Presented by Lanna Scannell, CFRE, Director of Strategic Philanthropy, OSF HealthCare Foundation
Being strategic in your charitable giving has never been more important. How can you make an impact for good in a way that works best for you and your family?
Before you look at “how” to make a gift to a charitable organization that is meaningful to you, consider “why” you want to make a gift. A key question to ask yourself is this: “What would you like to accomplish with your money that is meaningful to you?” This is where you can discover the unique difference between philanthropy and charity.
There are times a simple gift to charity is warranted and indeed necessary for humanitarian reasons, such as donations given after a storm, or other emergency like the recent pandemic.
Philanthropy is different. A philanthropic gift is one born out of personal experience or a genuine relationship and dedication to a particular charitable mission that has grown over time. It reflects a deep personal conviction to make a specific impact.
At the OSF HealthCare Foundation, we have been blessed by the generosity of people who have given gifts of support based on a personal experience, or out of gratitude for the care they or a loved one received. These gifts are deeply personal. One of the most meaningful gifts I remember received by the OSF Foundation was one that came decades after care had been given. It had always been on this grateful father’s “bucket list” to give a gift when he was able, so other families could be helped the way his had been helped years before. This was philanthropy in its deepest form. Birthed through personal experience and a deep conviction to help others.
As you consider the impact you may want to make through philanthropic giving, being strategic in how you give can make a tremendous difference, both in the type of impact you make and in the impact your gift can have on you and your family. This is strategic philanthropy. Perhaps you want to add security to your retirement income while also making a gift? A Charitable Gift Annuity or Charitable Remainder Trust could meet your goals. Wanting to minimize your tax burden, whether income tax or capital gains, means you will want to evaluate what type of asset to use for your gift.
These are good discussions to have with your personal financial advisor or with the charitable organization you wish to support. At the OSF HealthCare Foundation, these confidential conversations are deeply meaningful as they enable us to understand what our donors wish to accomplish. Listening and learning the “why” behind a gift is a privilege that we do not take lightly.
A philanthropic heart is a beautiful thing to witness and even more beautiful to share. For more information about supporting OSF HealthCare with strategic philanthropy and legacy giving, please visit osflegacyofhope.org or contact Lanna Scannell, CFRE, Director of Strategic Philanthropy at the OSF HealthCare Foundation, at (309) 566-5662 or [email protected].
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