TRIBUTE GIFTS The Bar Foundation gratefully acknowledges those who have made gifts in memory of a colleague or friend of the Bar July 1, 2011 through September 30, 2011. Names in bold denote the honoree.
In memory of… Julian H. Gignilliat R. Read Gignilliat John F. Hardaway Jane W. Trinkley Clarke W. McCants Jr. Catherine H. Kennedy Hon. Jamie Lee Murdock Jr. Margaret D. Fabri John L. “Jack” Nettles Hon. T.L. Hughston Jr. Hon. Matthew J. Perry Jr. James M. Brailsford III George B. Cauthen Hon. T.L. Hughston Jr. James A. Stuckey Jr. Thomas B. Pollard Jr. T. Eugene Allen III George B. Cauthen William R. Regan John M. Bleecker Jr. Donald V. Richardson III Catherine H. Kennedy Emil W. Wald W. Clarkson McDow Jr. Robert S. Wells
In honor of… Hon. Marion D. Myers James A. Stuckey Jr. Hon. Karen J. Williams Barbara G. Barton
A newsletter from the South Carolina Bar Foundation Our mission is to fund the advancement of justice by improving access, education and accountability.
Foundation Makes Additional Grant Awards for FY 2012
In the last issue of Foundation Brief, the grant awards for FY 2012 were presented. After much deliberation, the Board decided to award an additional $250,000. As such, 17 entities are a part of the Foundation’s grant program for the year.
Civil Legal Aid Center for Heirs’ Property Preservation Charleston Pro Bono Legal Services Citizens Opposed to Domestic Abuse (CODA) Crisis Ministries Lowcountry Legal Volunteers SC Appleseed Legal Justice Center SC Legal Services Sistercare
$ 40,000 $ 10,000 $ 35,000 $ 46,000 $ 60,000 $ 10,000 $ 1,025,000 $ 25,000
Law Related Education SC Bar LRE Division USC Pro Bono Program YMCA Youth in Government
$ 210,000 $ 15,000 $ 10,000
Administration of Justice The National Judicial College Richland County CASA SC Access to Justice Commission SC Bar Ask-A-Lawyer Program SC Center for Fathers & Families Upstate Mediation Center
$ 15,880 $ 7,490 $ 80,000 $ 40,000 $ 64,020 $ 25,000
“We know that this ‘new reality’ of IOLTA revenue is something we must deal with proactively.”
In consultation with the Foundation’s investment team, Abacus Planning Group, it was determined that the Foundation could stretch its grant making capacity a tad further without damaging the portfolio’s overall ability to grow. Foundation President Wallace K. Lightsey said, “The Foundation Board has faced some tough decisions within the past year. Obviously, we want to award as much in grant funding as we possibly can. But we also understand the delicate balance of making sure that the Foundation’s reserve funds are preserved for the future. Having them available for use during the economic decline was critical to the existence of many organizations that we fund. We know that this ‘new reality’ of IOLTA revenue is something we must deal with proactively.” It is also the intent of the Foundation to continue to diversify funding sources as IOLTA revenue alone cannot sustain the need. Bar members will hear even more in coming months regarding cy pres, donor relations and planned giving as well as increased requests for support of the annual Gala.
Leverage Your Dollars — Gifts of Appreciated Securities Abacus Planning Group Making a donation to a favorite charity is following an altruistic instinct that simply feels right. It can be even more satisfying when done right. A charitable gift can be in the form of time, money or in-kind donation. Whichever the case, the goal is to have the most positive impact possible – on both the recipient and the donor. Using a smart strategy to guide your giving decisions can “supercharge” your generosity.
As the example illustrates, the government provides tax incentives for charitable contributions of an appreciated investment. Not surprisingly, of course, there are rules to follow to receive maximum tax benefits. First and foremost, you must itemize your deductions rather than taking the standard deduction. By itemizing, you can deduct charitable contributions up to 30% of your income if you donate appreciated assets. (The figure is up to 50% of your income if you donate cash.) If your charitable contribution is larger than these percentages, you may carry over the remaining deduction to offset future income.
Case in point: Gifting shares of a stock, mutual fund or even real estate that have appreciated significantly since you purchased or inherited the investment is one avenue to enhancing the significance Because of the carry-over possibility, it is often a good idea to of a charitable donation. Yes, the majority of charitable donations frontload your charitable contributions during an unusually high are cash. Gifting appreciated securities, however, can be an effective income year. Perhaps it is a year when way to support the causes you care about you sell a business, earn a large bonus, and save on the taxes you pay at the same “… the goal is to have convert a traditional IRA to a Roth IRA, time. Think of it as a win-win scenario. etc. If you feel uncomfortable giving a the most positive impact It works like this. When you give app“larger than normal” amount of money to reciated securities to a charity, you are possible – on both the charity in one year, consider setting up a able to deduct the market value of the donor-advised escrow fund. Such a fund stock at the time of the donation, and recipient and the donor.” allows you to receive the tax deduction the charitable organization is allowed to of the gift in a single year while retaining sell the stock without paying capital gain the option to spread the distributions to charities over an extended taxes. Why is that such a valuable option? A study by Fidelity, based on period of time. 2004 gifting levels and account values, estimated that Americans can Grants made from the South Carolina Bar Foundation have a save between $2.2 and $4.5 billion in taxes if appreciated securities meaningful and lasting impact on the lives of South Carolina are gifted – as opposed to cash. The benefits of donating appreciated residents. Gifting appreciated securities, when appropriate, is one of securities increase substantially as the amount of asset appreciation many charitable strategies that can be of direct benefit to you, the increases. Look at the math in this example: You have an asset worth South Carolina Bar Foundation and the people who receive our help. $3,000. You purchased that asset for $500. You give a $3,000 gift to a In the next issue we will discuss, in more detail, the procedures and charity via that asset and save the $375 in taxes that would be due if pluses of donor-advised escrow funds. you sold the stock yourself. Again, we’re talking win-win here.
SC Bar Foundation and the SCDTAA – A Great Partnership The Bar Foundation expresses its thanks to the SC Defense Trial Attorneys’ Association for its recent gift of $3,722.50. The funds were generated by the SCDTAA’s silent auction held at the summer meeting in Asheville, NC. SCDTAA gifts a portion of auction proceeds to benefit the Foundation’s Children’s Fund. The fund, established in 1994, was created to serve as an additional resource for law related projects that improve the welfare of children. Thank you to SCDTAA for helping the Foundation expand its reach and positively impact the lives of children in our state.
The Foundation also serves as an exhibitor for the conference — sharing news about IOLTA and Foundation grantees.
Memory Hold the Door
Meet Olesya Matyushevsky, staff attorney at Citizens Opposed to Domestic Abuse (CODA).
The Bar Foundation is pleased to continue its support of the South Carolina Bar and the University of South Carolina School of Law’s Memory Hold the Door program. Memory Hold the Door was established in 1858 to preserve “the spirit and high ethical and professional standards of past leaders of the legal profession.”
CODA serves Beaufort, Colleton, Hampton and Jasper counties.
“When I went to law school I wanted to change the world. When I graduated, I understood it was impossible to change the world. However, by joining CODA, I am changing part of the world. I believe what I do for women is helping them to start a new beginning.”
The Foundation contributes funds in memory of those selected by the Memory Hold the Door committee. The funds will be utilized to promote the welfare of the legal profession by funding lectures, student scholarships as well as academic research and related programs. In years past, the Memory Hold the Door Committee asked families to make financial gifts in support of their loved ones. The new practice is for the Foundation to invite contributions from individuals and firms wishing to honor these worthy individuals. Those wishing to make a tribute gift may do so directly to the Bar Foundation. The ceremony will be held Thursday, January 19 from 5:00 to 6:30 PM during the SC Bar Convention at the Columbia Metropolitan Convention Center.
In the past grant year, Olesya provided legal counsel and representation to 252 clients under the IOLTA grant. Of the many she served – here is a snapshot of some of the things she has accomplished: • Represented 89 clients in court • Petitioned for 44 Orders of Protection in Family Court
Roy D. Bates Hon. Walter B. Brown Jr. Hon. Mary E. Buchan Cotton C. Harness III Leo H. Hill Hon. Matthew J. Perry Jr. Gene V. Pruet Professor Charles H. Randall Jr. Hon. Wyatt T. Saunders Jr. Individuals and law firms wishing to honor the selection of an individual to Memory Hold the Door should do so with a tribute gift to the SC Bar Foundation. A donation form is included on the back of this newsletter.
• Enforced Family Court Orders by representing 6 clients in contempt actions • Assisted 7 with custody awards • Filed 16 divorce actions • Filed numerous Motions which helped resolve issues without the need for a court hearing Putting it in perspective – to date this year, three women have been murdered by intimate partners in the four counties served by CODA. Your support of the Bar Foundation helps Olesya and her colleagues at CODA prevent deaths caused by domestic abuse.
Call for Sponsors Gala sponsorships are still available. Tables seat 8 and start at $1,200. Individual and couple sponsorship levels are available as well. Responses needed by November 9 for early publication purposes. Contact Shannon Scruggs at email@example.com or 803-765-0517.
Upcoming Events Tuesday, November 1, 2011 • DuRant Distinguished Public Service Award Nominations Due
Tuesday, December 6, 2011
Saturday, January 21, 2012
• Featuring the Upstate Mediation Center, YMCA Youth in Government, SC Legal Services and honoring Upstate Attorney Ronnie M. Cole • FREE breakfast CLE (applied for 0.5 ethics credit hours) • West End Community Development Center • 8:00 AM – 10:00 AM • Contact firstname.lastname@example.org to RSVP
• Honoring the Nifty Fifty of the SC Bar (Classes of 1961 and 1962), the Ellen Hines Smith Legal Services Lawyer of the Year and the SC Bar Pro Bono Lawyer of the Year • Columbia Metropolitan Convention Center • Sponsorships available now – individual tickets on sale November 1
Thursday, November 10, 2011 • Foundation presentation at York County Bar meeting Thursday, November 17, 2011 • Bar Foundation Board Meeting
Bar Foundation Gala
Phone: ______________________________ Email: ______________________________________________
The silent auction has become an
Gift Amount $ ______________________
Please make checks payable to SC Bar Foundation.
Designation (choose one)
q $1,000 Society of Justice q $500-$999 Rutledge Patron q $250-$499 Wright Patron q $100-$249 JM Perry Patron
q Apply my gift where
q My gift is a tribute gift
it is needed most. q Children’s Fund q Disabled Lawyers Fund q Brewer Professionalism Fund
(provide details on check). q I have included the Bar Foundation in my will. q I am a member of the YLD; my gift is $300 which qualifies me to be listed in the Young Lawyer Legacy.
SC Bar Foundation • PO Box 608 • Columbia, SC 29202
integral part of the Foundation Gala. Popular items include vacation homes, jewelry, artwork and rounds of golf. If you are willing to donate an item, please contact Dee Sanders at email@example.com or 803-765-0517.
The SC Bar Foundation, Inc. is a 501(c) 3 charitable organization and all contributions are tax deductible within the limits of the law.
Give online via scbarfoundation.org
PO Box 608, Columbia, SC 29202
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