ Superior Court ruled in favor of the Adlers, forcing the animal shelter to return the $50,000 gift to Bernard and Jeanne. 

 

Later, Judge Jose Fuentes wrote, "we hold that a charity that accepts a gift from a donor, knowing that the donor's expressed purpose for making the gift was to fund a particular aspect of the charity's eleemosynary mission, is bound to return the gift when the charity unilaterally decides not to honor the donor's originally expressed purpose."

 

The Effect:   In the short term, the animal shelter was forced to give back the $50,000 gift to the Adlers.  And, if the animal shelter used that $50,000 to begin construction on the new facility, the total initial financial impact would be $100,000!  Only time will tell of the long term effect this ruling has on the animal shelter's future fundraising efforts - and its relationship with other referral sources in the community.
 
 
The vision of the Community Foundation is, "to be recognized as a trusted philanthropic leader in the communities we serve through the delivery of the highest quality donor services, customized and unique grant and scholarship programs, and bold initiatives to address community needs."
 
To the many professional advisors who have referred a client to the Community Foundation, thank you for confirming that we stand by our vision.  And to those that haven't...look forward to your call!
  

       

 

Jeff Hartman

Director of Development

jhartman@CommunityFoundationFRV.org 

  

"IRA Charitable Transfer is Good Through 2013" 

 

Give up to $100,000 to a charity without tax consequences

 
By Tom Hermanq   June 29, 2013   www.wsj.com

 

Q:  Is the provision that allows you to make charitable contributions out of retirement accounts still operative in 2013?

 

A:  Yes.  But that law has been extended "only through the end of this year," says Ed Slott, an IRA expert and certified public accountant in Rockville Centre, N.Y.  Nobody knows what this provision's fate will be after this year - though it enjoys strong support among charities and Congress.  

 

Click Here To Read The Entire Article!

 

 Advisor Spotlight!
 
Richard A. Gartelmann, Jr.

 Senior Investment Officer
Old Second National Bank

  

 

 

 
Rich has served as a Senior Investment Officer for Old Second Bank for the past two years.  He serves as the point-of-contact for the Community Foundation's assets managed at Old Second, and oversees the Investment Division of a $950 million Trust department.

 

Rich is responsible for the management of portfolios that include revocable and irrevocable trusts, agency endowments, IRA, pension plans, and foundations.

 

Prior to joining Old Second, Rich served as an Investment Advisor and Vice President/Portfolio Manager for Geneva Investment Management and Park National Bank respectively.

 

Click Here to View Rich Gartelmann's LinkedIn Page

  

The community foundation is grateful to Rich for his continuous championing of philanthropy - both in personal and professional practice!  Thanks Rich for all you do for this community!

 

 

  

  

Mark Your Calendar! 

 

  The Community Foundation is proud to provide the following events for professional advisors in September.  For more information, please contact Jeff Hartman at jhartman@CommunityFoundationFRV.org or 630-896-7800. 

 

 

Wednesday, September 25
9:00 a.m. - 3:30 p.m.

The Changing Climate of Estate & Charitable Planning Webcast

$35 / $45 per person
(Continuing Education Provided)

 

Presence Mercy Medical Center

1325 N. Highland Ave.
Aurora, IL 60506 
Click Here For More Information & To Register

 

 

Thursday, September 26

5:30 - 7:00 p.m.

After Hours Wine & Hors d'oeuvres

FREE

 

Fox Valley Winery

5600 Route 34

Oswego, IL 60543

To register for this event, please email Jeff Hartman

 

Interested in learning more about the Community

Foundation and the services it can provide to your charitable clients?  How about inviting a few of your clients to a breakfast or wine tasting?  

 

Show your clients that you are a broad based, informed advisor interested in all aspects of their financial planning-and let the Community Foundation do all the work! 

 

Contact us today to schedule a brief presentation at your next staff meeting,

or an after hours wine and cheese pairing.  We will coordinate all of the logistics and you will receive all the benefits. 

 

Your clients will thank you knowing that you are concerned about all aspects of their financial well-being!

 

 

 

We'd Love To Hear From You!

 

Do you have ideas for upcoming editions of the

Council of Professional Advisors MEMORANDUM?

 

Would you like to write an article on

relative legislation or philanthropy? 

 

Feel free to contact me at jhartman@communityfoundationfrv.org

or 630-896-7800 with any feedback you have

on this e-newsletter. 

 
   

 

 

 

111 West Downer Place, Suite 312
Aurora, IL 60506
630-896-7800