transfer of wealth community foundation of collier county
TRANSCRIPT
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TRANSFER OF WEALTHCOMMUNITY FOUNDATION OF COLLIER COUNTY
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BOSTON COLLEGE STUDY
In 1999, Boston College researchers projected $41 Trillion would shift from one generation to the next before 2052Source: Millionaires and the Millennium: New Estimates of the Forthcoming Wealth Transfer and the Prospects for a Golden Age of Philanthropy
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PHENOMENON IS COMMONLY KNOWN AS THETRANSFER OF WEALTH
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ORGANIZATIONS FUNDING THE 2012 FLORIDA TOW STUDYCOMMISSIONED BY THE FLORIDA PHILANTHROPIC NETWORK
▪ Community Foundation of Collier County
▪ Community Foundation of Broward
▪ Community Foundation of Central Florida
▪ The Community Foundation of Sarasota County
▪ Community Foundation of Tampa Bay
▪ The Community Foundation of Northeast Florida
▪ Community Foundation for Palm Beach & Martin Counties
▪ Edyth Bush Charitable Foundation
▪ Gulf Coast Community Foundation
▪ The Miami Foundation
▪ Southwest Florida Community Foundation
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WHAT DOES THE TRANSFER OF WEALTH MEAN FOR FLORIDA AND COLLIER COUNTY?
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TRANSFER OF WEALTHCONTRIBUTING FACTORS
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TRANSFER OF WEALTH CONTRIBUTING FACTORS
▪ POPULATION
▪ CURRENT NET WORTH/INCOME
▪ AGE
▪ GROWTH
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POPULATION
Study assumes Florida will receive a share of the $41 Trillion wealth transfer proportionate to its population
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INCOME
MEDIAN HOUSEHOLD
INCOME 2007-2011
COLLIER COUNTY
FLORIDAUNITED STATES
$56,876 $47,827 $27,915
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AGE
COLLIER COUNTY
FLORIDAUNITED STATES
Under 18 19% 21% 24%
18 - 64 54% 61% 63%
65+ 26% 17% 13%
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GROWTH
Communities that grow are more likely to have new wealth created
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STATE OF FLORIDATRANSFER OF WEALTH
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FLORIDACurrent Net Worth
$1.4 Trillion
Average CNW per Household
$194,000
Average 10 year Wealth Transfer per
Household
$43,000
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IN FLORIDA,OF THE $1.4 TRILLION IT IS EXPECTED MORE THAN $322 BILLION WILL CHANGE HANDS BY 2020
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5% CHARITABLE GOALGOLDEN OPPORTUNITY
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IN FLORIDA,IF 5% OF $322 BILLIONIS CAPTURED TO CHARITABLE ENDOWMENTS MORE THAN $16 BILLION WOULD BE COLLECTED OVER 10 YEARS
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IN FLORIDA,IF $16 BILLION IS ENDOWED, $806 MILLION WOULD BE AVAILABLE EACH YEAR FOR COMMUNITY IMPROVEMENTSFOREVER
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COLLIER COUNTYTRANSFER OF WEALTH
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COLLIER COUNTYCurrent Net Worth
$52 Billion
Average CNW per Household
$393,200
Average 10 year Wealth Transfer per
Household
$110,400
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IN COLLIER COUNTY,OF THE $52 BILLION IT IS EXPECTED $14.7 BILLION WILL CHANGE HANDS BY 2020
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5% CHARITABLE GOALGOLDEN OPPORTUNITY
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IN COLLIER COUNTY,5% OF $14.7 BILLION WOULD TRANSLATE INTO $734 MILLION FOR CHARITY OVER THE NEXT 10 YEARS
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IN COLLIER COUNTY,IF $734 MILLION IS ENDOWED, $34 MILLION WOULD BE AVAILABLE EACH YEAR FOR COMMUNITY IMPROVEMENTSFOREVER
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THIS IS OUR BEST CHANCE TO STRENGTHEN COMMUNITIES FOR
FUTURE GENERATIONS
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COLLIER COUNTY NEEDSEven though we live in an area with great wealth, there is great need.
CFCC developed Vital Signs to track these needs and the success of our grantmaking.
▪BASIC NEEDS
▪COMMUNITY, ARTS & ENVIRONMENT
▪EDUCATION & TRAINING
▪HEALTHCARE SERVICES
▪WOMEN & GIRLS
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SOME STATS TO CONSIDER
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BASIC NEEDS:
31% OF CHILDREN UNDER THE AGE OF 18 ARE LIVING AT OR BELOW THE POVERTY LEVEL IN COLLIER COUNTY COMPARED TO 25% STATEWIDE
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WOMEN & GIRLS:
THE TEEN BIRTH RATE PER 1000 GIRLS AGE 15-19 IN COLLIER COUNTY IS 48 VS 40 STATEWIDE
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EDUCATION & TRAINING:
49% OF COLLIER COUNTY STUDENTS LIVE IN NON-ENGLISH SPEAKING HOMES
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HEALTHCARE:
24% OF COLLIER COUNTY RESIDENTS DO NOT CARRY HEALTH INSURANCE COMPARED TO 21% STATEWIDE
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COMMUNITY, ARTS & ENVIRONMENT:
LOCAL ARTS AND CULTURAL INSTITUTIONS REACH 1,000,000 VISITORS EACH YEAR, AND “CULTURAL TOURISTS” SPEND MORE MONEY PER DAY WHEN THEY VISIT
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NOW CONSIDER
Only 1.3% of Collier County Government Budget goes towards Human Services.
Compared to 9.1% state average.
Therefore significant needs fall on each community.
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LET’S START THE CONVERSATION
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STORY OF ORD, NEBRASKA
▪ Located in Valley County, Nebraska
▪ Population 2,200
▪ Small town challenges: school-funding cuts, declining home values, methamphetamine problems
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STORY OF ORD, NEBRASKA
▪ $600 Million wealth transfer projected
▪ $1.2 Million bequest (1999)
▪ County affiliate fund started
▪ 5 large gifts, including $1.5 million from a farmer
▪ Surpassed 5% goal, setting new goal
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Marketing campaign and new website to attract past, present and new residents
COME HOME TO ORD, NEBRASKA
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GIVING USA REPORT
Overall, US donations to bolster the arts, health, religion and other services totaled $316.2 Billion in 2012.
That’s a 3.5% increase from $305.5 Billion in 2011.
That was just 1.5% increase when adjusted for inflation.
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Let’s start the conversation
LET’S TAP THE CHARITABLE GENE AND SPIRITUAL CONVICTIONS OF OUR COLLIER COUNTY RESIDENTS
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LET’S START THE CONVERSATION
6-10% of individuals include a nonprofit organization in their wills or estate plans
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LET’S START THE CONVERSATION
▪ Professional Advisors talk with clients about charitable giving
▪ Nonprofits talk with supporters
▪ Residents count this community among their heirs
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LET’S START THE CONVERSATION
80% of donors expect advisors to bring up charitable giving
Who Actually Does?
▪5.7% CPA’s
▪8.0% Wealth Advisors
▪6.3% Attorneys
▪15.5% Nonprofits
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Consider 5%, 10%, or more
CHARITABLE INVESTMENTS CAN BE MADE NOW OR THROUGH YOUR WILL
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Let’s start the conversation
WE HAVE THE OPPORTUNITY TO TURN GOOD COMMUNITIES INTO GREAT COMMUNITIES THAT WILL SURVIVE AND THRIVE
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WHAT DOES THIS COMMUNITY MEAN TO YOU?
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I GREW UP HERE
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WE FELL IN LOVE HERE
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I RAISED A FAMILY HERE
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I BUILT A BUSINESS HERE
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I RETIRED HERE
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WHETHER THIS IS YOUR HOMETOWN OR THE PLACE YOU
NOW CALL HOMEYOU HAVE A LOT INVESTED HERE
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Eileen Connolly-KeeslerPresident/CEOCommunity Foundation of Collier [email protected]