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Richard C. Peck Consulting, LLC & The Philanthropy Guy, LLC


Providing consulting and educational services to nonprofits, donors, and professional advisors related to impactful charitable giving

CONTACT RICK

Charitable Giving Newsletter

02/22/24


In This Week's Issue:


The Missing (Philanthropic) Tool in your Donor Toolbox


Weekly Tips for Nonprofits, Donors, and Professional Advisors

The Missing (Philanthropic) Tool in your Donor Toolbox

For people using giving vehicles like foundations or donor-advised funds---which is the majority of high-net-worth donors---figuring out how much to grant out of these vehicles is difficult.


First, coming up with your objectives is important. Do you want to build up the account over time with donations? Do you want to have it remain in perpetuity and pass on the management of it to your family? Or, do you want to have this account spent down over time for immediate impact?


Whatever the answer, coming up with a financial plan to grant out certain amounts each year is vital. Once you have your goals and a plan, it doesn’t stop there. From time to time an opportunity arises to make a bold grant that can be life-changing for your community, or a grant that will further your philanthropic mission but will take more of your resources than anticipated.


When these opportunities present themselves, it’s important to weigh your options. Sophisticated philanthropic financial planning software can show you the impacts of these potential large opportunities on your future granting from the account and put everything into perspective.


Tools for this important work have been a much-needed missing gap in the financial industry for years. PhilanthPro Solutions, a Toronto and Los Angeles-based software company founded by wealth manager Nicholas "Nick" Palahnuk, conducted research into the problem with a group of

philanthropists and advisors.


Common problems surfaced such as the lack of tools to financially plan for philanthropy. One advisor put it this way, “To be honest, right now, we don’t necessarily use traditional planning software or anything to solve for this… each foundation does it a different way, and most of them are doing it on Excel.”


A philanthropist remarked, “What our commitments are, I’m keeping track of that in a spreadsheet. But what I’m not thinking about at all is all the other stuff other than the basics. So, accounting for inflation, and accounting for

investment returns and market fluctuations, and all these things that will affect how much our foundation dwindles over time.” Another philanthropist, “Customizing our goals and making a plan are things we need to get better at. We’ve been very reactive to requests, and I would really love to get to a place where we are planning more. Where right now, there’s no plan really. We’ve just tried to support whatever we can.”


PhilanthPro set out to build a suite of tools to address the problems they uncovered in their research. Read about visionary advisor and software designer Nick Palahnuk and PhilanthPro here:

Nick Palahnuk: Founder and CEO: PhilanthPro Solutions, Inc.

Nick is a Toronto-based financial professional with a passion for philanthropy. He is also founder of PhilanthPro, a cloud-based platform that brings the power of planning to

philanthropy. Nick’s philanthropic mission is to improve mental health for young people by funding innovative programs that create greater mental health resiliency. Nick started his

journey as a teenager helping others in East Africa. He went on to become a successful financial professional and turned his attention back to philanthropy and how he can improve

people’s lives. Click on his link here to learn more:

(1) Nicholas Palahnuk | LinkedIn

A Tip for Nonprofits: Tell me if these phrases sound familiar from your board members: "Fundraising makes me feel uncomfortable" or "I joined the board to lend my skills, expertise, and governance only." Well, who is helping to drive the contributed revenue, then? Read more excuses here and how to address these concerns head-on: How to Supercharge Your Board Fundraising - Mind the Gap Consulting - The Nonprofit Fixer

A Tip for Donors: You may recall that religious-based organizations are the top recipient of charitable donations, year-after-year. Yet, I will bet that a lot of you don't know who the advisors are in this space! Regarding Christian-based advisory, here are two links you should check out to help you get the advice you and some of your clients are looking for in this space: Managed Accounts - Faith-based Portfolios | Thrivent (thriventfunds.com) and Top 5 Generosity Resources for Faith Driven Entrepreneurs — Faith Driven Entrepreneur

A Tip for Professional Advisors: Coming up next week is a five-hour course that you should not miss, held over two days. If you are not very good at having the philanthropic conversation, this course is for you! Register here: Advisors in Philanthropy

"We make a living by what we get. We make a life by what we give."

~Winston Churchill

Richard C. Peck Consulting, LLC and The Philanthropy Guy, LLC

About Rick

228 Park View Drive

Belmont, NC 28012

+1 (603) 387-3897

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