Philanthropic Guideposts
By Thomas A. Munzig
Senior Trust and Fiduciary
Advisor, Wells Fargo Bank
During
a recent lunch in Florida with my friend David Maeir-Epstein, founder of
IsraelGrants.com, he remarked that we are both very fortunate as we have positions
that provide us with an opportunity to help change the world. Indeed, those of us who have a chance to raise
and manage funds for non-profit organizations are able to work with extraordinarily
dedicated individuals whose hands-on effort actually does change the world for
the better. We are very fortunate to
be in such good company.
For
over 160 years, Wells Fargo has assisted individuals, families and nonprofit
organizations in building and sustaining their philanthropic legacy. Here
are some guideposts that we have developed while supporting philanthropic
groups.
1.
Understand and pursue
your organization’s values, mission and vision.
Define the
goals your organization aspires to achieve and confirm that these objectives
are aligned with your values, mission and vision. Be bold. Then develop a 3-5 year plan to achieve these
goals.
2.
Assemble a team of
professional advisors. Look for Philanthropic Advisors who understand
and work with similar groups for administration, governance, investment management
and grant making. Be creative in your
search.
3.
Manage your assets
effectively. Define how your organizations’ human,
financial and capital assets will support the organization’s overall goals. Then protect, manage and develop these assets.
4.
Manage cash flow
needs. Nothing, but nothing will stop you in
your tracks faster than running out of money.
Remember the organizations that had such promise but are no longer in
existence. Determine your current and
future cash flow needs monitoring them for appropriate liquidity. Continually update your spending policy to ensure
the long-term health of your endowment. And if you don’t have a rainy-day endowment,
create one.
5.
Coordinate
administration. Work with other organizations to gain
efficiencies and consider freeing up valuable staff time by outsourcing some or
all of the administration of donor reporting, tax and financial information. Seek advice and services as needed. You can’t do it all by yourself.
6. Balance fundraising priorities. Assess
how current and future needs influence your fundraising efforts and analyze the
productivity of your fundraising. If it
doesn’t work, move on to a new strategy that has proven to be successful. Match
the gift with the giver. Your efforts are unique, tell your story. Make it
personal. It will inspire others to
support you and your organization’s work.
7.
Board governance.
Review your committee structure to ensure that it fits the goals of your
strategic plan. Engage board members’
talents and energy to properly align with your organization’s goals. Seek Workers, Wisdom and Wealth: Give or Get. And continually maintain and foster the
relationship of the Board and your Executive Director. You are One
Team.
8.
Manage your reputation
risk. Determine the risks within your community and
beyond. Assess how well your financial
and human resources match the reputation you wish to maintain, or strive to
attain. Be the best in your field, with passion
and compassion.
9.
Create sustainability. Evaluate how well your financial and human
resources align to sustain and expand your organizational mission. The work is
never done. Prepare for major changes in
your Board, your staff or your supporters to minimize impact on your
organizational mission. Create a
business continuation plan that addresses unexpected events and inevitable
changes related to technology, financial and human capital resources.
It is important to develop a deep
understanding of your organization’s objectives and then apply appropriate
solutions to help achieve those goals.
Reach out. There are many hands
to help you change the world.
Thomas Munzig is a Senior Trust and
Fiduciary Advisor with Wells Fargo Bank, Philanthropic Services. Tom and his group provide investment
management and specialized philanthropic services to individual and
institutional charitable clients. Tom can be reached at: Thomas.a.munzig@wellsfargo.com.
____________________________________________________________________________
Wells
Fargo Wealth Management provides products and services through Wells Fargo
Bank, N.A. and its various affiliates and subsidiaries.
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