THE COMMUNITY FOUNDATION VALUE PROPOSITION: An Introduction to Community Foundations and the Services they Provide to Estate Planners and their Clients
By Terence Mulligan* and Chris Nicholson**
I. A BRAVE NEW WORLD
Philanthropy isn’t what it used to be. In the last 10 years, the field of charitable giving has changed so profoundly that new words and phrases have been born into our language to describe trends and activities reshaping the independent sector. These include venture philanthropy, social capital, giving circles, social return-on-investment and the intergenerational transfer of wealth.
During this time, a network of organizations with several decades of experience has come of age, engineering many of the recent developments in the field of giving. These organizations are called community foundations and they are playing an increasingly prominent role in both charitable giving and the estate planning process, especially in California. This article surveys recent changes in the charitable giving marketplace, provides a background on the community foundation field in California and illustrates the services that these organizations offer to estate planners and their clients.