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Charitable giving in the United States reached $240 billion in 2002, according to Giving USA, a national study of philanthropy. The report notes that the 1% increase came during tough economic times and is "a testament to the resilience of philanthropy in America." Individuals used current gifts to contribute 76.3 percent of the$240 billion, while other generous people provided 7.5 percent through bequests.

The extraordinary generosity of donors Frank and Jane Batten, is a tremendous example of two area residents stepping forward to help improve our region. Every donor, no matter the amount of a gift, ponders the best way to meet charitable goals and to support specific causes. Every gift is planned, and for many the question becomes whether to give now through an out-right gift or later through a deferred contribution. The Battens, for example, had originally planned to make their gift as a bequest but decided they would rather give it now so they could enjoy seeing how it benefits youth in our region.

Two new ways of giving are through a donor advised fund and the Community Fund.
The Norfolk Foundation provides options for current and deferred giving, tailored to a donor's unique circumstances. For example, donors may create scholarship, designated, unrestricted or field of interest funds. While there are many tools for current giving, two of the newer ways are through a donor advised fund and the Community Fund.
Donor advised funds provide a simple and efficient means for a donor to continue current charitable interests while maintaining a permanent fund at the Foundation. To start a fund, the donor makes an irrevocable gift of cash, stock or other assets totaling at least $50,000— a level that can be reached over three years. The donor receives a tax deduction in the year the gift is made and can recommend grants from amounts available each year for distribution from the fund.

A donor advised fund is flexible enough to meet donors' specific interests and charitable goals. While the Battens focused their fund on education, others may choose support the arts, animal welfare or an array of non-profit organizations.

For some donors their donor advised funds are the organizing structure for their overall philanthropy. Through such a fund a donor can recommend grants to nonprofit organizations throughout the year. Donor advised funds are an excellent way to involve an entire family in philanthropy.

The Foundation's Community Fund is a permanent repository for outright gifts not large enough to create named funds. The Community Fund is often used for memorial and honorary gifts earmarked for the general benefit of our community.

This fund supports the Foundation's discretionary grant-making, which helps numerous non-profit organizations. In the area of deferred giving, I am pleased that three more donors have joined the Foundation's Legacy Society for Hampton Roads. All have arranged in their estate plans for gifts to the Foundation. Two donors will create scholarships for area students. The third, Joshua P. Darden, Jr., chairman of the Foundation's board of directors, has ear-marked his bequest for an unrestricted fund for discretionary grantmaking. This deferred gift is in addition to the donor advised fund that Josh and his wife Betty created in 2001.

As you plan your charitable giving, please keep The Norfolk Foundation in the forefront of your thinking. The Foundation's flexible options provide many opportunities to improve our region both now and in the future.

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For information about donor advised or other funds, please contact Nan Edgerton at (757) 622-7951 or nedgerton@norfolkfoundation.org.

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