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What Do You Want to Be When You Grow Up?

By Sue Thompson, President and CEO of UnityPoint Health—Fort Dodge.

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Sue Thompson

This past week, I enjoyed time well spent with a peer and a friend who asked me, "What do you want to be when you grow up?" We had a great conversation about the time left in our careers, goals left to be achieved and dreams yet to be lived. I shared my interest in further developing skills in mentoring, executive coaching and philanthropy.

I would love to be a philanthropist when I grow up. But it sounds so daunting and maybe even a little bit arrogant to say, "I want to be a philanthropist." However, let's challenge that opinion and think more about what it takes to become a philanthropist.

The Greek definition of philanthropy is "for the love of humanity." No matter our age, income or location, we all hold great love for some aspect of humanity. Whether it is education, the arts or perhaps some component of our own local health care system, we all have a passion for that which makes our heart beat stronger! Step No. 1 to becoming a philanthropist: Know what you care about!

There are gifts of generosity other than the gift of money. Our voice, our time and lending our name and reputation are tremendous gifts of philanthropy. Volunteering, serving on boards and committees that support organizations or causes we believe in, endorsing projects in our communities are all wonderful examples of philanthropy. Step No. 2 to becoming a philanthropist: Get organized and prioritize your time and resources.

There are an infinite number of organizations and causes that would welcome your time and talents. Find the organization that not only speaks to your heart, but speaks to your head as well. Choose an organization that is postured to get results and make a difference. Step No. 3 to becoming a philanthropist: Find the right cause!

And finally, never underestimate the power of a small group of committed people to change the world. In fact, it is the only thing that ever has. Thank you to Margaret Meade for this inspiring quote. And let's think of it often as we develop our own culture of generosity. Step No. 4 to becoming a philanthropist: Use your personal power and influence to get others involved in your passion.

So dear friends, we don't have to be Melissa Gates-wealthy or Angelina Jolie-beautiful and rich to be a philanthropist. A mindset of intentional generosity is the key to building a positive culture in our homes, within our families and in our workplaces. Take some time to think about what makes your heart beat stronger, be organized and passionate about your cause, and work to develop a culture of philanthropy within your home, family and workplace. In the words of Maya Angelou, "I have found that among its other benefits, giving liberates the soul of the giver."

Let's change the world.

Get Started Today
To explore ways you can make a long-term difference at UnityPoint Health—Fort Dodge, visit our website or contact Carol Grannonat (515) 574-6794 or carol.grannon@unitypoint.org today.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to Trinity Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Trinity Foundation, a nonprofit corporation currently located at 802 Kenyon Road, Fort Dodge, IA 50501, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Trinity Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Trinity Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Trinity Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Trinity Foundation where you agree to make a gift to Trinity Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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