is proud to sponsor the Communities Foundation of Texas 2025 Professional Seminar.
GPMZ offers a wealth of experience and expertise in estate planning, probate, trust and estate administration, fiduciary litigation, tax planning, and transfer tax reporting. Our team of experienced estate and trust lawyers handle complex matters for wealthy clients. Our practice group is composed of skilled lawyers who routinely tackle complex tax and legal issues to achieve very favorable results for our clients. Our expertise and knowledge allow us to efficiently deliver quality services to clients at highly competitive rates.
Glast Phillips
Murray Zopolsky
DAVID M. ROSENBERG of Holland & Knight LLP Congratulations,
Communities Foundation of Texas is thrilled to announce that David M. Rosenberg has been selected as CFT’s 2025 Vester Hughes Award honoree. David’s practice and expertise is focused on nonprofits, including federal, state, and local taxation, corporate governance, and sophisticated charitable giving techniques. He has vast experience in creating, modifying, maintaining, merging, and dissolving nonprofits of all shapes and sizes.
We applaud and appreciate all David has given to CFT and our community, and are so pleased to bestow this award on David.
“David Rosenberg embodies the best qualities of Vester Hughes, and we are excited to recognize him as our 2025 Vester Hughes Award Recipient. There is no greater seal of approval than something David has created or blessed for a nonprofit. He has dedicated his professional career to the charitable sector, and our region’s philanthropic community has truly been made better through his efforts.”
– Carolyn A. Newham, J.D., CFT General Counsel
Learn more about David’s impact and watch CFT’s tribute video:
From left: Sejal Desai, Roy Lopez, Kymberlaine Banks, Jenna Dillenback, Alfreda Norman, Kiara Eubanks, Elizabeth Sobel-Blum
This presentation will allow attendees to:
• Define the “middle rich” and identify their major estate and retirement planning objectives.
• Identify issues and planning ideas surrounding larger IRAs.
• Discuss and prep ways to structure IRA beneficiaries when trusts are involved.
Like Most Texans, Carter Financial Management Strongly Values Independence.
As a financial planning and wealth management firm based in Dallas for nearly 50 years, we understand the pride that can only be earned by forging your own way, leading others down innovative paths, and taking calculated risks that allow you to achieve your dreams. Our firm is, and always has been, independent, never answering to a parent company or stockholders with agendas that contradict what is right for clients. Our 12 CERTIFIED FINANCIAL PLANNER™ practitioners remain proudly, fiercely independent, ensuring your needs come first. We sleep well at night, knowing we’ve worked hard to do the right thing for every client, every time. In today ’s financial environment of aggregation and consolidation, how independent is your financial advisor?
TRUSTS & ESTATES
YOUR COLLECTION. YOUR LEGACY.
Heritage Auctions is the largest fine art and collectibles auction house founded in the United States, and the world’s largest collectibles auctioneer. With locations all around the world and more than 50 different categories, Heritage has something for every collector.
Our Trusts & Estates team assists professional advisors with complimentary onsite estate consultations, sales proposals for auction, private sales, monetizing donations of tangible assets, and collection advisory services. As a separate entity, Heritage Auctions Appraisal Services, Inc. offers an experienced team of qualified appraisers who produce IRS and USPAP-compliant formal appraisal reports for a variety of purposes.
Michelle Castro Vice
President,
Trust & Estates 214.409.1824 | MichelleC@HA.com
AlTi Tiedemann Global is honored to support the 2025 Professional Seminar by Communities
Foundation of Texas
We commend CFT for its dedication to strengthening the fabric of Texas communities. Through deep partnerships with donors, nonprofits, civic leaders, and mission-driven businesses, CFT is creating pathways for shared prosperity - strengthening communities where every Texan can thrive in wealth, wellness, and wisdom.
OVERVIEW & 2024 FINANCIAL HIGHLIGHTS
WHAT WE DO
Since 1953, Communities Foundation of Texas has grown to become one of the nation’s largest community foundations. Our strategic goals are to: grow community giving, advance community equity, and expand community impact. We represent our donors’ charitable interests and add value through our wealth of community knowledge, along with the leadership of our volunteer board of trustees and the expertise of a professional staff. CFT is committed to serving and understanding donor needs, expertly handling complex gifts, wisely managing charitable funds, and leveraging community knowledge. CFT serves as a hub for collaboration between philanthropists, nonprofits, and other funding organizations across the community.
VALUES
Enhancing the experience and impact of giving through:
1. Exemplary service
2. Wise stewardship of resources
3. Trusted community knowledge
TYPES OF FUNDS
• Donor-advised funds allow donors to remain actively involved in the grantmaking process.
• Business-advised funds support companies’ philanthropic goals with a full spectrum of services, including grantmaking, due diligence, site visits, and community updates.
• Designated funds benefit a specific charitable organization.
• Community impact and field-of-interest funds trust CFT to use its discretion to award grants to local nonprofits meeting current, pressing community needs.
• Scholarship funds benefit students pursuing their academic dreams.
• Supporting organization funds are similar to donoradvised funds, but are legally separate tax-exempt entities from CFT, which offer more opportunities for donor involvement with grants and investments.
• Nonprofit funds allow nonprofits to benefit from CFT’s investment expertise.
FINANCIALS
FISCAL YEAR ENDING June 30, 2024
Total Assets: $1.6 billion
Total Grants Paid: $158 million
Total Gifts Received: $178 million
Number of Funds: 1,300+
TOTAL ASSETS
(in millions, unaudited)
COMPOSITION OF ASSETS
FISCAL YEAR 2024 (i n m illion s, unaudited)
Donor- Advi sed Fund s
W.W. Ca ruth, Jr Fund
Di sc retionar y Fund s
Designated Fund s
Nonprofit Agency Funds
Othe r Suppor ting Or ga nizations
Scholarship Fund s
Tr usts/Annuities
Gene ral Operating/Reser ve Fund s
(in millions, unaudited)
REPRESENTATIVE GRANTS
2025 Education and Workforce Innovation Grants
Grant Totals: $7.5M+
CFT has awarded $7.5 million in grants to eight organizations supporting local education and workforce innovation, furthering efforts to help Texas students thrive in school, in a career, and in life.
Learn more at: CFTexas.org/Education2025
2024 Maternal Health Grants
Grant Totals: $455,000
CFT has awarded $455,000 to 12 North Texas nonprofits through its 2024 Health Grant opportunity. CFT’s Health Grant opportunity drives holistic care for people throughout their pregnancies, connecting parents to quality healthcare during the perinatal period, which encompasses the time from when one becomes pregnant to after birth.
Learn more at: CFTexas.org/Health2024
Forest Forward Grant
Grant Total: $5M
Forest Forward is now fifty percent to its capital campaign goal with the announcement of a $5 million investment from Communities Foundation of Texas.
Forest Forward’s campaign to raise $75,215,000 is well underway to support the vision of igniting a just, healthy, and thriving South Dallas.
Learn more at: CFTexas.org/Forest-Forward
GRANTS DISTRIBUTION
FISCAL YEAR 2024
KEY INITIATIVES
CFT’s NORTH TEXAS GIVES
Communities Foundation of Texas’ North Texas Gives is an expansion of the foundation’s largest annual community event, North Texas Giving Day. To support local nonprofits and grow community giving, 100% of donations made through NorthTexasGivingDay.org go directly to participating nonprofits, all year long. There are more than 25 cause areas across 20 North Texas counties represented to choose from to support.
Through ongoing cause campaigns, matching fundraisers, group giving events, and nonprofit-led fundraising efforts, NorthTexasGivingDay.org is the one-stop-shop for supporting our local community.
EDUCATE TEXAS
Educate Texas is an innovative alliance of public and private groups that share a common goal: improving the public education system so that every Texas student is prepared for success in school, in the workforce and in life. Launched in 2004 as the Texas High School Project, Educate Texas has made a positive impact on the lives of hundreds of thousands of low-income or underserved students in low-performing schools throughout Texas.
CENTER FOR BUSINESS IMPACT
Since 2017, Communities Foundation of Texas (CFT) has worked with companies of all sizes to grow their impact in North Texas. The Center for Business Impact (formerly CFT for Business) is a one-stop shop for businesses looking to make the greatest positive impact on our region.
Comparison of DONOR-ADVISED FUNDS and PRIVATE FOUNDATIONS
POINTS TO CONSIDERDONOR-ADVISED FUND at CFTPRIVATE FOUNDATION
LEGAL IDENTITY
TAX STATUS
DONOR INVOLVEMENT
PRIVACY
MINIMUM CONTRIBUTION
ANNUAL CHARITABLE PAYOUT
IRS REPORTING
LIABILITY and RISK INSURANCE
Component fund at Communities Foundation of TexasSeparate nonprofit entity
Public charity
Donor recommends investment allocation and grants to nonprofits, which are approved by CFT
Donor may be anonymous
$5,000
Not applicable; no artificial timeline
CFT handles collectively
Provided by CFT
FIDUCIARY RESPONSIBILITY CFT fulfills
TAX DEDUCTIONS
INCOME TAX DEDUCTIONS for CASH GIFTS
INCOME TAX DEDUCTIONS for APPRECIATED STOCK GIFTS
INCOME TAX DEDUCTIONS for REAL ESTATE and CLOSELY HELD STOCK GIFTS
GRANTMAKING
ADMINISTRATION
Fair market value up to 30% of adjusted gross income
Fair market value up to 30% of adjusted gross income
Private charity
Donor appoints board which controls investments and grantmaking; subject to IRS requirements
Asset and grant information is public
Typically, several million dollars
At least 5% of assets
Annual IRS Form 990 filed with required reporting schedules
Purchased by the foundation
Board fulfills
Up to 30% of adjusted gross income
Fair market value up to 20% of adjusted gross income
Cost basis up to 20% of adjusted gross income
ADMINISTRATION AND GRANTMAKING
CFT assists donor in identification and vetting of nonprofits
Services provided by CFT
TAX DEDUCTIONS
Establishes and supports a grantmaking and monitoring structure
Accounting, investments and IRS filings handled by foundation
START-UP COST
SERVICE and INVESTMENT FEES
EXCISE TAXES
None
Moderate
None
Varies with size and complexity
Varies with size and complexity
Subject to an excise tax of up to 2% net investment gain, including net capital gain and income
CONVERTING TO A PRIVATE FOUNDATION
Converting a Private Foundation
Help make your giving easier and more enjoyable
Although private foundations are powerful giving vehicles, they can be costly and time consuming to maintain. Donor-advised funds are increasingly being used as an alternative to private foundations. They offer all the same benefits of charitable giving with easier ongoing management, improved tax deductions, increased grant flexibility, and anonymity at a lower cost than foundations.
Benefits of a donor-advised fund include
• Ease of giving: no separate tax returns, required payouts, required board meetings
• Immediate tax deduction on contributions, and the flexibility to support charities over time
• Ability to contribute certain assets beyond cash equivalents and publicly traded appreciated securities
• Option to remain anonymous on grants
• Opportunity for an advisor to actively manage charitable assets
• A charitable partner to manage and steward your charitable legacy
1. Private Foundation Closure
Your private foundation board must review its governing documents (and applicable state laws) to determine whether the desired dissolution is permissible and what is required.
3. New Fund Creation
You can establish a donor-advised fund by working with staff to complete a fund agreement and fund form to name the fund, designate current advisors and advisory structure, recommend investment options and create a legacy plan.
5.Final Paperwork
When the asset transfer is complete, your private foundation must make necessary filings in the state where it was created before it can be dissolved as well as with the IRS, including final IRS Form 990-PF.
2. Remaining Obligations
If your private foundation has any outstanding payments such as taxes, grants or fees, these must be paid before trasferring assets to a donor-advised fund. A reserve must be created for any additional anticipated expenses. Once assets are transferred to a donor-advised fund account, they can be only granted to public charities.
4. Asset Transfer
Because CFT is a public charity, transferring assets to the newly created fund is similar to making a grant from the private foundation. We can accept a variety of assets including: cash, stock, mutual funds, real estate, artwork, and other tangible personal property. You will need to work with CFT staff to determine the necessary due diligence for transferring illiquid assets.
DonorAdvised Fund
CFT’S CHARITABLE GIVING EXPERTS
Planned Giving and Donor Services Team
Center for Business Impact Team
Nick Marino, Jr. Center for Business Impact Director
Kymberlaine Banks Senior Business Engagement Officer
Elizabeth Corley Business Engagement Officer
Michelle Mai Senior Officer of Strategic Partnerships
Samantha Mitchell Senior Donor Relations Officer
Ashley Park Donor Relations Officer
Michala Thomas Donor Engagement Officer
Hannah Huddleston Senior Officer of Donor Engagement
Katie Kuehl Senior Scholarships and Nonprofit Funds Officer
Elizabeth Liser, CAP® Senio D Engageme
Amanda Little D Relations and Research Officer
Heather Lothes, CAP® Donor Relations Officer Collin County
Carolyn A. Newham, J.D. General Counsel
Morgan Richards Director of Charitable Gift Planning Officer of Donor Relations Collin County
Nick Marino, Jr. Center for Business Impact Director
Kymberlaine Banks Senior Business Engagement Officer
Elizabeth Corley Business Engagement Officer
Michelle Mai Senior Officer of Strategic Partnerships
Samantha Mitchell Senior Donor Relations Officer
Ashley Park Donor Relations Officer
Boski Sharma, CAP® Director of Donor Relations
Michala Thomas Donor Engagement Officer
Hannah Huddleston Senior Officer of Donor Engagement
Katie Kuehl Senior Scholarships and Nonprofit Funds Officer
Elizabeth Liser, CAP® Senior Donor Engagement Specialist
Amanda Little Donor Relations and Prospect Research Officer
Heather Lothes, CAP® Donor Relations Officer Collin County
Carolyn A. Newham, J.D. General Counsel
Morgan Richards Director of Charitable Gift Planning
Jeri Chambers, CAP® Senior Officer of Donor Relations Collin County
Melissa Hardage Senior Director of Donor Engagement
incredible. together.
As North Texas faces enormous growth, Children’s HealthSM is transforming the pediatric landscape for kids today and for generations to come.
Members of our newly established Advisor Advocacy Alliance work together with Children’s Health to make life better for children across our region, expand philanthropic-based relationships and connect clients to philanthropic education to accelerate donation opportunities.
Be incredible. Join the Alliance.
Becoming a member is easy. To learn more or join the Alliance today, visit give.childrens.com/alliance or scan the QR code.
BOARD OF TRUSTEES
CFT’s funds and underlying
CFT’s funds and underlying assets are governed by an independent board of trustees, composed of respected community leaders from diverse backgrounds. They are selected for their knowledge of and commitment to community needs and for their professional expertise. The trustees’ charge is to understand donors’ interests and the roles of nonprofits, acting as stewards of more than 1,300 funds. Trustees serve without compensation and exercise the final authority with regard to all CFT investments and charitable grants.
are governed by an independent board of trustees, composed of respected community leaders from diverse backgrounds. They are selected for their knowledge of and commitment to community needs and for their professional expertise. The trustees’ charge is to understand donors’ interests and the roles
all
charitable grants.
Arcilia
Rakesh
Matrice
José (Pepe) Guevara
Arcilia
Gunjan Jain Owner
Peter Brodsky
Katie Robbins
Sarah Losinger Civic Leader
Richie Butler
CHAMPIONING YOUR SUCCESS
At HighGround, we’re your biggest supporters. For 95 years, we’ve protected and grown the assets of nonprofits and the donors who support them through expert investment management and gift planning solutions. Your mission inspires us, and we’re here to champion your success. Let’s make an impact together—call us today!
UPWARD
ACCOUNTING – CONSULTING – WEALTH MANAGEMENT
To look forward and rise to the challenges ahead requires welcoming change with optimism. It’s how Moss Adams uplifts businesses and individuals to strategically plan for, and go, where they want to be next. Discover how our advisory solutions can help elevate your performance.
MOSSADAMS.COM/UPWARD
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SIMPLIFY your Giving
Your charitable giving does not have to be complex to be effective and tax advantageous. Using a fund at CFT will allow you to support all of your favorite nonprofit organizations, and you will only have to track one gift receipt.
DEDICATED Relationship Manager
Imagine having your own personal concierge for charitable and legacy planning as well as curated educational opportunities.
EXPERTISE with Complex Assets
Rely on our experts to manage the review, receipt and management of the full range of your complex assets.
ADVANCED Grantmaking Support
Are you looking to make a larger impact? Our team will support you through large, multi-year, data-driven grantmaking and reporting.
EXPANSIVE Community Knowledge
With extensive community knowledge of the nonprofit landscape, we vet 5,000 grants per year and are happy to put our expertise to work for you.
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CUSTOMIZED Giving Plans
Whether you want to cure cancer, regularly give to your house of worship or advance education at a chosen school, our expert staff can help you develop a custom plan to reach your charitable goals—no matter what they are.
EDUCATIONAL Opportunities
You will be invited to learn more about our community and its current needs through our events, publications and our annual fund holder dinner. Plus, we’d be honored to host family meetings or values exercises for groups of your choosing.
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CUSTOMIZED Legacy Planning
Do you want someone to carry out your wishes beyond your lifetime? We specialize in deep customization for long-term legacy planning and have experience working with multiple generations, too.
GIVEWISELY Series
Our GiveWisely program empowers you to think critically about why and how you give.
9 REPUTATION for Excellence
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Since 1953, Texans have counted on us as their go-to charitable resource, trusting our wise stewardship, vast network, thoughtful counsel, and excellent service.
