PBN - Hawaii legacy gifts could easily total $6b to charities

Hawaii legacy gifts could easily total $6B to charities, HCF says Feb 5, 2016, 1:00am HST Hawaii Community Foundation has a new target: legacy donors.

The nonprofit is launching multiple initiatives to increase “legacy giving,” backed by a simple premise — there could be as much as $6 billion available to charitable organizations if everyone left something behind through their estate.

“Over the years, HCF has conducted several studies on the giving landscape in Hawaii and results showed that there’s great potential in legacy giving,” said Paul Keenen, vice president of philanthropy at HCF. “If people left just 10 percent to charitable purposes in their will or trust, it would equal to upwards of $6 billion of incremental funding to nonprofits.

Think about what that would mean for the future of Hawaii.”

The foundation, which turns 100 this year, is embarking on a two-year statewide campaign, which includes a media campaign, the creation of a new nonprofit Legacy Partners group, and the establishment of a “Catalyst Fund,” which will link likeminded public and private stakeholders to “join in catalytic funding and seed capital for real systems change,” says HCF CEO Kelvin Taketa.

The goal of the campaign is to increase the number of legacy gifts by 500 to 600 gifts over the next two years. The nonprofit is currently calculating the baseline annual legacy gift rate in the Islands.

“We focused on estate giving because at that point in your life, whatever remains upon your death, you can not only take care of your family but also leave something to the community that benefitted you,” Taketa said. “We have nearly 100 partners from health care, environment, to youth organizations, all partnering with us to try to get the word out to their donors and supporters. We appreciate the giving during your lifetime but think about giving something back to the community when you pass away.”

Thus, the foundation’s centennial year is themed, “Philanthropy — It’s All About You.” “It’s meant to have a double meaning,” Taketa said. “If you think you’re removed from philanthropy, think twice, because you’ve been graced by the generosity of many people, and at the same time it’s our turn now to do something.”

The foundation plans to tap into its network of 1,000 donors, partners, and organizations to push the Hawaii Legacy Giving Campaign. Stories of donors and recipients alike will be shared through multiple mediums including print, television and radio.

HFC currently oversees more than 750 charitable funds, essentially legacy gifts of businesses. The ABC Stores founding family is an example — the Kosasas have established seven funds to support multiple causes through the foundation.

Last year, HCF distributed $45 million to the community, including scholarship funds accounting for $4.5 million to 1,350 college students.

Lorin Eleni Gill covers tourism, health care, nonprofits and the University of Hawaii for Pacific Business News. http://www.bizjournals.com/pacific/print-edition/2016/02/05/hawaii-legacy-gifts-could-easily-total-6b-to.html