• Land Bank - Restoring Properties
  • Thanks For Making The Great New York State Fair Even Greater!
  • Alzheimer’s Association
  • 15 for CNY
  • Syracuse Financial Empowerment Center - One On One
  • 38th Annual Rev. Dr. Martin Luther King Ir. Celebration
  • Syracuse Stage - Espejos: Clean

Celebrating Urban Life Since 1989

Menu Hamburger White
  • Land Bank - Restoring Properties
  • Thanks For Making The Great New York State Fair Even Greater!
  • Alzheimer’s Association
  • 15 for CNY
  • Syracuse Financial Empowerment Center - One On One
  • 38th Annual Rev. Dr. Martin Luther King Ir. Celebration
  • Syracuse Stage - Espejos: Clean

New Report Commissioned by the Central New York Community Foundation Discovers Opportunity for Local Charities’ Future

September 6, 2022 – Research commissioned by the Central New York Community Foundation has found that a combined net worth of $245 billion in Onondaga, Oswego, Cayuga, Madison and Cortland counties is poised to experience an 11% transfer between generations, totaling $25 billion over the next 10 years.

The research, conducted by LOCUS Impact Investing, also found similar results for 15 counties* in the Upstate New York area. Over this larger region, the combined household net worth was calculated to be $832 billion. $84 billion of that is projected to transfer to the next generation within 10 years.

The Community Foundation is releasing this data in an effort to encourage residents to set aside a portion of their assets for the long-term benefit of the region. It asserts that many of these assets are likely to be designated to heirs who live outside our community, decreasing the flow of support that Central New York charities rely on.

“A robust charitable ecosystem in Central New York results in a more prosperous community,” said Thomas Griffith, vice president of development at the Community Foundation. “Philanthropy sounds like a lofty word, but what it really means is investment in affordable housing, advancement of healthcare and childcare for families, stimulation of economic growth and reduction of economic inequality.”

LOCUS’s research analyzed what would happen if 5% of the assets set to transfer through Central New York’s probated estates were invested in permanent endowments for the charitable benefit of the community. Charitable endowments are invested to grow over time and last in perpetuity. A portion of the earnings from funds are paid out in grants to nonprofit organizations.

Following that logic, if 5% of the assets transferring through estate gifts in the five-county region over the next ten years – an estimated $1.3 billion – was placed in an endowment, a potential $74 million in annual grantmaking could result. That could grow to $285 million per year within fifty years.

While these large figures initially seem daunting, they turn out to be quite practical when you drill them down. Per household, the average value of assets set to transfer over the next 10 years is $79,700, so an average gift of $4,000 from each household would reach the foundation’s goal.

The Community Foundation’s 5forCNY campaign, which was designed to encourage residents to leave 5% of their assets to a charitable endowment, presents three ways individuals and families can give through their wills or beneficiary designations: by giving to a general-purpose fund; establishing a fund of their own to create a legacy; or donating directly to a local charity’s endowment.

“In just a few easy steps, the local organizations and causes that you care about could continue to receive your support long after you are gone – greatly improving the lives of your family, friends and future generations,” said Griffith.

To view video on Mobile Devices “click here”

You know you want to support CNY and be a part of something bigger that makes a difference. But how?

Various options are available to support the region – either through the Community Foundation or other nonprofits in the community. While the possibilities are endless, here are three easy options for giving a legacy gift to help you get started:

  1. Give to the 5forCNY Fund – By designating the Community Foundation’s 5forCNY Fund as a recipient in your will, your dollars will be pooled with those of other generous community members seeking to make a difference. Grants are distributed from this fund through our Community Grantmaking process, which addresses the region’s greatest needs.
  2. Establish your own legacy fund – Your memories, life stories and giving priorities can be retained and carried on through your giving by developing a legacy plan and named fund at the Community Foundation. Funds can be designed based on your interests to support specific causes, fields of interest or general community needs.
  3. Give through your local charity – Many local charities have endowment funds that you can contribute your gift to. Contact your favorite nonprofits and ask them how to designate their organizations in your will.

While these ideas make a great starting point, there are a variety of giving techniques that would have mutual benefit to you, your community, and your favorite charitable organizations, both now and into the future. Contact us to speak with a Chartered Advisor in Philanthropy® to learn more.

Individuals interested in learning how to establish a gift in their estate can visit 5forcny.org.

About the Research –LOCUS’s primary data sources for this study included 2021 Esri, Woods & Poole and 2020 Census & American Community Survey 5-year estimates. Data was aggregated to regions for the service areas of the Community Foundation. Transfer of wealth scenarios include the cumulative intergenerational wealth being transferred by permanent resident households from 2020-2030. The 50-year scenarios include the cumulative intergenerational wealth being transferred from 2020-2070. These estimates exclude wealth held by corporations, governments and nonprofit organizations.

About the Community Foundation-The Central New York Community Foundation is a public charity established in 1927 that receives contributions from donors, manages them to grow over time and then distributes funding to local charities to help them thrive. It is the largest charitable foundation in Central New York with assets of nearly $400 million and has invested more than $250 million in community improvement projects since its inception. As a grantmaker, civic leader, convener and sponsor of strategic initiatives, the Community Foundation strives to strengthen local nonprofits, encourage better understanding of the region and address the most critical issues of our time.

*The 15 counties included in the full study were: Putnam, Orange, Tompkins, Dutchess, Cayuga, Madison, Ulster, Onondaga, Sullivan, Oswego, Tioga, Oneida, Otsego, Herkimer and Cortland counties.

SHARE THIS ARTICLE

Latest Past Events

Local, State & National


Resources

Neighborhoods

Features

Contact Us