BOLINGBROOK (MAY 11, 2012)-The Will County Community Foundation’s professional advisor event brought Marshall Field V, the great-great grandson of merchandising king Marshall Field, to Bolingbrook where Mayor Roger Claar welcomed him.
Ed Dollinger, founding Director of The Will County Community Foundation and chairman of the Professional Advisor Council, introduced Marshall Field V to the guests. Dollinger noted that there was confusion among the advisor community regarding private family foundations, donor-advised funds and the community foundation’s role. After meeting Marshall Field V at an event at The Chicago Community Trust, Dollinger knew that Marshall Field V could share his personal experience with The Will County Community Foundation’s advisor community and educate them about Donor-Advised Endowment Funds that are unique to Community Foundations.
“I’ve been looking forward to this for a long time” said Marshall Field V, “because I had the pleasure of being on the Board of The Chicago Community Trust and worked with some people to start the Lake County Community Foundation. You are what six years old…you are young. It is great to see so many people in one room supporting the Foundation. It is wonderful.” The guests were from Frankfort, University Park, Romeoville, Crest Hill, Bolingbrook, Joliet, and Channahon reflecting the geographic reach of The Will County Community Foundation. CPA’s, financial planners, attorneys, nonprofits, community leaders and individuals with giving hearts gathered to learn more about Donor-Advised Endowment Funds and The Will County Community Foundation.
In 2006 The Chicago Community Trust partnered with local community leaders to form The Will County Community Foundation; an affiliate of The Chicago Community Trust. For 96 years, The Chicago Community Trust has connected the generosity of donors with community needs by making grants to local organizations working to improve metropolitan Chicago in a multitude of ways. This affiliation is part of the Trust’s efforts to support access to the benefits of a regionally focused foundation for the residents. Will County is one of the last geographic areas in Northern Illinois to establish its own community endowment foundation. “The Chicago Community Trust provides back office support, an annual grant that is used for operations and grant making, and expertise in regards to unusual gift requests. They have helped us move forwarded faster than we could have ever done on our own.” Said Executive Director, Michael Trench.
“I’ve done what I am here to talk about” said Marshall. After serving on the Board of The Chicago Community Trust for ten years, he was asked to help build the Trust’s endowment fund. He agreed to help, but under one condition. “I want a product that will allow me and the next generation to give away the interest but not the principle” of my charitable contribution. So, the Donor-Advised Endowment Fund was created. He wanted to make sure that charitable wishes could be executed but the principle would be protected. The Donor-Advised Endowment Fund would enable the donor to ensure that their charitable wishes would be carried out today and forever. It would also insure that the endowment would remain strong and be there to serve the community for generations to come.
Marshall and his wife Jamee had their own private foundation. Once the product was developed, Jamee and Marshall were the first to transfer the funds from their private foundation to a Donor-Advised Endowment Fund with The Chicago Community Trust. “We are sitting here with a private foundation…we are crazy. We are going to give it to the Trust. You can run it cheaper than you could ever run it on the outside. I dare you to find a company who can run their company for 100 basis points.” Explained Marshall. “If you have the money and you want it to go to charity there is simply not a better product on the market and Chicago is waking up to that fact and I’m thrilled.”
The Will County Community Foundation is educating advisors about the Donor- Advised Endowment Fund so that we can work together to build philanthropic resources for the residents of Will County. These funds will provide the “savings account” for nonprofits now and for generations to come. The Will County Community Foundation is here to support advisors and provide philanthropic expertise when needed. Regarding the relatively new creation of a community foundation to serve Will County Marshall said “We keep very close contact with the County Foundations. We think you guys are going to be our greatest strength because the growth isn’t in Chicago anymore. It’s out here. You are the future.” For more information regarding The Will County Community Foundation visit www.willcountycf.org or reach Michael Trench, the Executive Director at (815) 744-9223.