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July 09, 1993 - Image 30

Resource type:
Text
Publication:
The Detroit Jewish News, 1993-07-09

Disclaimer: Computer generated plain text may have errors. Read more about this.

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30

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MEMBER OF MICHIGAN
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Exercis e
regulatiy•

WE RE F !GE 1 I ING OP
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American Heart
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DEVOTED DONORS page 28

ation is a recognized public
charity and entitles the
donor to the maximum
charitable deduction under
current law. It provides a
special means for future
generations to become
involved in philanthropy.
Non-affiliated organiza-
tions such as synagogues
provide more limited
options. Congregation
Shaarey Zedek established
a fund in 1979 to increase
community services. Two
hundred families have con-
tributed by making dona-
tions that are invested by a
finance committee.
Earnings on the endow-
ments are used for educa-
tion, family, senior and
other programs.
Temple Beth El has
made arrangements with a
long distance phone service
that interested members
can use and increase
endowment giving at the
same time.
Each month, the temple
receives a check equivalent
to 10 percent of the cost of
participants' long distance
and toll calls. JARC also
provides endowment oppor-
tunities.
Regardless of the recipi-
ent, there are personal
financial benefits associat-
ed with endowments.
For those like Mr.
Stewart, there are tax ben-
efits based on the charita-
ble gift. Other donors can
choose to give a specific
amount to a charity, get a
tax benefit and in addition,
receive for life the income
from the investment of that
contribution by the charity.
When the donor dies, the
charity becomes the recipi-
ent of that income. Another
way to endow is through
life insurance policies.
Under this plan, a donor
purchases an insurance
policy and makes a charity
the beneficiary. The donor
in return gets a tax break
on the premium.
"We do know that people
are more likely to create
endowment funds when
they have been involved
personally in a program or
project," said Joe
Imberman, director of the
Federated Endowment
Fund.
Mr. Imberman's staff
works closely with contrib-
utors by channeling their
endowments according to

donor's wishes. Because of
his interest in ongoing
improvements in senior
activities for his aunt, Mr.
Stewart chose Horizons.
"Endowments help us
know where cash flow is
coming from to fund our
agencies in the future," Mr.
Imberman said, adding
that money raised from the
Allied Jewish Campaign is
not sufficient to meet the
increasing needs of the
community.
Endowment funds of the
United Jewish Foundation
are under the direction of
an investment committee,
explained Mark Davidoff,
chief financial officer of the
Federation.
The committee consults
with Stratford Advisory
Group Inc., a firm that spe-

A computer
tracks the value
of the donation as
well as projected
tax benefits and
earnings.

cializes in strategy devel-
opment and monitoring of
investment programs for
nonprofit concerns.
"The Investment Com-
mittee engages nationally-
recognized fund managers
who are both prescreened
by Stratford and inter-
viewed by the committee,"
Mr. Davidoff • said.
"Performance of each fund
manager is measured On a
monthly basis."
When individual contrib-
utors want to get informa-
tion about plans that might
affect them, Federated
Endowment Fund staff can
provide computer printouts
specific to their described
circumstances. The com-
puter tracks the value of
the donation as well as pro-
jected tax benefits and
earnings.
Staff members also keep
alert to grants offered
within the community and
have worked with the
Jewish Vocational Service
in obtaining one.
Barbara Nurenberg,
executive director of the
agency, reports that a
grant from the Van Dusen
Endowment Challenge is

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