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Charles and Carolyn Plimpton of Virginia Beach spent 26 years building their Hertz car rental franchise into the second largest one in the country. In 2000 they sold their Norfolk business after “deciding it was finally time to pursue some of our personal interests,” Charles Plimpton says. One of their main interests is helping nonprofit organizations in the Hampton Roads community that has meant so much to them during the past few decades.

“We wanted to be able to see the benefits of our gift giving during our lifetimes,” Plimpton says. “Initially, we explored the creation of a private foundation.” But the lengthy Internal Revenue Service approval process, costly administrative fees and continual paperwork associated with tax regulations made the couple look at other options.
“Of the charitable vehicles available, a donor advised fund was the obvious answers Plimpton says. The Plimptons looked into starting funds with Fidelity, Vanguard and other commercial organizations. “We quickly learned that these funds lack the versatility offered by a community foundation and provide a very narrow level of service,” Plimpton explains. “In my opinion, you are dealing with a faceless entity that has no genuine understanding of your desires and interests. These organizations are unable to identify local needs...”

The solution for the Plimptons was creating in 2001 a donor advised fund with The Norfolk Foundation. The process was simple, fees are low and the Plimptons don’t have to worry about ongoing paperwork. In addition the Plimptons are working with Foundation staff members “who are dedicated to making a positive difference in the quality of life in southeastern Virginia, Plimpton says. “Placing a donor advised fund in the hands of a community foundation allows the individual to embrace the needs of his or her surrounding community.”

Charles and Carolyn Plimpton now have the opportunity during their lifetimes to see the good their gifts can accomplish.
 

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