Local leaders learn strategies of charitable giving in seminar
Members of charitable institutions and financial advisors as well as members of the public came together Wednesday morning to learn more about charitable giving and how to maximize them to the benefit of donors and charities. In the Missouri Recital Hall in Cottey College's Haidee and Allen Wild Center for the Arts, Kevin McGrath, of a third-party administration company Renaissance Inc., presented information designed to help attendees understand the issues better. A third-party administrator handles the paper work for the trusts it manages and makes sure that the proper forms are filled out and available to donors so that they can file them with the Internal Revenue Service and other governmental agencies in a timely manner. McGrath said that his company administers approximately $3 billion at this time, 99 percent of which is destined to be donated to charity through charitable remainder trusts. McGrath himself used to manage approximately 1,500 trusts before becoming director of training. Charitable remainder trusts are a way to donate an asset or assets to a trust, receive income from the trust and then on the death of the donor the remaining assets would go to the charity. McGrath said that such trusts were a good way to increase charitable giving and help donors keep more of their money for themselves as well. "We're all philanthropists, either voluntary or involuntary. Taxes would fall into the involuntary category," McGrath joked. McGrath suggested local organizations take advantage of the fact ". . . that planned giving is really the only financial planning that provides positive emotional rewards. It gives people a warm and fuzzy feeling." The workshop was sponsored by Cottey College and the Nevada Regional Medical Center Foundation. For more information contact Linda Schmitz of the NRMC Foundation (417) 448-3609.