America turns 250 this year and while the excitement is really ramping up now, the party planning has actually been in the works for years. Our donor services staff has been assisting committees in both Cambria and Somerset counties as they raise funds to support all kinds of activities associated with their respective America250 celebrations. There will be parades, fireworks, live music, essay contests, keynote speakers, and much more!
With so much focus on the considerable effort it takes to recognize such a momentous occasion, it’s easy to lose sight of the tremendous task it truly must have been to draft the Declaration of Independence and shape our nation’s identity all those years ago. Our founding fathers were responsible for not only seeing that the matters of their present day were appropriately addressed in the document, but also for peering into the future to anticipate and support the opportunities and challenges of generations to come.
While 56 delegates signed the Declaration of Independence and five are credited with drafting it, there was one who really took its vision and foresight to the next level with a personal commitment to see that his legacy would be fulfilled. In writing his will, Benjamin Franklin said, “…I wish to be useful even after my death…” So, among other distributions, he included a bequest of 1,000 British pounds to the City of Philadelphia and the Commonwealth of Pennsylvania, with instructions that the funds not be spent for 200 years so they could grow through compound interest. By 1990, that investment grew substantially and the Commonwealth had more than $2 million to distribute. It was determined that community foundations across Pennsylvania should receive a portion of Franklin’s estate to create endowments that would meet the needs of their particular regions, in perpetuity. So in 1992, the Community Foundation for the Alleghenies received its share – a $30,000 gift from Ben Franklin, 202 years after his death.
We are pleased to hold the Ben Franklin Fund under our umbrella. Since inception, it has awarded more than $15,000 in grants to a variety of local nonprofits, and its fund balance has doubled to $60,000. Indeed, Franklin will continue to be useful.
As you consider your own legacy, we encourage you to be as thoughtful as Franklin in planning for the future – both for your loved ones, as well as for your community. If the prospect seems daunting, the good news is you don’t have to do it alone. The Community Foundation is here to help you design a legacy around the causes that mean the most to you. Additionally, we work with dozens of professional advisors who offer expert estate services to help you meet your individual goals.
You don’t need to draft anything as impressive as the Declaration of Independence to make a lasting difference. You simply need to consider a charitable endowment as you document your estate plans. The Community Foundation is happy to work with you and your advisors to outline exactly how your future philanthropy will work.
If you have been putting off writing or updating your own will, we encourage you to follow Franklin’s philanthropic example by putting your pen to paper. What will your legacy be in the upcoming years, in 100 years, or in 250 years?
