News ALERT!!! West Virginia is sitting on billions of dollars in personal wealth – BILLIONS! ¡ But keeping that wealth in West Virginia isn’t guaranteed. ¡ KEEP 5 LOCAL: Give Today to Grow Tomorrow
Transfer of Wealth West Virginia is experiencing the largest transfer of wealth in history. ¡ Transfer of Wealth or “TOW” = The transfer of financial and other assets from one generation to another. So far, 33 West Virginia counties have completed TOW studies, and the results are AMAZING. KEEP 5 LOCAL: Give Today to Grow Tomorrow
Transfer of Wealth The combined net worth of those 33 counties was $89.2 billion in 2010 . Over ¡10 ¡years, ¡more ¡than ¡ $28 ¡billion ¡ will ¡be ¡handed ¡down. ¡ ¡ It’s ¡happening ¡right ¡now! Where will that money go? To taxes, heirs and any number of destinations other than West Virginia communities. Studies show that when wealth leaves a state, it rarely returns … ¡ KEEP 5 LOCAL: Give Today to Grow Tomorrow
The Solution: Keep 5 Local If at least 5% of that wealth is kept in West Virginia and endowments are created at community foundations, it will yield an estimated $70 million annually for community investments. Over 50 years, those 33 counties will see more than $200 billion in wealth transfers. Keeping 5 percent of that in West Virginia means the funds available for grant-making in those communities in 50 years could exceed $500 million . KEEP 5 LOCAL: Give Today to Grow Tomorrow
Keep 5 Local: Create a Legacy West Virginia’s future is in your hands. Create a legacy for your community. Your 5% matters. Philanthropic estate planning gives you the power to have a lasting effect on your family, your community and your state. By leveraging the expertise and experience at local community foundations , West Virginians can harness the power of 5% of wealth transfers and create a better, brighter future for tomorrow. KEEP 5 LOCAL: Give Today to Grow Tomorrow
Community Foundations Community Foundations are nonprofit, tax-exempt, publicly-supported grant- making organizations serving specific regions. These foundations are public charities that develop broad support from many unrelated donors with a wide range of charitable interests in a specific community. The long-term goal of a community foundation is to build permanent funds supported by many donors, which makes them the ideal vehicle for Keep 5 Local. KEEP 5 LOCAL: Give Today to Grow Tomorrow
How to Keep 5 Local By working with the community foundation in your county or region, their expert advisers can help you identify the resources that will help you create a legacy for future generations. Ways to keep 5% of your wealth local: CREATE: ¡ ¡ ¡ ¡ ¡ ¡DONATE: ¡ • Cash ¡ ¡ • Bequests ¡ • Personal ¡Property ¡ • DiscreGonary ¡or ¡Unrestricted ¡Funds ¡ ¡ • Stocks ¡and ¡Bonds ¡ • Designated ¡Funds ¡ ¡ • Real ¡Estate ¡ • Scholarship ¡Funds ¡ ¡ ¡ • Life ¡Insurance ¡ • Agency ¡Endowments ¡ ¡ • ReGrement ¡Accounts ¡ • Field ¡of ¡Interest ¡Funds ¡ • Mineral ¡Interest ¡ ¡ Visit www.keep5local.org to find your local community foundation. KEEP 5 LOCAL: Give Today to Grow Tomorrow
For Business & Economic Leaders… These are significant assets for business, economic, and community development. It includes personal property and business ownerships that we want to see transfer to the next generation that stays and thrives right here in the Mountain State. There is 95% more to engage! Working with your community foundation can leverage huge opportunities for long-term economic and community development assets supporting infrastructure, education, workforce development, program related investments, and entrepreneurial development. Let’s grow our community’s economic and business climate among local/state/national businesses, Chambers of Commerce, Economic Development Authorities, and others to provide space for growth and abundance. KEEP 5 LOCAL: Give Today to Grow Tomorrow
For Community Groups… Community foundations and other nonprofits are all on the same team; they do not compete with each other. Your local nonprofit will benefit from a successful Keep 5 Local campaign. Your organization has the expertise it needs to fulfill the charitable goals it was created to provide. A community foundation has the expertise and resources to help grow your financial resources. Take advantage of this natural synergy and partner with your local community foundation today. YOU + ¡ COMMUNITY = ¡ FOUNDATION KEEP 5 LOCAL: Give Today to Grow Tomorrow
For Community Foundations… As the community foundation in your region, you are on the front lines of the Keep 5 Local effort, so let us help you help your neighbors. % More West Virginia counties are completing Transfer of Wealth studies every day, learning what their 5% potential is. Each community foundation with a TOW study is armed with powerful information about opportunities for community development philanthropy. Those opportunities are at our fingertips! KEEP 5 LOCAL: Give Today to Grow Tomorrow
For Professional Advisors… Top 10 reasons to help your clients Keep 5 Local: 1. It’s good for society, it’s good for your community, it’s good for your clients, it’s good for your business and it’s good for you. 2. Many of your clients are searching for an effective way to give back to their community, to memorialize a loved one and/or simply to “do good”. You can help them achieve these results and derive personal satisfaction from doing so. 3. Discussing philanthropy with your clients should be done unobtrusively, in a way that respects their privacy, values and autonomy. You are among the best positioned to initiate and engage your client in these conversations. 4. By expanding the menu of services offered to your clients, you build their confidence in you and increase their satisfaction with your professional services. 5. Your areas of expertise as a professional advisor are broadened personally. 6. The potential for new referrals is enhanced, opening the door to many new clients. 7. You effectively connect your chosen profession with a personal desire to do something good for your community. 8. Through your efforts, important social needs in your community can be addressed, producing a healthier, more vibrant place to live – an enduring legacy of real benefit to future generations. 9. You become part of a supportive network of like-minded colleagues who are willing to share their time and expertise voluntarily. 10. With practice, confidence and experience, you will find it easy to do. KEEP 5 LOCAL: Give Today to Grow Tomorrow
What Will Your Legacy Be? A successful Keep 5 Local effort could mean more community resources: • Economic Development • Community Revitalization and Growth • Education/Higher Education • Youth and Family Services • Senior Services • Health and Human Services • Quality of Life Amenities • Arts and Culture • And More! KEEP 5 LOCAL: Give Today to Grow Tomorrow
Behind the Scenes Keep 5 Local is a statewide program of Philanthropy West Virginia’s Give2WV: Community Foundations Network. Research for Transfer of Wealth and planning for Keep 5 Local was completed by the Center for Rural Entrepreneurship and Philanthropy West Virginia with multiple investments from local community foundations, ARC Flex-E-Grants, economic development authorities, and the Claude Worthington Benedum Foundation. KEEP 5 LOCAL: Give Today to Grow Tomorrow
Any Questions? Paul D. Daugherty, President & CEO Philanthropy WV Phone: 304-517-1450 Email: paul@philanthropywv.org Emily Fisher, Give2WV Program Consultant Phone: 304-281-0955 Email: give2wv@philanthropywv.org Visit www.keep5local.org or call 1 (866) 567-3467 to learn more! KEEP 5 LOCAL: Give Today to Grow Tomorrow
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