The Minnesota Generational Transfer of Wealth Study was completed in 2011, but the finding that our state will experience a $48 billion transfer of wealth from one generation to the next over two decades is still a news-maker.
Both the Star Tribune and WCCO Radio featured stories this week about the opportunity for community-building via philanthropy.
“A big piece of our work is to promote charitable giving,” said MCF President Bill King in the WCCO Radio interview. “But with this generational transfer of wealth, part of our job is to help donors know they have a lot of options.”
The Minnesota Council on Foundations (MCF) is also focused on creating new options.
During the latest legislative session, MCF got the discussion going about Endow Minnesota, a proposed tax credit to encourage contributions to permanent endowments held by community foundations.
Endow Minnesota legislation was introduced by Sen. Roger Reinert [DFL-Duluth] and Rep. Paul Rosenthal [DFL-Edina] along with a group of 15 co-authors from both major parties. The proposed legislation’s purpose is not only to promote giving, but to provide communities throughout the state with permanent assets to support local economic and community development.
The clock is ticking to take full advantage of the transfer of wealth opportunity. MCF will work with Governor Dayton and Minnesota legislators in the coming year to push the Endow Minnesota concept forward.
Community foundations, civic leaders and donors around the state will join us in building support – but not just for the bill. We’ll be working together to promote awareness about the opportunity for potential donors to partner with community foundations to create a legacy that can shape Minnesota’s future.
For more information about Endow Minnesota and how you can help your local community realize the potential of this generational transfer of wealth, contact me.
– Bob Tracy, MCF director of government relations and public policy