Fall05newsletter
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Fall 2005 COMMUNITIES FOUNDATION Impact of TEXAS Bringing Visionary PhilanthropistsT and Worthy Causes Together In This Issue CFT and the DPD 1 CFT Invests in Future CFT’s new President, Brent Christopher 1 Hurricane Relief 2 Texas High School of Dallas. Project 3 Mabel Caruth’s Portrait 4 $15 Million Grant for Public Safety, the Largest ever from W. W. Caruth, Jr. Foundation Fund Another Great Year 5 ommunities Foundation of Texas has made an unprecedented investment in the Dare Mighty C Things City of Dallas. Charles J. Wyly, Jr., Chairman of the Board, announced at a press New President Promises Respect, Trust, and Vision conference August 4 that a three-year, $15 million grant has been made from the Brent E. Christopher began work as CFT’s new president and CEO W. W. Caruth, Jr. Foundation Fund of CFT to the Dallas Police Department to by paying tribute to the “long, solid history of CFT” and voicing improve public safety. his intention to respect it and build on it, with courage and vision. “We will treat as sacred Dallas City Mayor Laura Miller, City Manager Mary Suhm, remarkable legacy of Will Caruth, that is, instead, trans- our reputation as a secure, trusted philanthropic resource.” and the Police Department’s full command and control forming. It’s about developing and sustaining a successful At the September 13 reception officer corps, the police bagpipers, color guard and choir, program to deliver public safety in Dallas.” in his honor, wearing his trademark bow tie, Mr. Christopher thanked and the canine, equestrian and helicopter units joined In honoring Mr. Caruth’s explicit commitment to public the trustees for their support and for granting him “the extraordinary CFT trustees, officers and donors for the announcement safety, CFT has previously funded a number of specific opportunity to extend the reach of ceremonies at the Mabel Peters Caruth Center. police department programs and equipment needs, but philanthropy.” In addition, he thanked the CFT staff for welcoming The grant, the largest ever made from the W. W. never anything so comprehensive or on such a scale as this him to their high-performing team. He reserved his deepest gratitude for Caruth, Jr. Foundation Fund, and the largest on record grant. CFT trustees first learned of the opportunity to Jack Kinnebrew and his four years from a community foundation to any municipal police make their unique investment when immediate past of exceptional leadership as interim executive director of CFT. force in the United States, will be used initially to fund Continued on page 3 The new president and CEO then told guests that his first priority approximately $5 million in critical at CFT is to pursue relationships built on trust, because “those rela- equipment needs outlined by tionships – both old and new – Dallas Police Chief David Kunkle. form the basis for CFT’s highly respected philanthropic profile in The remaining $10 million has both the donor and the nonprofit communities.” been allocated to the DPD to study Continued on page 2 best police practices and to develop and implement a comprehensive strategic plan to reduce Dallas’ unacceptably high crime rate. September 13, 2005 - CFT But the grant is not simply Welcomes Brent E. Christopher as President and Chief Executive about fighting crime. As J. Cook, Officer of Communities Foundation of Texas (Left to Right) CFT vice president of grants, Nancy Brinker, CFT Advisory Council August 4, 2005 - The W.W. Caruth, Jr. Foundation Fund of Communities Foundation of Texas awards member; Charles Wyly, CFT Board notes, “That would be too transitory. $15 Million Grant to The City of Dallas Police Department (Left to Right) Vester Hughes, CFT Senior Tax Chairman; and Brent Christopher, CFT Counsel; Brent Christopher, CFT President and Chief Executive Officer; Charles Wyly, CFT Board Chairman; David Kunkle, President and Chief Executive Officer This is a grant, true to the Dallas Police Chief; Charles Terrell, Civic Leader & Founder – Safer Dallas Better Dallas; J. Cook, CFT Vice President, Grants YOUR GIFTS IN ACTION Continued from page 1 He also said there will be new opportunities – new ways to give, new ways to help, new ways to Providing Relief. make the world better. “The world is changing around us, and change is Help for Hurricane Victims and New Giving Rules for Donors at the heart of philanthropy – pos- itive change, the desire to improve conditions and seize opportunities for the good of our communities.” donated by an individual to any charitable purpose. As an example, he explained In the wake of Hurricanes Katrina and Donations made directly to nonprofit groups, as well as CFT’s recent $15 million grant from the W. W. Caruth, Jr. Rita, Communities Foundation of Texas to any of CFT’s unrestricted, designated beneficiary, and Foundation Fund to the Dallas field-of-interest funds will qualify for the temporary tax Police Department as “a response to change in the community” (the so far has delivered over $1.3 million break. For example, a donation to the CFT unrestricted nation’s worst crime rate for seven years running). And the grant from donors in the North Texas area to fund for disaster relief would qualify for an unlimited tax will itself “create change in the deduction, as would a donation to the CFT Young Artist form of increased safety.” (For more information about the Dallas both national and local relief efforts. Fund. However, the new law does not apply to gifts made Police Department grant, see page 1.) In addition, the Foundation’s to donor-advised funds or supporting organizations. immediate response to the The Foundation’s prompt support for Gulf Coast storm In addition to typical sources of cash, donors may Hurricane Katrina disaster (see victims illustrates the ability of a public charity to serve adjacent article) will change as want to consider converting savings bonds, commercial the need to rebuild supplants relief as a vehicle for an efficient, effective emergency response, annuity policies or other assets – and, if they are at efforts, he said. Finally, paraphrasing Teddy says J. Cook, CFT vice president for grants. Several new least 59, IRAs or other qualified retirement plans – to Roosevelt, Mr. Christopher challenged designated charitable relief funds were opened, grants the trustees, officers and staff, cash, and making charitable gifts now to take advantage donors and guests to join him in were made from CFT’s own unrestricted disaster relief of the unlimited income tax deduction. “daring mighty things” with CFT. fund, and a number of donor-advised He cited Roosevelt’s admonition, “It is hard to fail; but it is worse funds provided necessary resources to never to have tried to succeed.” Concurring with that charge, Mr. relief agencies, in particular the American Christopher challenged CFT donors Red Cross and The Salvation Army. and staff alike to dream big in order to capture the full potential of Individual grants ranging from $200 to matching charitable resources with $250,000 were recommended by donors needs for community investment. The trustees, whose selection of for the benefit of churches and other Mr. Christopher was unanimous, conducted an exhaustive national religious institutions, schools, and a broad search for the new executive. The range of relief organizations in accordance new president and CEO, however, comes to the Foundation from just with each donor’s CFT fund agreement across town, where he served with notable success as a development and the relevant tax law. director with Children’s Medical In the midst of this overwhelming Center Dallas, and before that, as vice president for advancement at charitable response, Congress changed Dallas Baptist University. the tax rules by enacting the 2005 Katrina It was, in fact, because of his position with the University (which Emergency Tax Relief Act. Designed to had received a $5 million grant from the Ruth Ray Hunt Fund of CFT), provide tax relief for storm victims, the that he attended the groundbreaking legislation signed by President Bush ceremonies for the new Mabel Peters Caruth headquarters building. He September 23 also contains significant tax turned his shovel of dirt, he recalled incentives for charitable giving, including at the reception, in a place just outside what is now his new office, contributions to community foundations like CFT. never imagining the transition he As always, Communities Foundation of Texas rec- would make four years hence. The key element of the new law suspends the income ommends that donors consult with their personal advisors Mr. Christopher is a graduate tax deduction limitation on gifts of cash made to public of Baylor University and the and tax consultants about specific gifts and, in particular, University of Texas School of Law. charities by individuals between August 28, 2005 and about the effect of the Katrina Emergency Tax Relief Act. He received an M. A. in Political Science and Political Culture from December 31, 2005. Normally, individuals are limited to Corporations also stand to benefit from the sus- the University of Nottingham in deducting charitable gifts only up to 50 percent of their England, and also spent a semester pension of the charitable contribution limitation, but during law school at The University adjusted gross income. exclusively for donations to hurricane relief efforts. T of London, Queen Mary & The new law applies only to cash and not to Westfield College. He and his wife, Alissa, have two children, Emily appreciated assets. Qualifying contributions, however, and Ethan. T are not limited to hurricane relief efforts, but can be 2 COMMUNITIES FOUNDATION of TEXAS CFT Joins Unique Partnership to Help Schools Make the Grade. Private Foundations and State Initiate Texas High School Project investment operations. The Texas Education providing educator training and professional The goal is lofty: to increase Agency coordinates the $60 million public development opportunities.