A Joint Initiative Between     Heart of Wisconsin     Business & Economic Alliance and     Community Foundation of Greater     South Wood County

Home About Us B2B Club Breaking News Contact Donate Events / Programs Feedback Ideas Incubator Industry Clusters Links / Resources Progess Funds Progress Teams Public Art / Murals Publications		Breaking News July 8, 2005 - Everyone can 'transfer wealth.' Editorial, Daily Tribune Written by Kelly Lucas, President & CEO, Community Foundation of South Wood County (CFSWC). CFSWC builds charitable endowments, provides grants, and serves as a catalyst to strengthen our community – for good, forever. The Community Foundation now offers seven Community Funds that serve the Nekoosa Area, Pittsville Area, Port Edwards, Rome, Rudolph, Vesper Area, and Wisconsin Rapids Area communities. You may donate to any of these funds to help build a stronger community for future generations. Q: I've been hearing about something called "transfer of wealth" and all the money we supposedly have here in south Wood County. What's going on? A: "Transfer of wealth" is a technical term that refers to the personal property and other kinds of assets that one generation passes to the next, typically within a family. For example, in a will, a person usually specifies how his or her possessions and money should be divided among children, grandchildren and other family members and friends. Over the past year, Community Foundation of South Wood County has worked with experts in our area and at the Nebraska Community Foundation to get a general idea of the value of property, stocks and other assets that will change hands in our region over the next fifty years. Our extremely conservative estimate, which has been discussed and approved by both local, respected advisers as well as technical experts at the university and state level, is that $7 billion in assets will change hands in the south Wood County and Rome area from 2000 to 2050. Q: Why is this number important? Why are you looking so far ahead? A: People often think that only the very wealthy can make a difference in a community. What they don't realize is the importance of small gifts invested in an endowment - that is, a permanent fund where the principal is never touched, but part of the interest earned is spent as grants. To put the $7 billion figure in perspective, let's consider the next 10 years. If, over that time, people designate just 5 percent of personal assets in their wills for community-based endowments for local nonprofit agencies such as, for example, the Family Center, the Boys & Girls Club, or The Neighborhood Table, that action could create a cumulative endowment of $77 million. That $77 million could generate $3 million every year for projects and programs to benefit our friends, neighbors and families. The other fact to keep in mind is that, while the transfer of assets from one generation to the next is still increasing in other parts of the state and the country, we in south Wood County have already reached our peak for that transfer. Why? Our population is older. In fact, we have 25 percent more households with members age 65 and older than the U.S. average. As so many people are already making arrangements to pass on their property to the next generation, the time for all of us to act is now. Q: Are you talking about everyone in our area donating to charity now and in wills, too? A: Yes. The research shows that everyone living in our area can do something to support his or her community, now and in the future. Many of our families have lived here for generations, working hard and investing wisely. Even with the layoffs of recent years, south Wood County has always been an area where people have taken care of their own and given very generously to help others in need. Have you thought about your community as another child looking to you for protection and care? If your hometown is a place where you want to see your children, grandchildren and great-grandchildren living, working and raising their families, then making a personal investment in their future, here at home, is the right thing to do. Q: I'm still young. Why should I worry about wills right now? A: No matter what your age, making arrangements for the future is important. You want to make sure that you have provided for the future of your children and other family members. If you make an investment in your community's future, as well, you are helping to keep south Wood County a caring, stable place where your children will be able to build a life even better than yours has been. Now is your chance to give something back to the community that has been your home. Any financial adviser or attorney in our area can tell you how to make provisions in your will for the charity or charities of your choice - it's entirely up to you to decide. Here at the Community Foundation, we can help you set up an endowment now to benefit any nonprofit group or community cause. We offer Build-a-Funds if you want to start with small donations. Now is the time for you to step forward and help the community that has supported and nurtured you and your family. The choice and the opportunity are both yours.
		Copyright © 2005, Community Progress Initiative, South Wood County & Town of Rome