“Everybody can be great...because anybody can serve.”
Dr. Martin Luther King, Jr.
You can’t take anything with you when you die, but you can leave behind a powerful legacy. There are many types of charitable entities that support philanthropy, but only one type when structured correctly allows you to not only serve the public good, but also create a generational family legacy to support multiple causes. This is called a private family foundation.
Private foundations are intended to support public charities for many decades. Since private foundations typically do not engage in fundraising, they must instead invest and grow their assets in a tax-exempt environment, and from those investment assets they make regular donations, grants, and endowments to causes your family chooses to support.
Many of the big corporations have private foundations, and as a small business owner can create one for your company or for your family. This foundation, when operating in collaboration with your business, is a great strategy to use for any cause marketing campaigns and to participate in corporate social responsibility. When your customers know that your business regularly supports local causes, it shows your customers that you not only care about their business, you also care about their community. As a private family foundation, your family can protect and grow its assets, maintain control within the family, and give to causes that matter to the family in perpetuity.
To learn more about private foundations, contact us today!