Author: Martin Acevedo

Last year Congress gave your IRA a much-needed vacation. No one had to make a required minimum distribution (RMD) from their IRAs. You may be one of those who enjoyed giving your required minimum distribution a year-long break. Everyone loves a vacation, so why not give your RMD another year off?

 

Make a Required Minimum Distribution Work for You

Last year as part of special legislation, Congress said there would be no RMDs in 2020. This year, the RMD is back for everyone 72 years and older. Some of our donors do not like taking money from their IRA. They have saved for years, and they would prefer to let it grow. Worse yet, when you take the RMD, you pay income tax on that distribution.

 

The IRA Charitable Rollover Is an Annual Vacation for Your IRA

While you still must distribute money from your IRA if you are 72 or older, you can do it in a tax-advantaged way. If you are required to make a required minimum distribution, you can contact your IRA administrator and ask them to make the distribution directly to our one of our endowments or initiatives. When you do:

• You do not pay income tax on the distribution (but you also receive no income tax deduction)
• You receive gift acknowledgment for the full amount of the distribution
• You satisfy your RMD up to $100,000
• If you and your spouse have your own IRA, both of you can use the IRA charitable rollover

Contact Phelps Sprinkle (psprinkle@cfgg.org) or Julie Ann Cooper (jcooper@cfgg.org) if you have any questions. Let’s create lasting impact in our community.

This information is not intended as tax, legal or financial advice. Gift results may vary. Consult your personal financial advisor for information specific to your situation.

June is LGBTQ Pride Month. The Community Foundation of Greater Greensboro celebrates the impact that lesbian, gay, bisexual and transgender individuals have had on history – locally, nationally, and internationally. And we honor those members of the community who have been lost to hate crimes or illness.

One of our staff members, Julie Ann Cooper, wrote a column that appeared in the Greensboro News and Record on February 28, 2021, honoring her child who is non-binary. We wanted to share this powerful message with all of you.

Congress and other N.C. cities should follow in Greensboro’s footsteps on LGBTQ nondiscrimination protections

This year I have been prouder than ever to be a North Carolinian as I’ve watched local leaders across the state taking action to protect LGBTQ people from discrimination. A few weeks ago, the Greensboro City Council passed an inclusive nondiscrimination ordinance, days after five other municipalities took similar steps.

It has been inspiring to see elected officials prioritize these measures. Even so, just about 7% of the state population live in a jurisdiction covered by such an ordinance. It’s time for other N.C. communities to follow suit — and ultimately, we need Congress to enact comprehensive federal protections ensuring no American is left vulnerable to discrimination because of who they are.

This issue is so important to me because I am the mother of an LGBTQ person who has faced discrimination and harassment in North Carolina.

When my youngest child was in high school, I worried almost every time I kissed them goodnight that they might take their own life. I saw that they were in pain, but I had no idea how to fix it. When they graduated, I breathed a sigh of relief that they made it that far — but something was still off; a mother often has a sense about these things. In late 2016, it finally clicked for me when I attended a presentation about gender identity, and when my child came home from college for Thanksgiving, I asked, “What pronouns do you use?”

My child explained that they use they/them pronouns, and they came out to me as non-binary or gender expansive. While most people are limited to understanding only male or female, some people, including my child, don’t neatly fit into those categories and use a term like “non-binary” to describe their gender identity. Just as sexual orientation is on a spectrum, gender identity is on a spectrum, too; there are infinite possibilities.

A whole new world opened for me when I learned about their identity. I felt newly personal stakes in the conversation that had been raging across North Carolina for the previous year: the fight around HB 2, the so-called “bathroom bill” that singled out transgender people, targeting them for discrimination and blocking local communities from passing LGBTQ-inclusive nondiscrimination ordinances. Now, I saw, these legislators were working to harm my child, vilify them and other trans people as criminals instead of whole people who deserve every bit of dignity as anyone else.

The state-sponsored mistreatment caused by HB 2 isn’t the only time my family has been harmed by anti-LGBTQ bias. In the early months of the COVID-19 pandemic, my child faced housing discrimination and was forced to move. Their landlord never accepted their gender identity, constantly misgendered them and discussed my child’s gender and body frequently with other tenants behind their back.

When it was time to renew their lease, the landlord kept putting them off and then, several months after the lease expired, refused to allow my child to stay. This exposed my child to unsafe conditions and harmed them financially, which was especially difficult because their place of employment was closed for six months. The lack of nondiscrimination protections in our state left them vulnerable. It was just horrific that my law-abiding child was treated as a second-class citizen solely based on their gender identity.

I’ve learned a lot about the LGBTQ community over the past few years, but I’d be lying if I said it has been an easy path for our family to walk. It has taken me time to fully understand my child’s identity, and I’ve admittedly stumbled overusing their correct name and pronouns.

But rejecting my child was never a thought; when I held them for the first time, I would not have loved them any less if the doctor had said, “It’s a boy!” or “It’s a girl!” — so of course, once they told me they identify as neither a boy nor a girl, I did not love them any less. Frankly, my child’s identity isn’t the most important part of who they are; their gender should be as inconsequential as anyone else’s. They are still the same smart, talented, hard-working and compassionate person they have always been.

Meeting LGBTQ people with love and fiercely advocating for their ability to thrive can save lives. That’s what local communities across North Carolina are doing this year.

I’m grateful for the lawmakers who have so far unanimously passed nondiscrimination protections. I hope their resolve to be on the right side of history inspires other legislators — including our U.S. representatives and Sens. Richard Burr and Thom Tillis, who have the power to protect all Americans from discrimination by passing federal legislation — follow in their footsteps.

Julie Ann Cooper

We originally posted this one year ago, just after the death of George Floyd. It was written by our President, Walker Sanders. We received many positive comments at that time and thought it would be timely to share it again.

Ignite the Comfortable

I have really struggled to put into writing the emotions I have felt over the last three months.  From the anticipation of opening a new performing arts center to helping address locally how we responded to a world-wide pandemic, to, now, another act of racism.

When the Community Foundation of Greater Greensboro was founded 37 years ago, the founders’ vision was to create an organization for the community to rely on in times of need. An organization for individuals to be able to give back to their community, and an organization for leaders to be collaborative around critical community issues.  Never has that vision been more relevant than in today’s times.

I have learned in my 26 years of working professionally in philanthropy, that the hardest thing to do in a community is to “ignite the comfortable.”  Let me explain.

In 2001, after 9/11, everyone said we are living in “unprecedented times.”  We had just been attacked by terrorists, and it made us all uncomfortable.  It was easy to ignite a response because it was about someone else.  It was not about “us”, and we were going to go after “them” to hold “them” accountable for their actions.  Now, almost 20 years later, we are once again saying, we are living in “unprecedented times”. But this time it is not about “them”. Sadly, it is about “us”.

Never has it been more important for “us” to work together, to combine our resources for others, establish partnerships to effectively help our neighbors, and leverage those connections such that we can navigate this storm in our own personal and unique ways.  And communities across the country and in Greensboro have been doing this.  Locally, we have raised millions of dollars for nonprofits providing direct services to those in need. Companies have shifted their manufacturing capabilities to provide critically needed PPE, and countless small business owners have found assistance with loans and grants.

It is quite inspiring.

Personally, I have been optimistic and hopeful that this new sense of togetherness, innovation and entrepreneurial spirit would help forge a new path for us as individuals and as a community.  It would ignite a path to re-design outdated systems and old institutions in a way that was inclusive and equitable.  These 20th century systems and institutions suddenly had the opportunity to adapt, evolve, and transform into new digital systems and modern institutions for a 21st century world. And, along with it, new attitudes and perspectives on each other and our world.

Then, a black man – yes, another black man, George Floyd – is senselessly murdered by a police officer, and we are thrust back into, once again, conversations about the huge injustices present in our outdated systems and old institutions. Many of us (mostly white people) have the privilege of not having to live with these injustices every day.  As upset as we are about this incident, and as unfair and wrong as we know it is, many of us will have the privilege of going back to our comfortable and safe lives after all the noise quiets down.

Philanthropy has been at the heart of major advancements in society for generations and will continue to play an important role long into the future, but only if we can ignite the comfortable to use the power, privilege and resources we are afforded to create meaningful, deep and transformative change that combats racism as its own deadly disease.

Sometimes a system must come to a breaking point to be ready for change. In that moment, something tips. There is a broader understanding that the pain of maintaining the status quo exceeds the pain of change. I am hopeful that moment is now.

What can your Community Foundation do?  We will continue to use a racial equity lens in all our work.  We will continue to expand our Expanding Community Giving Initiative.  We will continue our Diversity, Equity and Inclusion work with an even greater commitment.  We know the issues, but we have not solved them.  We do not know the answers, but, with humility, courage, and commitment, we can cultivate and grow the relationships that will.  Join with us in this work so the conversation doesn’t simply quiet down. We know it is not going away.

Walker Sanders

President, Community Foundation of Greater Greensboro

June 2, 2020

The National Small Business Week is hosted each year by the U.S. Small Business Administration (SBA) to recognize the critical contributions of America’s entrepreneurs and small business owners. There is no question about it: small businesses are the leading drivers of the U.S. economy.

As of 2020, the U.S. Small Business Administration reported that small businesses make up 99.6% of North Carolina businesses and 45.3% of North Carolina’s workforce. Additionally, 85 percent of employer businesses have fewer than 19 employees and comprise over 25 percent of private sector jobs, with estimates showing there are over 500,000 jobs and almost $17 billion of payroll at stake.

Small businesses provide significant economic benefits to local communities. One benefit is the creation of jobs. In 2020, small businesses in North Carolina created over 60,000 jobs. Another benefit of small businesses is that they bring innovation to industry fields. Small businesses have the advantage of working more directly with customers and the public. This interaction allows for small business owners to be aware of the needs and wants of those they serve. Small businesses also help to keep money local. As small businesses collaborate and support each other, it helps to grow the local economy. As a result, we are able to see an improvement in matters such as schools, housing, transportation, and other local services.

Lastly, small businesses are more adaptable to economic changes within the community. Due to being local, small business owners are more flexible and responsive to the needs of the public. During the pandemic, we were able to see the adaptability of small businesses as many nonprofits and small businesses had to quickly shift to respond to the new needs of the public.

Want to help celebrate local small businesses? Here’s how!

• Visit sba.gov to nominate your favorite small business and to learn more about National Small Business Week.

• Use the hashtag #SmallBusinessWeek to give a shoutout to small businesses in your community.

• Support local small businesses by buying local and donating. Visit the Greensboro Chamber of Commerce to learn how you can support local businesses https://greensboro.org/covid19/support-local-businesses/.

• Spread the word! If you operate a small business, share with others the inspiration behind your business. If you are a customer, share why you love the small businesses in your community.

To learn more about National Small Business Week and small business resources, please visit https://www.sba.gov.

Arjanai Miller, Marketing and Communications Officer

 

May is Asian Pacific American Heritage month. In the early days of the pandemic, we saw an increase in hateful words and actions against the Asian community across this country. We saw it happen again in March this year after the hate killings of Asians in Atlanta. And it continues today.

Two members of the CFGG Board, Tiffany Lam-Balfour and Uma Avva, are of Asian descent, and they wrote an op-ed, along with Athan Lindsay, which appeared in the Greensboro News and Record on May 10, 2020. In honor of this month, we thought it was important to reprise that article for you all to read again.

The Community Foundation of Greater Greensboro was founded in 1983 with inclusiveness as one of our core values. Looking forward, we believe it is important to be intentional on our journey to be the champion of all people in our community and to “walk the walk” – both internally and externally.

R. Ross Harris – VP, Marketing and Communications

 

“Greensboro hasn’t been immune from harassment of Asian Americans”

Greensboro News and Record, May 10, 2020

Since the arrival of the coronavirus in the U.S., there have been widespread reports of increasing verbal and physical acts of violence aimed at Asian Americans across the country. References to COVID-19 as the “Chinese virus” have also played a role in making Chinese Americans and others within the ethnically diverse Pan-Asian community targets for scapegoating and blame.

The Center for Public Integrity’s recent survey found that more than 30% of Americans have witnessed someone blaming Asian people for the pandemic. Stop AAPI Hate, an effort tracking these cases nationally, reported about 1,500 instances of harassment against Asian Americans in a one-month period since mid-March. Sadly, this report includes serious incidents of violence, such as:

• An Asian American family, including two children, being stabbed at a Sam’s Club in Texas in March.
• An Asian woman suffering severe burns after being attacked with acid in New York City.
• A 16-year-old boy in California being physically attacked by bullies who accused him of having the virus.

And it’s happening here in Greensboro — yes, right here in Greensboro.

Whether it’s receiving side-eye when seen wearing a mask or glares when a tickle in your throat causes an inadvertent cough; being sprayed at with Lysol when returning to work after caring for a sick child; being spat and coughed upon in a deliberate and theatrical manner; or being refused entry to a business because of “concern for health reasons,” these and other acts of intolerance are confronting our Asian American community every day.

Korean actor John Cho writes, “The pandemic is reminding us that our belonging is conditional. One moment we are Americans, the next we are all foreigners who ‘brought’ the virus here.” Cho also explains that since some stereotypes of Asians are complimentary (being the model minority known to be hardworking and good at math) it “makes people think that anti-Asian sentiment is somehow less serious, that it’s racism lite. That allows us to dismiss the current wave of Asian hate crimes as trivial, isolated and unimportant.”

We are all experiencing significant stress from the effects of this virus on our daily lives. Imagine the added stress of having your ethnicity linked to the cause of the crisis and being afraid of being verbally or physically attacked whenever you go outside.

Unfortunately, this is the reality that some of our most caring, civic-minded and philanthropic community members are experiencing.

The Community Foundation of Greater Greensboro stands with the members of the Triad Pan Asian American Network, or TPAAN, Giving Circle to denounce all forms of viral racism and bigotry toward our Asian American community related to COVID-19 and beyond.

TPAAN is part of the Community Foundation of Greater Greensboro’s Expanding Community Giving initiative, which focuses on engaging more donors and increasing fundholders among racially and ethnically diverse residents. Not only does increasing the diversity of our donors yield a more authentic reflection of Greensboro, it also expands our conversations on racial inequities, bigotry and social isolation beyond the conventional framework of “black and white.”

The generosity of donors such as TPAAN allows your Community Foundation to respond to the many needs created as a result of this virus. TPAAN contributed $2,500 to the campaign to purchase laptops for Guilford County students. South Sea Outdoor Living, an Asian-owned furniture manufacturing business in Greensboro, changed its production to help provide face masks wherever they are needed (hospitals, medical facilities, frontline workers, service personnel, individuals). These are just two examples of the many ways Asian Americans throughout Greensboro and the Triad region are stepping up to support our community now, just as they have done prior to this crisis.

The racism and bigotry that TPAAN members have experienced and may continue to encounter during this pandemic must not be accepted. TPAAN has reminded us that as we continue to respond to COVID-19, we must also confront the resulting bigotry and racial biases as part of our response to this crisis.

We have witnessed incredible unity in our community, as people work together to safeguard our collective health and well-being to slow the spread of this global pandemic.

We have also seen fear, paranoia and blame disproportionately directed toward Asians and Asian Americans. Pointing fingers has never helped produce progress or create solutions.

We are facing more than a humanitarian crisis — we are facing a crisis of racism.

And unlike the rapidly evolving novel coronavirus, we know the antidote to racism.

It starts with naming it and standing in solidarity with the Asian American members of our community who are wrongly targeted for their ethnicity.

The Triad Pan Asian American Network Giving Circle and the Community Foundation of Greater Greensboro welcome you to stand with us.

I began my career with the Community Foundation of Greater Greensboro on February 1, 2021 and was plunged into the world of philanthropy and foundations.  As if it were not enough ‘onboarding’ with a new company, within a new industry, in the non-profit sector, I added the monumental task of starting my new career remotely!  I met my new boss and all of my co-workers through Outlook, Microsoft Teams, and of course Zoom, and though it was not ideal, it was the standard means of communications for an entire workforce impacted by and working through the Covid19 pandemic.

I surely was not alone in making the adjustments to working remotely as we were all facing some of the same challenges, although some people handled these new work arrangements better than some others.  For anyone who has ever had to endure an arduous work commute, the mere thought of working from home can sound like a dream, but it can surely take some getting use to.  To go from a traffic-laden commute of 30, 45 to 60 minutes to simply rolling out of bed and walking a few steps to a home office is pretty easy to get use to, but still requires some organization, dedication, and focus.

Coming off of a 7-year entrepreneurial venture of my own, I was glad that I had some experience at working remotely and overcoming some of the fallacy that can accompany working from home.  I must admit, what I initially thought was going to be great, was actually not so great at all, having worked in very structured corporate settings for the majority of my career.  The worst obstacles to overcome were the constant barrage of distractions that are ever-present in one’s own home.  I mean with three kids, all of whom are in distant learning programs with their schools, a whole other level of distraction, chaos, and complexity can be added to one’s remote work equation without some self-imposed rules, regulations, guidelines, and restrictions.

Here are 5 personal suggestions for making your remote work experience a good one.

1. Establish a designated workspace in your home, as separate from the daily activities of your home as possible. If you have a separate home office, that is great, but if not, find a location where you can work uninterrupted and without distraction.
2. Make sure that you have the necessary equipment needed to carry out your work functions from home, including a computer with access to your company network, printer, scanner, work phone, additional lighting for virtual meetings, etc.
3. Set your remote work hours to align with your company’s normal hours of operation. By eliminating your work commute, you may find yourself starting work early in the morning, and sometimes working later into the evening, again, because there is no longer a commute. Working later into the evening was an early result of my remote work inexperience.  This can really wreak havoc on one’s ‘live-work’ balance, and that is essential for us all.
4. Along with setting work hours aligned with your business’ operating hours, make sure to set some time aside for lunch and breaks. I found that in working remotely, I could easily get lost in my work and not take a lunch break until 3 to 4 o’clock in the afternoon.  Keep your schedule as aligned as possible with your company’s normal work schedule, including breaks.  Handle personal task outside of established work hours.  It was extremely important for me to ‘only’ do work-related work during normal business hours.  Everything else has to just wait, as if I were physically in my workplace.
5. Make sure that anyone else in the home during your work hours understands that you are on the clock, and really should not be disrupted during those specified times.

Without a doubt, each person has to make their remote work experience their own, also following any specific guidelines outlined and set by one’s company.  Many companies (tech sector) are making the stance to keep much of their workforce remote post-pandemic, but many other businesses in other industries either have and/or are returning to their offices as we speak.  I share the sentiments of many who miss the personal connection to one’s co-workers, and those impromptu exchanges that occur by just being in someone’s presence. I for one am a bit anxious and very excited to meet and bond with my co-workers somewhere other than ZOOM!

Michael A. Humphrey

 

Credit plays a critical role in your financial health and will impact just about every aspect of your life!  Did you know that using 50% of your available credit limit may impact your credit score and that single act could play a significant role in the interest rate on your mortgage and/or auto loan?  Did you know that a single late payment could show up for seven years on your credit report?  Seven is often referred to as a lucky number, but not in this case.  Understanding credit and your credit score will empower you to make sound financial decisions.

There are several credit scoring models used to calculate your score.  It isn’t guaranteed that all of your accounts will appear on every credit report. Therefore, you should pull your credit reports using the three major credit reporting bureaus at least annually:  Equifax, Transunion and Experian.

According to the Fair Isaac Corporation, 90% of top lenders use FICO scores.  Your score represents your level of credit risk. Generally, the higher the score, the lower the credit risk. Some benefits of a high credit score include, but is not limited to quicker loan approvals, higher credit limits, lower interest rates, and flexible lending options.

As we observe National Credit Education Month, here a few ways to maximize your score to help reduce the cost of credit.

• Pay your accounts on time – avoid late payments
• Keep your overall credit utilization at 30% or less
• Research lending products before applying
• Eliminate your debt by paying it off
• Avoid excessive inquires (max 2 is ideal)
• Strategically open and close accounts
• Protect personal identifiable information (PII)
• Check your credit report quarterly and report inaccuracies immediately

Embrace these tips and you can have a healthy credit score.

LaToya D. Cheek

Senior Accountant

As we celebrate International Women’s Day on March 8^th in a month dedicated to Women’s History, there is no better time to pause and reflect on the change women bring to our communities through philanthropy.  Women create change in countless (and often unseen) ways through grassroots action, volunteerism and giving.  Isirika, a Maragoli term, is a way of life that embraces charity, service and philanthropy.  It literally translates to “equal generosity,” but its full meaning is “caring, together, for one another.”  I can’t think of a word that so beautifully encapsulates how women approach philanthropy.

But does gender really matter when it comes to philanthropy?  Yes!  Here’s what we know.  Women’s wealth is rising and today women hold around 40% of global wealth.  In addition, women are more likely to give than men and women give differently, often based on empathy towards others and many times collectively.  We see women’s impact every day and in everything we do.

Cynthia Doyle, who wouldn’t take no for an answer when it came to changing her community, created at least six nonprofits in Greensboro including the Community Foundation of Greater Greensboro.  This vision brought thousands of donors together to give locally and it spurred the creation of almost $200 million in permanent endowments that will strengthen our community in perpetuity.

One of these permanent funds, the Women to Women endowment, was founded by four women, Louise Brady, Lisa Bullock, Ann Lineweaver, and Linda Sloan, to support women and children in Guilford County.  Since 2010, the endowment has granted over $1 million to programs that empower women and improve the wellbeing of our entire community.

Women’s wealth and influence is growing, and we will all be better off if we unlock their philanthropic power and inspire them to “care, together, for one another.”  As Melinda Gates said, “When we invest in women and girls, we are investing in the people who invest in everyone else.”

Marci Peace, VP Finance and Administration

As the month of February comes to an end, it also brings with it the opportunity to honor the too often neglected accomplishments and contributions of Black Americans in every area of endeavor of America’s achievements. For the Community Foundation of Greater Greensboro and the community which we serve, we are fortunate to seize the opportunity to not only honor the Black History Month but also to add to Greensboro’s rich local Black history. Greensboro is often recognized as a trailblazer community where Black leadership has been at the forefront of the Civil Rights Movement to make Greensboro a more just and equitable community. The Black Investments in Greensboro Equity Fund, or BIG Equity Fund, offers the promise of continuing Greensboro’s legacy as a trailblazing community.

The BIG Equity Fund reached an important milestone during Black History Month – $1 Million raised toward an ultimate goal of $3 Million. African American donors initiated and committed the first $250,000 to establish this permanent endowment, and they have since been joined by many in Greensboro’s broader community. What a perfect way to commemorate Black History Month. This type of philanthropic engagement with and philanthropic investment by Greensboro’s African American donors in the Community Foundation of Greater Greensboro is the first of its kind in the foundation’s 38-year history.

BIG Equity Fund represents so much more than the financial and historic milestones recently achieved. BIG affirms the African American philanthropic tradition that emphasizes the practice of collective giving. BIG represents the importance of organizing Black philanthropic power collectively as an agent of change for positive outcomes defined by Black communities. BIG represents the intersection of philanthropy and social justice. The BIG Equity Fund provides Black communities a presence at the table where these two intersections are discussed, and decisive actions are taken.  Where there is presence, there is representation of experiences and perspectives.

BIG EQUITY FUND= PRESENCE+REPRESENTATION!

As the BIG Equity Fund evolves and has an increasingly visible presence in Greensboro’s philanthropic landscape, it offers an opening to understand the past and present realities of Greensboro’s Black community to overcome systemic barriers borne of racism that have created socioeconomic disparities. Understanding the uniqueness of Greensboro’s Black philanthropy to create agency is a key to understanding the strength of Greensboro’s Black community in overcoming these barriers. The BIG Equity Fund’s mission to pool resources and leverage capital to break down systems that result in socioeconomic disparities in the Black community is a continuation of the Black community’s rich philanthropic heritage.

Greater presence and representation of Black philanthropy is a good thing for all of us who are working towards a vision of a more equitable Greensboro!

With BIG LOVE!

Athan Lindsay – Director, Community Philanthropy

To learn more about the please visit the BIG Equity Fund and watch the BIG Equity Fund promotional video.