Roundtable for Planned Giving Professionals

Friday, September 18th, 2009

There’s a new organization called YEP (Yuma Endowment Project) where professionals working with planned financial giving are learning and working together locally.  The leaders of this organization said that they will offer training events plus host a planned-giving roundtable.

Membership to YEP nonprofit targets professional financial advisers such as insurance professionals, accountants, and attorneys in addition to executive directors and development officers.

Judy Gresser, the executive director of Yuma Community Foundation said, “In the past, people had to drive to Tucson or Phoenix for this type of training.  We need this kind of collaboration here in Yuma.”  In addition, she said, “It’s all about great agencies and sustaining the impact in our community by educating people.  It’s not just all about giving cash one time, but making a planned long-term impact.  The biggest reason for the endowments is to benefit the community.”

The annual summer forum is likened to a retreat, and the educational events are offered every quarter.  The first one will be on October 7 at Yuma Main Library.  A management consultant for major corporations, Tom Steiner, would be the one to make a presentation.  By the time they hold their kick-off activity, Gresser is hoping that they can already have 50 members.

Tags: attorneys, endowments, forum, foundation, Judy Gresser, members, membership, Planned Giving, retreat, summer, training, YEP, Yuma
Posted in Planned Giving | No Comments »

Planned Giving Marketing Impacts Legal Ruling

Wednesday, August 5th, 2009

There was an opinion issued by U.S. Court of Appeals involving Robert Dillie in a case that charged him with operating a fraudulent foundation from 1996 to 2001.  The foundation was actually in a ponzi scheme issuing $55 million gift annuities to more than 400 donors - these were sold through investment advisers receiving commissions on each sale.  The opinion was issued this past June and M. Dillie is now serving a prison sentence of 121 months.  However, the legal fallout from the operation lives on.

Due to return of commissions ruled by the lower court, investment advisors sued the receiver who’s assigned to recover the remaining funds and repay defrauded donors.  However, Federal Court of Appeals concurred with the rulings of the lower court and rejected the arguments of the investment advisers’ lawyer.

Truly, the underlying facts of this case were unique.  And the ruling’s significance is how the gift annuities were viewed by the Court in light of marketing techniques used.  When the court looked at various promotional advertisements used, it was clear that the gift annuities were actually investment contracts.  Therefore, charities should be careful in marketing their gift annuities or other life income vehicles.  Make sure to emphasize that these are gifts first and foremost.

Tags: commissions, court, donors, foundation, gift annuities, lawyer, Planned Giving, Robert Dillie, U.S. Court of Appeals
Posted in Planned Giving | No Comments »