By Todd Cohen
GREENSBORO, N.C. — Aiming to tap a huge new source of funds, the United Way of Greater Greensboro is moving forward with plans to create its own foundation at the Community Foundation of Greater Greensboro.
The new foundation, which the Internal Revenue Service now has approved, will hold and manage endowed funds benefiting the United Way.
Working with the community foundation, the new foundation will work with donors and their advisers to secure gifts through wills, deferred gifts and other planned-giving strategies.
The new foundation will have two members – the United Way, which will name eight directors of the new board, and the community foundation, which will name the ninth director.
The new board will make decisions on investing the new foundation’s assets and on distributing those assets back to the United Way.
The community foundation will help the new foundation track the performance of its investments, handle the accounting of its funds that may be pooled with other funds at the community foundation, and help handle any distribution of funds from planned gifts.
Patrick Weiner, vice president for development and donor services at the community foundation, will be available to provide technical advice to donors and their advisers on complex gifts to help ensure a gift “is going to accomplish what they want it to accomplish.”
The relationship, says Neil Belenky, United Way president, will “always ensure we’re honoring the intent of the donors” by retaining control of the gift – and thus its benefit – at the new foundation.
The new foundation is creating a planned giving committee to develop the foundation’s strategy.
Brad Peete, managing director in Greensboro for Northwestern Mutual Financial Network, chairs the committee, which also will create planned-giving materials and identify prospective donors.
The best prospects likely will be past contributors who have made large gifts to the United Way, says Peete.
The goal, he says, is “letting people know there’s an opportunity and what are different ways people can go about leaving a deferred gift to the United Way.”
Committee members probably will begin visiting prospective donors in January or February.
The new foundation will meet soon with the community foundation’s investment consultants, Belenky says, and then likely will give the final go-ahead to pooling its current assets of $2 million with those of the community foundation.