POUGHKEEPSIE, NY — The Community Foundations of the Hudson Valley released an eye-opening study during a grants award reception at Catherine Street Community Center on Tuesday detailing how nearly $22 billion in personal wealth will likely change hands in Dutchess, Ulster and Putnam counties over the next decade. This pending Transfer of Wealth (TOW) represents an opportunity for residents who care about their communities to bequest a relatively small but extremely meaningful portion of their wealth to charities, nonprofits, and philanthropic vehicles, the report concludes.
“If just 5% of that $22 billion in transferred wealth could be donated to community endowments as it’s passed from one generation to the next, it would create more than $1.1 billion a year in new grant writing potential,” said Community Foundations President and CEO Andrea Reynolds. “It would have a remarkably positive impact upon our nonprofit community and the people they serve.”
“The Transfer of Wealth study that we are releasing today demonstrates the tremendous opportunity for regular people of all socioeconomic backgrounds to do lasting good in their communities,” said Ms. Reynolds, referring to the study conducted by RUPRI Center of Rural Entrepreneurship. “These nonprofits assembled here today and many more like them are the beneficiaries of this kind of intelligent, grassroots philanthropy. We’re asking people to consider donating 5% of their future estates to the communities that have supported and enriched them throughout their lives.”
Nationwide, an unprecedented transfer of wealth from the World War II generation to the Baby Boomers and then from the Baby Boomers to the next generation is being predicted, according to research outlined in the RUPRI study. The combined net worth of Dutchess, Ulster, and Putnam counties exceeded $74 billion in 2010, according to the study, with nearly $22 billion poised to change hands over the next decade. If 5% percent were to be donated, as advocated by the Community Foundations of the Hudson Valley, the region’s human service agencies and nonprofit organizations would benefit from nearly $55 million in new philanthropic giving annually.
“It’s our goal to secure 5% of our area’s wealth as a legacy for future generations,” Ms Reynolds said. “We think if more people realized how much good that 5% could do, they’d want to be part of that legacy.”
Serving all of Dutchess, Ulster and Putnam counties and representing thousands of donors through more than 500 separate funds, the Community Foundation channels much needed support to the community through grants and scholarships. The Foundation’s purpose is to connect people who care with causes that matter.
Click to view the Transfer of Wealth
study, or for more information call the Foundation at 845-452-3077.