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| CRBJ Home > July 2006 | ||||||
You really can give togetherBy James Edward Mills
The married couple are in the process of setting up two endowments through the Madison Community Foundation, a charitable trust. Once fully funded, the Lundbergs' endowment will make cash payments to the nonprofit organizations of their choice until the end of time. "There's a lot of peace of mind in knowing that it will go on long after we're gone," Peter Lundberg said. The Madison Community Foundation helps individuals, families and institutions establish permanent endowments for the ongoing support of their favorite charities. Though forever may seem like an impossible span of time, since 1942 the Community Foundation has made it possible for donors to give in perpetuity. Through the careful investment of donor contributions, the foundation generates financial resources that fund holders may distribute to nonprofit organizations. The investment principal is permanently held in trust; donations are made through interest accrued as each fund grows. Up to 5 percent of a fund's value can be awarded to charity each year. Over the past 64 years, fund holders have established scholarships, built hospitals, restored wetlands, promoted the arts and offered help to thousands of those in need. The Community Foundation manages 664 funds and has more than $100 million in assets. In 2005 fund holders donated more than $10.5 million to 1,060 nonprofits throughout the Madison area. Standout contributions last year included a grant of $100,000 to the East Madison Community Center to create a performing arts and wellness center in the Truax Housing Complex. A $50,000 award was given to the American Family Children's Hospital to create a patient education and consultation room. And Friends of the McFarland Library received $30,000 to create a space for lifelong learning. "Our mission is to promote philanthropy throughout Dane County," said Foundation President Kathleen Woit. "We're not a charity unto ourselves. We're a facilitator to help people make contributions to organizations that are important to them." One of the endowments the Lundbergs aim to set up through the Community Foundation is in the Lundberg family name, the other is in the name of their business, Janus Galleries, at 2701 Monroe St. The funds will reach maturity once they accrue $10,000. Over a 10-year period, the Lundbergs agree to make tax-deductible donations into a fund called an Acorn Account in the amount of $1,000 per year. Contributions as little as $85 a month for each account will more than meet their obligation. "It's a nice entry-level way to start your philanthropic life," Peter Lundberg said. Community Foundation donor relations manager Paul Houseman said the Acorn Account is a quick and painless way to fully fund a permanent endowment. "It usually doesn't take 10 years for the fund to graduate," Houseman said. "Because it's growing with the accumulation of interest, on average it usually only takes seven to eight years." Friends and family members can also make contributions to the endowment and speed its way to maturity. With more than 2,000 nonprofit organizations to choose from, Woit said the Community Foundation takes the guesswork out of charitable donation. She said her organization aims to make giving easy. "I want people to know that anyone is welcome to come over and we can talk about how you can be a part of it," she said. "Whether you have a $10 gift you want to make through us or a $10,000 endowment, I want everyone to know that we're here to facilitate giving." jmills@madison.com madison.com ©2009 Capital Newspapers. All rights reserved. |
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