- What has been the most satisfying charitable gift you have ever made? Why?
- Have you volunteered anywhere? Which volunteer experience has been the most rewarding?
- Of your core values, which would you like to express through your giving?
- When you think of the challenges facing our community, what are your greatest concerns? Are any of these the focus of your current or future giving?
- What have you learned about your giving? Would you do anything differently if you could?
- What role has philanthropy played in your family? Is it what you would like it to be…or would you like to change it? Are your children and grandchildren aware of your philanthropy?
- What would you like to accomplish with your giving? Do you think this is possible?
- Do I have clients who care deeply about their local community?
- Do my clients give to more than one charitable cause?
- Are my clients interested in creating a personal or family legacy in their community?
- Are they considering the creation of a private foundation, but are concerned about cost and administrative complexity?
- Would they like to stay personally involved in the use of their gift dollars?
- Do they want to receive maximum tax benefit for their charitable contributions under federal law?
- Do they place a priority on sound financial management of their contributions?
If you answered yes to any of these questions, your clients may benefit from knowing more about the Mankato Area Foundation. We’d be happy to help you make an introduction.
A Designated Fund provides funding for a specific nonprofit organization or purpose.
In both instances, the Mankato Area Foundation handles all of the administration, record keeping, and financial statements for the funds.
- Stocks and bonds
- Real estate
- Personal property, such as jewelry and artwork
- Life insurance policies
- IRA assets
Opening a fund at the Mankato Area Foundation is considerably less expensive than starting a private foundation, since we handle all administrative details, including filing annual tax returns, performing due diligence on grants and all details associated with processing and tracking grants. There are also no setup fees.
When Ryan McKeown meets with clients at Wealth Enhancement in Mankato, he asks the questions that most other financial advisors ask about current cash flow, expected income and goals for retirement. But then he pops another question as well: How much do they want to be able to give away, even in retirement? “If you want to be able to continue a certain level of charitable giving after you retire, you should be planning for that now,” McKeown says. “If you want to be able to fund your giving for another 20 years, then I might recommend a strategy like starting a donor-advised fund now.”