Charitable Giving Through The North Carolina Community Foundation: A Means To Help Your Business, Your Clients, And North Carolina
Most North Carolinians are at least generally familiar with the great legacies of the Dukes of Durham and the Reynolds of Winston-Salem. Thanks to their ingenious financial success coupled with charitable spirit, we all benefit from the remarkable schools, hospitals, and generous endowments advanced by these Tar Heel families.
To a lesser degree, you may know about philanthropists such as Raleigh's Richard Stanhope Pullen, Greensboro's Moses Cone, or Salisbury's Maxwell Chambers. These successful businessmen, like the Dukes and the Reynolds, made their wealth at a time when most of the fruit of commerce was reserved for the ownership, and when there were little or no taxes.
Now wealth is far more widespread, and the broad middle-class does much to contribute to the well-being of those below them on the financial ladder. Philanthropists today come from all walks of life, and millionaires come in all descriptions, some considerably more obvious than others. Plus, more people than ever seek advice from financial and legal professionals.
Unknown to many, a Tarboro native, Arthur Morris, played a major role in spreading affluence and creating the middle-class in the early 20 th century, when he developed a system of consumer banking through his Morris Plan Banks, the first institutional means in the United States for consumer credit on installment payments. Essentially, Morris Plan Banks made loans based on employment income to such employees as those in the Duke and Reynolds industries. Furthermore, in the spirit that "no man should outlive his debt," the bank also sold affordable life insurance to repay the loan should the debtor die.
Arthur Morris was a banker, and he became prominent and prosperous by recognizing and serving a need. He ventured into a field that most banks of his day did not pursue and did not even recognize as worthy. However, Morris flourished by helping people with a financial infrastructure that theretofore had not been obvious.
As a professional advisor, you are in a position to help people and, like Arthur Morris, you and your clients can benefit by considering a wide range of options. In today's complex financial and legal realm, everyone from billionaires to wage-earners desire professional advice. Consider charitable-giving as an option to benefit your client and win their loyalty, as charity can both win their heart and become part of their financial plan.
A community foundation is a superior vehicle that allows donors to make charitable gifts with ease, maximum flexibility, and maximum tax advantages. The North Carolina Community Foundation serves the entire state through its central office in Raleigh and six field associates based in Wilmington, New Bern, the Outer Banks, Raleigh, Hickory, and Sylva. Please allow us to assist you, whether you are a professional advisor or a prospective donor.
We are happy to discuss your interests by phone or e-mail, or we will gladly meet you in person. There is no charge, no consultation fee! Please bring your questions and ideas to us; we enjoy partnerships not only with donors, but with advisors too.
Call us and let's talk about the advantages of creating a charitable family fund or a "supporting organization," in lieu of a private family foundation. Perhaps you want to draw distinctions between charitable remainder trusts and charitable lead trusts. We can help. Maybe you want to recommend charitable giving to your client, but they are unsure of their charitable interests? We can help them with that, as your client can establish an endowment fund or funds and direct the proceeds to a variety of charitable recipients. Furthermore, we gladly call on our Foundation legal counsel to assure that your client's intent meets all the standards to suit their charitable and financial interests.
As professional advisors, each of you is vital in advancing the financial interest of your clients, and if they have a special interest in North Carolina philanthropy, let us join with you in meeting their needs. Together, we can emulate the charitable spirit of great benefactor families, Reynolds and Duke, and the progressive financial service of Arthur Morris.