November 2008

Positive Milestones During Challenging Times

2008 Grants Showcase and Volunteer Recognition
Celebrating 13 Years of Philanthropy: Transforming our Community – Creating Social Change

Tomeka Hart and Tonja Sesley-Baymon of Memphis Urban League accept a $20,000 check from Grants Chair Mary Wolff.

On Thursday, October 16, the 2008 Grant Showcase and Volunteer Recognition Event had a record-breaking attendance with nearly 400 friends, supporters and grantee participants present. At the event, Co-Chairs Mary Wolff and Regina Walker announced that the Women’s Foundation Board of Directors approved the largest fund allocation ever – $623,000 was awarded for the 2008-2009 fiscal year to support programs through core grant-making, advocacy and research. These funds will further the work of programs for women and children with focused efforts in the areas of job readiness, career development, non-traditional job training, economic literacy and entrepreneurship.

Read more about the grants showcase.

Click here to see pictures of this great event.

The Women’s Foundation for a Greater Memphis announces the 2008-2009 Grant Recipients.

The Women’s Foundation for a Greater Memphis thanks our Grants Showcase sponsor, Morgan Keegan and all of our volunteers.

Congressman Joins International Focus on Poverty with Call to Action

Congressman Steve Cohen, serving Tennessee in the 9th Congressional District, speaks passionately about World Poverty Day.

On October 14, Congressman Steve Cohen drafted a letter addressing the people of Memphis and Shelby County to work together on solving poverty issues in the community.

“The fight against poverty requires attention, collaboration and action. If we come together as a community in action, we can dismantle, reduce and perhaps, one day, eliminate global poverty.”

The letter was written to encourage individuals to become part of the Poverty Impact Statement being drafted by the Women’s Foundation. When completed, the statement will serve as a guide for policy makers to develop policies and agendas that work to eradicate poverty among women and children in Memphis.

To read the Congressman’s statement, click here.

Join us in making a positive impact in the quest to dismantle poverty by completing our Poverty Impact Survey today.

Tracy Love Silver Founder, Philanthropic and Legacy Services

PHILANTHROPY
Giving in Hard Times

The verdict seems to be in — we are in a recession. Most of us are coming to grips with the fact that we must tighten our belts if we’re going to get through it. In our communities, the challenge is even greater. In addition to the obvious increased need in economically challenged populations, stress levels put a strain on medical, substance abuse, domestic violence and child advocacy services. Universities and other educational programs are tasked with more students that are unable to afford tuition, and more people in search of education that will increase their earning potential.

While needs increase during economic hard times, the sad reality is that charitable giving does not. In fact, research reported in Giving USA 2001, shows that during recession, charitable giving rates, when adjusted for inflation, decline. It’s not hard to understand. Foundations cut back on grants as returns on endowments decrease; corporate giving falls as profits dwindle; individuals give less as unemployment and economic insecurity rise; and as tax receipts fall, local and state governments cut spending on social services, health and education.

But, for the philanthropist, now is not the time to throw in the towel. It’s the time for reviewing your charitable investment plan; for re-inventorying your philanthropic assets; for making sure that every charitable dollar you spend is efficiently and effectively hitting its mark in serving the needs for which it was intended.

Click here to read the full article.

Giving Perspectives Forum

“Today’s new world of higher unemployment, lower incomes and declining investment portfolios will require that we allow that “self-less” side of ourselves to shine, the side that reminds us that we are our sisters’ keeper, and that more, not less, is required of us, especially in times of greater need. Take a look at your discretionary expenses. Find ways to reduce spending on those things you don’t need in order to help those moms who are coming up short for daily essentials for their families. And remember, if not now, then when?”      
Phyllis Scruggs, CFA, CFP
Women’s Foundation Board member and Investment Chair
Vice-Chairman, Director, Waddell & Associates, Inc.

“During times like these, everyone is evaluating their spending or their budget and most of us don’t want to GIVE UP much, but we are willing to cut back. We should consider those causes that we are passionate about and strive to keep our contribution equal to last year by cutting back on things not so important to us. Another way to keep giving at the same level during difficult times is to have the contribution automatically withdrawn each paycheck. In most cases, you do not “feel” the loss of money as much and you can stay disciplined, much like paying yourself first. Finally, Americans just got an effective tax cut with the drop in gas prices lately. Why not take money you had allocated to gas and give to the Women’s Foundation!”
Jennifer Oswalt, CPA
Women’s Foundation Board member, Young Women Philanthropists Chair
Chief Financial Officer, Sovereign Wealth Management, Inc.

“Two thirds of working women are in jobs that do not provide retirement benefits through a 401k or a pension. The median pension for women is half that for men. Thus, as pension plans suffer losses, this will trickle down to its participants. The wage gap that widens with age will be even more vulnerable in an economic downturn and the subsequent recovery. Because of this economic downturn, it is more important than ever that we dig deep in our pockets to help the many women and their children who are being negatively impacted by the current economic environment.”
Celie Althoff
Women’s Foundation Board member, Policies and Procedures Chair
First Vice President – Wealth Advisor, Morgan Stanley

Tax-Free Distributions from IRAs for Charitable Donations.

The Emergency Economic Stabilization Act of 2008 (the Act) was signed into law on October 3, 2008. The Act contains three distinct divisions however, Division A addresses the current economic crisis, provides for a troubled assets relief program to stabilize the economy, and contains tax reform and relief provisions. The Act extends for 2008 and 2009 a provision that allows tax-free treatment of distributions from traditional or Roth IRAs if the taxpayer donates the distribution to charity. To qualify, the charitable distribution must meet the following criteria:

1. The distribution is made on or after the date on which the IRA owner has reached age 70 ½; and
2. The IRA trustee makes the distribution directly to a charitable organization. For this purpose, charitable organization does not include a private foundation under Code Section 509(a)(3) or a donor advised fund under code Section 4966(d)(2).

Please click here for more information on giving:
http://www.irs.gov/retirement/index.html

LEADERSHIP
Honoring Women Legislators

(Front, L-R) Deborah Clubb, Ruby Bright, Chief Justice Janice Holder (Center, L-R) Kim McMillan, Janna Herbison, Mary Wilder (Back, L-R) Rep. Jeanne Richardson, Speaker Pro Tem Lois DeBerry, Senator Beverly Marrero and Rep. Karen Camper

The Women’s Foundation joined the Memphis Women’s Political Caucus and the Memphis Area Women’s Council in a historical event to honor female state representatives. Nearly 100 gathered on Wednesday, October 16, 2008, to witness the recognition of six women elected to represent Shelby County at the state level. Present for this occasion were state legislators of the 105th General Assembly from the House of Representatives and the Senate – Speaker Pro-Tempore Representative Lois Deberry, Senator Beverly Marrero, Representative Jeanne Richardson and Representative Karen Camper.

To read the rest of this article, click here.

Women in Leadership
WFGM Welcomes New Board Members

The board of directors welcomes two additional members to the leadership team.

Lisa Hume Development Director, Women's Foundation for a Greater Memphis

WFGM Welcomes New Staff Member

The Women’s Foundation is pleased to welcome our newest staff member to the team. Lisa Hume, a native Memphian, joined the Foundation staff October 6, 2008, as Development Director. Hume holds two Bachelor of Arts degrees and brings over 13 years of experience in marketing, fundraising, operations and training on both the corporate and non-profit levels. She is dedicated to positively impacting the Memphis community by creating social change in the lives of women and children.

Hume will be responsible for the strategic development and implementation of some of the Women’s Foundation’s key programs, while employing her talents and experience to expand the Foundation’s national and global circle of influence.

Advancing Women in Leadership

Naomi Dyson, Consultant, Mustard Seed, Inc. and WFGM Grants Committee Member, was appointed as Chair of the Shelby County Ethics Commission by the Honorable AC Wharton, Shelby County Mayor. The Shelby County Ethics Commission is a 12-member commission of judges, attorneys and community volunteers. This diverse commission represents the community at large and investigates any credible complaints. The commission also holds public meetings on an on-going basis to educate the public about ethical behavior and practices by government officials.

Beverly Robertson, Executive Director of the Civil Rights Museum, was recently awarded the Thomas W. Briggs Community Service Award. Briggs, a native Memphian, was the founder of the Welcome Wagon Company and always placed a special emphasis on community service. In 1985, the Board of Directors of the Thomas W. Briggs Foundation created this award to be given annually as a memorial to Briggs. The award benefits the work of a local Mid-South organization in the field of community service. Its purpose is to recognize an individual whose creativity, effort, commitment, professionalism and exceptional initiative have enabled the organization to excel.

Janice Holder was sworn in as the first female Chief Justice in the history of the State of Tennessee on September 2, 2008, for a two-year term. Along with her acquired flair for Southern dialect, Holder has 35 years of legal experience. She earned her law degree from Duquesne University School of Law, where she was editor of the Duquesne Law Review. She served as a law clerk to a federal judge in Pennsylvania and then practiced as a lawyer for 12 years before being elected to the Circuit Court in 1990.

The United Way of the Mid-South’s 2008-09 General Campaign Chairman is Kathy Buckman Gibson, chairman of Bulab Holdings, Inc. (Buckman Laboratories). A former WFGM board member, Buckman Gibson kicked off the United Way of the Mid-South’s fundraising effort at the annual Day of Caring Event on September 14. She announced that the organization had set a fundraising goal of $26.6 million, a $100,000 increase over the 2007 goal. United Way funds support a network of around 100 nonprofit organizations that work to improve education, income and health across eight-counties in the Mid-South area.

SOCIAL CHANGE
Memphis HOPE Groundbreaking at Legends Park

On Thursday, October 23, 2008, representatives from Memphis Housing Authority, Urban Strategies and the Women’s Foundation attended the groundbreaking ceremony for the newly named Legends Park, formerly known as the Dixie Homes Public Housing Development, in the 900 block of Poplar (between Ayers and Decatur). This collaborative between community leaders symbolizes the rebirth and the renewal happening in the heart of Memphis.

To see pictures from the event, click here.

To learn more about Memphis HOPE, please click here.