Local philanthropy continues to be hard at work making a difference for the people who call Knox and Warren Counties home.

As we continually witness the impact of local philanthropy, it’s also important for us to consider ways to prepare our communities for future challenges, like how we can benefit our community in the long-term by passing down our wealth to the place we call home. After all, making your community your heir is an incredible way to make a difference for generations to come.

When wealth transfers from one generation to the next, it’s known as the “Transfer of Wealth.” Over the next 10 years, $2.2 billion will transfer generations in our region. Over the next 50 years, that number will rise to $12.9 billion. Where that money goes is up to us, meaning collectively we have an incredible opportunity to have conversations with our neighbors about the ways in which their hard-earned dollars can be used to support the community they proudly call home.

When people think of “giving back,” they often think in terms of their own family. It’s natural and important to want to give back to our loved ones. However, the beauty of giving back is that it has no limitations, and anyone can make the community they love their heir. In fact, giving back to your community ensures that the money you earned here stays here. If we each take a moment to consider how we might leverage the wealth that will be transferring from our area, we can make incredible strides that sustain our hometowns—and the causes we care most about—forever.

I’m fortunate that I frequently see our community’s generosity come to life. Individual donors from within our community are making a difference every day— just like Peg Bivens, who made a planned gift to the Knoxville Community Fund at Galesburg Community Foundation. Peg’s generosity and forward-thinking, will benefit a cause close to her heart and make a difference in our region forever. Peg’s gift is yet one more example of community members giving back to their community. Philanthropy is making a difference in other ways as well. Our recent partnership with River Bend Food Bank to establish the Galesburg Branch is a partnership that will serve as a major step toward combatting food insecurity across our region. This effort is possible thanks to contributions from people like you to our Community Impact Fund.

I continue to be proud of what we’re accomplishing, and the many ways we keep growing. With every interaction I have, I am reminded of the importance of human connection, and of working together toward our common goal—to serve our region in the best, most philanthropic ways.

Joshua D. Gibb / President and CEO

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Why does talking about and thinking about philanthropy matter? What does it mean to “combat the Transfer of Wealth”?
Philanthropy can be a catalyst for positive change that impacts lives. Philanthropy used as a tool to combat the Transfer of Wealth is one of the most significant ways to help our communities be prepared for the future and ensure that local wealth remains local, because the Transfer of Wealth is defined as assets move from one generation to the next. And, unless the current wealth-holders plan otherwise, much of the wealth grown on Illinois soil will eventually flow to heirs who have planted themselves in urban areas in Illinois or in other states. Combatting the transfer of rural wealth can appear daunting. More than $15.4 trillion (yes, trillion with a “t”) are estimated to transfer by 2030 out of our rural communities across the country. That’s why having conversations around how to keep rural wealth here in our communities, where the wealth was built, are numerous—and critically important.

How can philanthropy combat the Transfer of Wealth?
Planning for the future is a great way to help combat the Transfer of Wealth. Working with a community foundation like ours can help you consider the communities and causes you love as you make your will and estate plans. By naming the Community Foundation or a fund at the Community Foundation in your will or estate plans you can ensure that your wealth stays local and benefits the causes you care about. Often when people do this they establish an endowment fund. An endowment fund is a permanent fund in which the principle of the fund is invested and never touched. The investment income from the fund is then used for the causes you designated in your estate plans. It’s a thoughtful and permanent way to ensure that what you care about can continue forever.

What is Galesburg Community Foundation doing to combat the Transfer of Wealth?
Keeping wealth permanently in our communities is part of every conversation we engage in. Working to help our community members ensure that the causes they care about can continue forever is a major part of our work. We are always glad to work with your professional advisor to ensure that your gifts make the most sense for you and benefit the causes you care about most. We’re also glad to welcome donors who leave Galesburg Community Foundation or a fund at Galesburg Community Foundation in their will or estate plans into our Bickerdyke Society. The Bickerdyke Society celebrates generous community members who are giving back to their community.

Are you interested in learning more about how you too can contribute to combatting the Transfer of Wealth? If so, give our office a call, send me an email or feel free to stop by our office, where the coffee is always on.

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