Planning Ahead is Key
Malcolm and Kitty are planning the legacy they want to leave. They created a small family foundation after moving to Columbia as a “way to continue giving when we can no longer do so ourselves,” Malcolm say
If you ask Malcolm and Kitty Dade why they moved from Michigan to South Carolina after retiring in 1994, you’ll get the typical answer ― “We wanted to get away from the snow,” they laugh. Malcolm retired as vice president of human resources from an electric utility in Michigan. Prior to his work there, Malcolm was employed for many years by elected officials at the local, state and national level. A retired high-school teacher, Kitty spent most of her years teaching office information systems.
During their careers, the Dades did not accrue millions of dollars that they could give to charity. At the Foundation, we tell others that you don’t have to be Bill Gates or Warren Buffet to be a philanthropist. Malcolm and Kitty understand this notion and are examples of how planning ahead can make a difference in your community.
“Small contributions, when put together, can make a big impact for an organization,” Malcolm says. “We try to give back to organizations whose missions we agree with and who we believe will use those donations wisely to benefit others.”
Education is the main beneficiary of their charitable giving. Malcolm and Kitty have long supported their alma maters ― Wayne State University and Drake University, respectively. They also support several Historically Black Colleges and Universities (HBCUs.)
Malcolm and Kitty are planning the legacy they want to leave. They created a small family foundation after moving to Columbia as a “way to continue giving when we can no longer do so ourselves,” Malcolm says.
Private foundations come with a lot of areas to manage such as excise taxes, minimum payouts, and public disclosure. The costs of limited deductions, rigorous IRS reporting requirements and strict IRS regulations can be disproportionately high, particularly for foundations with less than $5 million in assets.
After ten years of managing the foundation, the Dades sought another solution. They found the Community Foundation a particularly attractive option because of what little maintenance establishing a fund here required and how simple the process of moving their investments was.
“Having our fund here at the Community Foundation gives our investment a long-term focus,” Malcolm remarks, “and the Foundation’s investment policy is much better than most individuals can do for themselves.”
“Most importantly, moving the foundation here has removed all the administrative burdens from Malcolm and me,” Kitty adds.
The Dade’s seed money came from appreciated stocks. Their goal is that the initial deposit will grow in such a way that the long-term impact will be substantial. The majority of their legacy will be funded through insurance policies that name Central Carolina Community Foundation as the beneficiary.
“What I would like to share with others is that this process is easier than they probably realize. I think there are many other couples in a similar situation as us who would set up a charitable fund if they knew how it simple it was,” emphasizes Malcolm. “It doesn’t take millions to do so.”