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What’s your charitable niche?

In business you’re told to find a and fill it: define clearly what you’re all about, and focus on that one thing. I believe it should be similar when it comes to .

I met today with a guy who has given several million dollars to a number of charitable causes over the past 25 years or so. He told me his story. Maybe one day I’ll share it here.

But in the midst of all the other fascinating things he told me, one thing stuck out above all else: he knows his . Read the rest of this entry »

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Giving away 100% of your profits

Last night, a couple from Ohio, serial entrepreneurs, talked a little about their personal “journey in .” It’s amazing how encouraging it can be simply to hear someone else express much the same idea you have in your own heart and mind.

The thing that jumped out at me in what they said — more than anything else — had to do with what they said about their latest company: “We are 100% of the to our favorite charitable causes.”

“????!!!!” –How can they do that?!? You have to pay , at least!

This afternoon, at lunch, I was able to corner the husband and get a little explanation. Read the rest of this entry »

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501(c)(3) status no slam-dunk

J____, our legacy planner, wrote to me just before 2 this afternoon.

I have a few minutes before we take off. Would you like to arrange an initial conference call with C____ [the high-powered attorney J____ knows in Denver who specializes in 501(c)(3) issues] to talk about the nonprofit issues and the application process?

Let me know if you would like to do so and I’ll get that arranged when I get back to the office tomorrow.

By the way, when it comes to nonprofit accounting experts [the firm you contacted] is the best. I have known [the founder] for years. They do our corporate and my personal .

“I’d be delighted to speak with C____,” I replied, “if the strategy really can work. Sarita and I would like to move forward.”

This evening, then, after he got home, he wrote, “Your conversation with C____ will be exceedingly worthwhile on all this.”

Then, not quite an hour later:

In the flight magazine on the plane it tells about a AAA minor league baseball team that operates as a nonprofit organization (in Memphis). The baseball team fulfills part of the nonprofit’s mission.

I think your “business” has an even more legitimate mission and purpose that the baseball team. Getting you to be a nonprofit will take time and experience, but it can certainly be done.

While he has been traveling, however, I have done further research. And based on what I have found, I don’t think I can accept his comments without reply. So I just wrote him: Read the rest of this entry »

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A well-developed legacy plan: what does it include?

Today was the big day. I’ve been committed to acquiring a , now, for almost a year and a half. Of course, I don’t merely want a plan; I want to implement a plan. But simply to get a proposal in hand so Sarita and I can look at it and (hopefully) say, “Yay, verily, this is what we want to do . . . ” –It’s been just shy of a year and a half.

So our legacy planner and his assistant came to our office and we spent about 3 1/2 hours going through their proposed plan. And it includes: Read the rest of this entry »

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Private v Public Foundations

Our family has owned a private (”family”) foundation for about eight years. We use it as a kind of detention pond* for funds we want to give away.

Our attorney sent me some information today about the differences between such as the two we set up — one, a “family” foundation; the other, a “corporate” foundation (sponsored by the company we own) — and , especially that offer (DAFs).

The following comparison chart is slightly modified from one put together by a cause-oriented foundation (COF) whose brochure our attorney gave us. Read the rest of this entry »

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