A Joint Initiative Between     Heart of Wisconsin     Business & Economic Alliance and     Community Foundation of     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 June 29, 2005 - Foundation Encourages Endowments By Deb Cleworth, Daily Tribune Staff As one generation ages and its members transfer assets to children and grandchildren, there's a great opportunity to improve the community, members of the Community Foundation of South Wood County said at a news conference Tuesday. The transfer of wealth is a key focus of the foundation, which encourages residents to invest in the community and nonprofit organizations for future growth. "As people retire or relocate, or their children or grandchildren move away, the assets that were earned or invested in central Wisconsin also leave the area," said Kelly Lucas, president of the Community Foundation. It can make a big difference when people think of the community as another of their children, Lucas added. "This is a significant opportunity to retain some of the wealth that has been created in the community." Wood County has a higher than average population, which means the transfer of wealth is happening now, said Cheryl Posner, grant specialist at the Community Foundation. "An older generation tends to have more assets, tends to have more wealth," Posner said. Fifty years is hard to digest, so the foundation is looking at the next 10 years. If just 5 percent of the estimated wealth - $1.54 billion - being transferred during those 10 years were pledged to community-based endowments, a cumulative endowment of $77 million could be realized. South Wood County could use that endowment to provide $3 million annually to improve communities. That would mean improved health and human services, new arts and cultural endeavors as well as an increase in entrepreneurs and economic development. The Community Foundation has mirrored the Nebraska Community Foundation in its efforts and is the first in Wisconsin to commission this type of analysis. Research is planned for the rest of the state in the future. Lucas wants to see community conversations about these opportunities, she said. Wisconsin Rapids Mayor Jerry Bach is ready for those conversations to begin. "It's very real for us right now, to benefit from this, so we can use some of these endowments to make our community a more attractive place to live. If we're going to bring about some change, we have to use these (assets) to make our community more attractive to the younger generation."
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