Conaway: 5 reasons African Americans should establish endowment funds
Published by New Haven Register
Published 12:07 pm EDT, Wednesday, April 27, 2016
Philanthropy has been central to the black community, with traditions of sharing time, talent and treasure through assistance to families, churches, schools and other vehicles.
Larry Conaway, vice president of The Prosperity Foundation, the state’s first black community foundation, shares reasons here why blacks should establish endowment funds, particularly donor-advised funds.
(A Donor-Advised Fund give donors ongoing involvement in grant-making initiatives of their fund..)
Conaway’s reasons for creating endowment funds
1. Such funds are a collective and collaborative way of philanthropy. It taps into a body of knowledge that is best practices and connects people in ways who otherwise would not be connected.
2. Such funds help people who may not be as fortunate as you are. Donor cultivation and giving circles provide opportunities to create a tradition of organized giving within the community.
3. Once the fund is set up, it’s established in perpetuity. Donor-advised funds can help build economic development and create long-term sustainability.
4. It is a way of recognizing somebody, something or causes that are important to you.
5. Finally, it’s a tax write-off. Instead of others directing your money, you direct and control it.
Conaway is also principal at New Light High School and a charter member of Epsilon Iota Iota chapter of Omega Psi Phi Fraternity Inc.