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Family Giving
This page contains information and resources for families who would like to experience the joys of giving together - whether you want to teach children at home about sharing with others, or aim to draw together adult kids and grandkids who may be geographically dispersed.
Below you will find information about why families give together, and tools for giving, as well as resources you can use. If you have questions about family philanthropy and how the Community Foundation might be able to assist you, please call 333-9016 or email shari@cfbmc.org. We are here to help.
Families share many of the same motivations for giving as individuals. Families want to:
- Give back to community
- Express your values, charitable traditions, faith, and personal interests
- Support the people and institutions that have been important to you
- Learn more about your community and issues
- Make a difference today
- Leave a permanent legacy
- And maximize tax savings along the way
Families may also have some unique motivations for giving together:
- Raise children who are civic minded
- Share the joy of giving with loved ones – have fun together!
- Find and appreciate common ground among diverse family members
- Maintain/strengthen family ties despite geographic dispersion
- Deepen family relationships via recurring, values-based experiences
- Celebrate the family’s history and identity
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There are a variety of ways families can give together, including:
- Volunteering and “kitchen table” giving
- Community foundation options
- Private family foundations
- Charitable trusts
Volunteering provides both children and adults the opportunity to see the tangible benefits of giving, and understand issues better. You can also establish a pot of money to be donated based on family discussion, or give children a charitable allowance and let them decide why and how to distribute it. Several local families use piggy banks to teach their children about sharing - one bank for savings, one bank for spending, and one bank for giving to help others.
Community Foundation options include donor advised funds and supporting organizations. A donor advised fund is a component fund of the Community Foundation; a family can recommend charities to receive grants from the annual proceeds of such an endowment fund. A supporting organization is a separate legal entity with a board of directors which can receive administrative support from the Community Foundation.
In either case, the Community Foundation provides these services:
- Permanent funds – create a personal legacy
- Pooled investment program
- Oversight of grants and investment
- Donor education on local needs/opportunities
- Provisions for Successor Advisors and other long-term considerations
Private family foundations are another tool for family giving. Many families find that working with their local community foundation can meet their goals and keep things simpler than establishing a separate foundation. However, family foundations offer advanages if your family wants complete control over board appointments, wants to be able to make grants to individuals (such as scholarships) or award most grants outside the Monroe County area, wants to manage the investment program itself, or wishes to go beyond funding charitable activities to actually operate charitable programs. To learn more about family foundations, please consult an attorney versed in these issues.
Charitable trusts can be used to benefit family members during or after your lifetime, and with the tax advantages they offer, you can also support your charitable interests. Charitable lead trusts or charitable remainder trusts can be used to create a donor advised fund or family foundation.
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Every family can experience the joys of giving together. Interested in trying some hands-on activities with your family? Click the torch icon at right for some simple exercise you can do together.
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To learn more about Donor Advised Funds, click the torch at right for the Community Foundation's guidelines on this type of fund. You can read about successor advisors, grant eligibility, donor recognition and other details. Or call us at 333-9016.
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For more information, click the torch icon at right to see slides from an April 2009 workshop on Family Philanthropy. (The presentation was given by Shari Woodbury, President and CEO of the Community Foundation, and Margaret Frisbie, a local estate planning attorney.)
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Here are several organizations that can assist with your family giving. Locally, you can tap these:
Bloomington Volunteer Network - for opportunities to volunteer as a family
Bet Savich, Director
401 N Morton St
Bloomington, IN 47404
812-349-3472
www.bloomington.in.gov/volunteer
savichb@bloomington.in.gov
Community Foundation of Bloomington and Monroe County - if you would like to explore setting up a family fund
Shari Woodbury, President & CEO
101 West Kirkwood Ave., Suite 321
Bloomington, IN 47404
812-333-9016
shari@cfbmc.org
www.cfbmc.org
Hoosier Hills Estate Planning Council - attorneys and financial advisors who belong to the Council are good candidates to help you with family giving and estate plans; the Council also periodically offers an educational Estate Planning Day which is free and open to the public
www.hhepc.org/
At the state and national levels, the following organizations can be helpful to families involved in philanthropy through community foundation funds or family foundations, providing access to peer networks, training and best practices:
Indiana Grantmakers Alliance Marissa Manlove,CAE, President/CEO
32 E. Washington St., #1100
Indianapolis, IN 46204
317-630-5200
mmanlove@indianagrantmakers.org
www.indianagrantmakers.org
National Center for Family Philanthropy
Virginia M. Esposito, President
1818 N Street, NW, Suite 300
Washington, DC 20036
202-293-3424
ginny@ncfp.org
www.ncfp.org
Council On Foundations
Dori Krieger,
Family Philanthropy Staff Liaison
2121 Crystal Drive, Suite 700
Arlington, VA 22202
800-673-9036
family@cof.org
www.cof.org
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