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Peter J. Klein, CFA, is a Senior Vice President of Investments with UBS Financial Services. In addition, he has been the President and Treasurer of The Claire Friedlander Family Foundation since it was first established in 2008. He is the author of Getting Started in Security Analysis, published by Wiley. Through his career, he has been called upon for multiple media appearances to discuss investment strategy, analysis, and related financial services.
Angelica Berrie is President of The Russell Berrie Foundation, which has made transformational gifts in the field of diabetes and nanotechnology. She is Chairman of The Center for Interreligious Understanding. Her entrepreneurial pursuits include her role as CEO of Kate's Paperie, an iconic New York retail store, and Chairman of Global Nomad in Hong Kong.
Acknowledgments xv
Part I So You Want to Be a Philanthropist 1
Chapter 1 Estate Planning and Charitable Giving 7
Estate Planning 101 10
The Estate Planning Process 17
Case Study—Estate Planning 101 18
Summary 20
Chapter 2 Charitable Giving 21
What Is a Nonprofi t Entity? 23
Due Diligence 24
Digging Deeper 27
Donor Advised Funds (DAFs) 31
Community Foundations 37
Summary 40
Chapter 3 Starting a Private Foundation 41
The History of Private Foundations 42
Leaving a Stated Mandate for Future Generations 46
Modern History of Private Foundations 48
Creating a Private Foundation 50
Form 1023 58
Guiding Documents 59
The Mission Statement 62
Code of Ethics 64
Be Proactive and Know Your Charities 65
Summary 66
Chapter 4 Managing a Private Foundation 67
Form 990-PF 68
The Foundation’s Board and Governance Issues 79
Summary 87
Chapter 5 Managing a Private Foundation—Grant Making and Operations 89
Type of Support: Periodic versus Endowments and General versus Program-Based 91
What Type of Foundation Will We Become? 93
Sourcing a Grant 97
The Acknowledgment Process 100
The Pre-Proposal Briefi ng Form (PPBF) 102
The Due Diligence Process 109
Progress Reporting and Evaluation 116
Summary 120
Chapter 6 Investment Management for Private Foundations 123
The Investment Management Process 124
“Why Is the Investment Management Process Important to Me?” 126
The Investment Committee 127
The Investment Policy Statement 130
Addendums to the Investment Policy Statement 145
Manager Search and Implementation Phase 150
Communication 152
Summary 155
Part II A Passion for Giving 157
Lessons in Philanthropy
Chapter 7 The Gift 165
Philanthropy as the Gift of Who You Are Giving Begins with the Self 165
What Are You Most Passionate About? 166
The Greatest Gift 168
Summary 169
Chapter 8 Purpose 171
Ken Behring’s Story
Introduction by Glen Macdonald, President of the Wealth and Giving Forum 171
“Somebody Told Me about the Word Purpose” by Ken Behring 174
Summary 179
Resources 180
Chapter 9 The Gifted Giver 181
Lessons from Peter Karoff (Chairman and Founder of The Philanthropic Initiative) with Insights from Joel Fleishman (Professor of Law and Public Policy at Duke University)
The Philanthropic Learning Curve 182
Ambitious Goals and Big Ideas 183
The Gifted Giver 187
The Transformational Gain of Giving 190
Summary 191
Resources 192
Chapter 10 The Power of One 195
Lessons from Lisa Nigro (the Inspiration Corporation) and Chip Paillex (America’s Grow-a-Row)
The Inspiration Corporation 196
America’s Grow-a-Row 199
Summary 203
Resources 203
Chapter 11 The Feminine Principle—Women Leading through Philanthropy 205
Lessons from Peggy Dulany (Founder of Synergos Institute), Ellen Remmer (President and CEO of the Philanthropic Initiative), and Monica Winsor (Vice Chair, Women Moving Millions)
Women as Change Agents 206
Peggy Dulany’s Story 208
Ellen Remmer: How Women Are Transforming Philanthropy 211
Monica Winsor’s Story 212
Summary 215
Resources 215
Chapter 12 Empowering the Next Generation 217
Lessons from Sharna Goldseker (Vice President, Andrea and Charles Bronfman Philanthropies, and Director of 21/64), Ruth Cummings (Chair, the Nathan Cummings Foundation), and Lance Lindblom (President and Chief Executive Officer, the Nathan Cummings Foundation)
Sharna Goldseker’s Story 217
Four Generations of Giving: Lessons from the Nathan Cummings Foundation 221
Summary 232
Chapter 13 Philanthropists as Explorers 233
Lessons from Scott McVay (Founding Executive Director of the Geraldine R. Dodge Foundation, and 16th President of Chautauqua Institution), Aimee Morgana (Founder of the N’kisi Institute), and Paul Winter (Founder of Music of the Earth, Inc.)
Scott McVay’s Story 234
The Journey of Discovery: Aimee Morgana’s Story 236
The Grand Symphony of Life: Paul Winter’s Story 238
Summary 241
Resources 242
Chapter 14 The Journey from Doing Good to Making Change 243
Lessons from Christine DeVita (President, the Wallace Foundation)
A Passion for Learning and the Arts 243
Learning from Mistakes 245
Strategy and Listening to Feedback 246
Summary 248
Resources 249
Chapter 15 Heart and Soul 251
Lessons from Amy Goldman (Chair and Executive Director of the GHR Foundation), and Lynn Schusterman (Chair of the Charles and Lynn Schusterman Family Foundation)
Amy Goldman’s Story: Interfaith in Action 251
Lynn Schusterman’s Story: Three Thousand Years of Jewish Giving 255
Summary 258
Chapter 16 The Philanthropic Journey 259
A Vision for Change 259
Summary 262
Resources 262
About the Authors 263
About the Participants 267
Index 287
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