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Future Events
PPGGNY is quiet in the Summer but will resume its monthly luncheon program in September. Mark these dates (all Wednesdays) in your calendar:
September 15
October 13
Nolvember 17
February 16
March 16
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Greetings!
 It was wonderful to see so many of you at the New York Philanthropic Planning Symposium (NYPPS) on May 26 at the Marriott Marquis. The presenters got top marks from those who completed the event survey, consistent with the nice feedback we received during the event. It will be hard to top this year's event next year, but we will try! Thanks in the meantime to the entire NYPPS Committee and its hard-working co-chairs, Alex Brovey and Anne Dalgish. June 30 marked the end of our fiscal year. While the last two years have been challenging for PPGGNY along with virtually every other organization of its type, we will end the year with a healthy cash reserve and already have many members signed up for next year. If you have not done so already, sign up for next year now or reply to one of our reminders later this summer.
The year end also brings some changes to our board. Several board members have completed their terms of service: on behalf of the entire board, I thank Susan Damiani, Mark Kalish, Marc Krause, and John Matthews for their dedicated service. We are actively filling the resulting vacancies and will introduce the new board members to you in due course.
Finally, many of you may have heard that the Partnership for Philanthropic Planning (PPP) is considering an affiliation with the Association of Fundraising Professionals (AFP). I attended the PPP Leadership Assembly in Indianapolis in early June as PPGGNY representative to learn more about this. Stay tuned for more information, but know that PPGGNY will remain independent, committed to presenting the best educational and networking opportunities for gift planners and allied professionals in greater New York, and committed to promoting the best professional standards for all gift planners regardless of any national-level affiliation.
We always welcome your feed back and comments. Please feel free to Contact me or the PPGGNY office. We look forward to hearing from you. I look forward to seeing you at our Fall programs.
Best regards,
John M. Bacon, J.D.
PPGGNY President |
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NYPPS 2010--a great conference!
The 2010 NYPPS (formerly Planned Giving Day) delivered an information-packed day to over 200 attendees on May 26 at the Marriott Marquis in Times Square. Co-chairs Alex Brovey and Anne Dalgish thank the NYPPS Committee, Woodfield Management, our sponsors, raffle prize donors, and everyone involved for their hard work.
Jon Gudema & Lisa Smith | This year's Symposium featured four tracks, each with four educational sessions, plus a lunch presentation by Robert Sharpe that was engaging and thought-provoking. We were able to offer four full scholarships to NYPPS this year, thanks to the generosity of our members. Sponsors and attendees alike enjoyed the larger display and break area, which at the end of the day became the site of our reception and prize raffles. We welcome your feedback and extend an invitation to join us in planning and attending 2011 NYPPS. Please contact us with any suggestions and/or comments.
Robert Sharpe |
Robert Sharpe, Planning for the Preteen Years.
At the end of the article is this tagline:
Editor's note: This article was excerpted from Mr. Sharpe's keynote address to the Philanthropic Planning Symposium sponsored by the Philanthropic Planning Group of Greater New York on May 26, 2010. |
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Membership
As the saying goes, "the early bird gets the worm", and this year that was really the case for those who took advantage of the Early Bird membership offer. We will end our current fiscal year with nearly 1/3 of members renewed for the next year...a considerable head start for our 2010-2011 membership year. Thank you. Membership fees have increased for 2010-2011 to $325. Additional members from the same organization may join at the discounted rate of $295. This is the first membership fee increase since 2008, and represents an increase of just 10% for individuals and 7% for additional members from the same organization.
The BOD has approved an Introductory Membership for those who have never been PPGGNY members. The Introductory Membership Fee is $150. We hope that this new membership category will appeal to those new to the field who would like to benefit from our educational programs and to network with experienced colleagues in philanthropic planning from capital campagins to planned or major gifts.
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| Welcome New Members
Please join us in welcoming the following NEW PPGGNY members:
Elizabeth Fallon Culp, Director of Patron Programs, NY Public Radio, Sylvette DiMartino (returning to NYC after some years working in Boston),
Martha O'Neill, Financial Advisor at NL Financial Alliance,
Mackie Pilsbury, Coordinator of Major Gifts at The Chapin School,
Ali Santoro, Asst. Director for Alumnae Annual Giving at The Chapin School and
Elaine Yaniv, Executive Director of The American Committee for the Weizmann Institute of Science.
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| New Job Opportunities
You will find the Job Bank in the Members Only tab on the PPGGNY Website. |
Member Profile: Meet Josh Rednik
 Joshua W. Rednik is Executive Director of the Jewish Community Foundation of MetroWest NJ.
Prior to his current position, Josh served as the Interim Executive Director of the Planned Giving & Endowments Department of UJA-Federation of New York. Before working in the New York metropolitan area, Josh held various positions at the Jewish Federation of Greater Washington, DC, last serving as Development Director for its United Jewish Endowment Fund.
Josh is a CERTIFIED FINANCIAL PLANNER™ and a trained clinical social worker, having completed graduate and post-graduate work at Georgetown University and the Bryn Mawr College Graduate School of Social Work and Social Research. He earned a Bachelor of Arts Degree from Washington University in St. Louis. Josh serves as vice-chair of the National United Jewish Communities Senior Advisory Council for Planned Giving & Endowments.
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| ACGA Suggested Rates Q&A
American Council on Gift Annuities (ACGA) Announces New Suggested Rates
Effective 7/1/10
Q. Where can I find the new rates?
A. http://www.acga-web.org/giftrates.html
Q: What has changed with these new rates?
A: Rates go up for ages 81 and younger and remain unchanged for annuitants age 82 and above.
Q. What assumptions did ACGA use to calculate rates?
A. Here they are:
1. The residuum realized by the charity upon termination of an annuity
is 50 percent.
2. Life expectancies are based on the Annuity 2000 Mortality Tables for female lives with a two-year setback in ages. The rates also incorporate projections for increasing life expectancies.
3. Annual expenses for investment and administration are one percent of the fair market value of gift annuity reserves.
4. The total annual return on gift annuity reserves is 5.5% percent (up from 5.25%).
5. The rates for the youngest and oldest ages are somewhat lower than the rates that would follow from the first four assumptions
Q. Does my charity have to use the ACGA rates?
A. No it does not.
Q. Then why are the ACGA rates so widely used?
A. Using the ACGA's recommended rates minimizes and usually relieves the
risk to the charity of the need to obtain its own actuarial verification in
support of its rate schedule, when registering in certain states. In addition, there are some that feel that by offering other than the ACGA rates (usually higher), it may seem that the charities are in competition and that the gift annuity may be seen more as an "investment" with all of the potential regulatory red flags (an issue beyond the scope of this piece)
Q. What about New York's requirements?
A. Actually, New York does not require actuarial verification of rates (which can be expensive). The state permits a charity to select their own rates as long as they meet the following criteria:
1. They are no higher than the maximum permitted by New York State. List of
maximum permissible "payouts" (what we call annuity rates) can be foud at
NYS Insurance Department.
Q. What about other states?
A. A number of other states, including New Jersey, have actuarial verification requirements. It is recommended that you speak with legal counsel if you wish to offer gift annuities in those states.
This information was made available through the generous assistance of PPGGNY members Michelle Cass, David Clough, Marc Krause and William Samers, and the Life Division of the New York State Insurance Department.
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| Editors Wanted
PPGGNY would like this monthly e-newsletter to be informative and helpful to you. Towards that end we would like to include for example: articles on changes in charitable gift regulations, a Tip of the Month column, and news briefs of interest to our members and friends. If you would like to participate and be part of our editorial board, please contact the PPGGNY Office. |
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