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Financial Words of the Week: Back to School – Coverdell ESA/529 Plan

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FWOTW

Back to School Series

Parents—do you know all of your options when it comes to saving early for your children’s education? Here, we’ll discuss two of our recommended options for saving funds for education well in advance of your first child going off to college: the Coverdell Education Savings Account and the 529 Plan.

The Coverdell Education Savings Account (ESA) allows for a family member to deposit funds into an account that grows tax-free until funds are distributed. It is a great vehicle to start growing funds for both K-12 and college tuition. You can even direct how you want to invest the funds yourself to offer a high level of control over rates of return. There are a few restrictions to this plan such as income limitations and an annual contribution cap of $2,000. After the beneficiary turns 18, you can’t contribute unless special exceptions are granted.

As with the Coverdell ESA, the 529 Plan is a savings account that will allow your contributions to grow tax-free. Unlike the Coverdell ESA, however, the 529 requires that your distributions be used for college expenses only. With the 529 Plan, you are not restricted to an income or age limit, and there is a much higher annual contribution limit: $14,000 per year or nothing that exceeds the education expenses, whichever is lower. In some situations, your state might even offer additional tax benefits for using their 529 Plan. While not offering the same kind of control over investments as the Coverdell ESA, the 529 Plan still offers great value and benefit to parents and students only concerned with college expenses.

Which is right for you?

Work with your local bank partner or financial advisor to review the pros and cons of each option to create an individualized savings plan. You can also check out IRS.gov for more information.

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When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

 

 
DISCLOSURE AND IMPORTANT CONSIDERATIONS:

UMB Private Wealth Management is a division within UMB Bank, n.a. that manages active portfolios for employee benefit plans, endowments and foundations, fiduciary accounts and individuals.  UMB Financial Services Inc * is a wholly owned subsidiary of UMB Bank, n.a. UMB Bank, n.a., is an affiliate within the UMB Financial Corporation. Banking and trust services offered through UMB Private Wealth Management, a division within UMB Bank, n.a.

This report is provided for informational purposes only and contains no investment advice or recommendations to buy or sell any specific securities. Statements in this report are based on the opinions of UMB Private Wealth Management and the information available at the time this report was published.

All opinions represent our judgments as of the date of this report and are subject to change at any time without notice. You should not use this report as a substitute for your own judgment, and you should consult professional advisors before making any tax, legal, financial planning or investment decisions. This report contains no investment recommendations and you should not interpret the statements in this report as investment, tax, legal, or financial planning advice. UMB Private Wealth Management obtained information used in this report from third-party sources it believes to be reliable, but this information is not necessarily comprehensive and UMB Private Wealth Management does not guarantee that it is accurate.

All investments involve risk, including the possible loss of principal. This information is not intended to be a forecast of future events and this is no guarantee of any future results. Neither UMB Private Wealth Management nor its affiliates, directors, officers, employees or agents accepts any liability for any loss or damage arising out of your use of all or any part of this report.

“UMB” – Reg. U.S. Pat. & Tm. Off. Copyright © 2012. UMB Financial Corporation. All Rights Reserved.

*Securities offered through UMB Financial Services, Inc. member FINRA, SIPC, or the Investment Banking Division of UMB Bank, n.a.

Insurance products offered through UMB Insurance, Inc. You may not have an account with all of these entities. Contact your UMB representative if you have any questions.

Securities and Insurance products are:

NOT FDIC INSURED * NO BANK GUARANTEE * NOT A DEPOSIT * NOT INSURED BY ANY GOVERNMENT AGENCY * MAY LOSE VALUE


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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4th step to buying a home: searching & making an offer

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Have you:

Good! Then it’s time to start house hunting. As a mortgage loan officer for the last 10 years, I certainly have a lot of knowledge in real estate, but still always refer to experienced realtors for this next step. Their knowledge of the housing market, along with expertise in real estate contracts, are the key to making the best selection of the property in which you could spend at least 5 years (but for some of you, potentially the rest of your life). I referred to Anita Trozzolo, a Kansas City realtor to give us some guidance for this next step.

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Create a priority list

You are making perhaps the biggest purchase of your life, and you deserve to have that purchase fit both your wants and needs.

Your priority list should include the basics, such as:

  • neighborhood and size
  • number of bedrooms and bathrooms
  • basement (finished or unfinished)
  • a kitchen that comes with appliances

If you can’t get a home at your price with all the features you want, then what features are most important?  Start prioritizing.  For instance, would you trade fewer bedrooms for a finished basement?  A longer commute for a larger home and lower cost?

What type of home best suits your needs?

You have several options when purchasing a home from a traditional single-family home, duplex, townhouse or condo.  Each option has its pros and cons, depending on your wants and needs, so you need to decide which type of property is best for you. You can also save on the purchase price in any category by choosing a fixer-upper. Keep in mind, though, the amount of time and money involved to turn a fixer-upper into your dream home might be much more than you expected.

Regardless of your choice, it’s important to target your search. By using options such as general location and affordability, you can refine your search and focus on homes that offer the most desirable features. However, based on my experience with the hundreds of first time home buyers for whom I successfully found and negotiated their first home, it is imperative to nail down location first.  The majority of buyers purchase homes from their choices in their most desired location.

Here are some more tips for your search:

  • Make sure your realtor understands your wants and needs.
  • Your agent must be patient, and show you as many homes as you would like to see. This is most likely the largest purchase of your life!
  • Have your agent set you up on an automatic home search program. This is an efficient way to guide you in your search.
  • Drive through neighborhoods on your off time to check out the area.
  • Choose your favorites before submitting an offer, and tour as many times as you feel comfortable.  Oh, and don’t forget to bring parents and friends. The more eyes the better!

Submit an offer, and most importantly understand the sales contract.  Your agent will assist you with the following:

  • To determine how much to offer, your realtor will show you a market analysis of all the recent sold properties comparable to the home or homes you’re interested in.
  • Obtain all material defects known from the seller through the seller’s agent.  
  • Discuss types of insurance that is required.
  • Counsel you on what price to offer the seller.
  • Make sure closing costs are explained and negotiated.
  • Make sure home warranty is explained and negotiated.
  • Explain the sales contract and all other forms associated with the contract.
  • Present your offer to the seller.
  • Negotiate your offer and counteroffers.
  • Set up inspections.
  • Provide the contract to the lender and closing company.
  • Stay in constant communication with the lender.
  • Arrange and attend the closing.
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When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.




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UMB Insights: Commercial Lending in St. Louis

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The current lending environment in St. Louis is cautiously optimistic. Find out more about what industries are seeing the most growth this year.

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Mr. Peter Blumeyer is President of the St. Louis marketplace for UMB. He is responsible for overall commercial growth in the St. Louis metropolitan area and works closely with other lines of business leaders to drive overall growth in the region. He joined UMB in 2006 and has 10 plus years experience in the financial services industry. He currently resides in Glendale, MO with his wife and two small children.



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Financial Word of the Week: Back to School – Co-Signer

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FWOTW

Back to School Series

You have probably heard the phrase, “You need to have credit to get credit.” It can be difficult for someone starting out with no credit to establish a record. One way to overcome this hurdle is to have a co-signer on a loan or revolving line of credit.

A co-signer is a person who also promises to pay the debt. A co-signer is often used when the original applicant has no credit or “poor” credit. Having a more credit-worthy applicant ensures that the creditor, in most cases the bank, has more protection because there is a second person to pay the debt.

The co-signer is responsible for the loan payments. This includes all past and future payments not yet made as well as any additional late fees or penalties. Additionally, co-signers can have their credit impacted if payments are not made on time, so weigh all of the options before agreeing to be a co-signer.

Parents of college students often co-sign for an auto loan or small credit card. By having a low-limit credit card or a small auto loan, students can build good payment history to establish credit with little risk to their parents.

Whether student, co-signer or just a single applicant, one thing is certain – it takes a long time to build credit and a short time to negatively impact it. We always recommend borrowing and paying responsibly to ensure you have access to funds you need. If you’re considering co-signing a loan or credit card, it’s important to first make sure that you can make the monthly payments in full before you make your decision.

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When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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Top 10 Market and Economic Variables to Watch…and 3 to Ignore – Part IV

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Refresh yourself on the entire Top 10 market and economic variables you should be watching closely: part 1part 2part 3.

Now it’s time to tell you the three things we think you should ignore! While there aren’t any variables that are truly ignored, perhaps the value of these three variables isn’t worth the attention they often get.

THREE TO IGNORE

3. The Noise: Data vs. Information

This is a classic case of data versus information. Data consists of facts, which become information, as it conveys meaning to investors. For example, computers process data without any understanding of what the data represents. Similarly, investors are bombarded with headlines, facts and figures — in other words, data. Without the proper context behind the numbers and headlines being thrown at them, it just becomes noise.  When investors attempt to process all of this, it makes it hard to decipher what data is giving them the information they need to make investment decisions. Investors would be wise to focus on a few key variables (like the ones we told you about earlier), and filter out all of the other noise.

2. Headline Unemployment Rate

The headline unemployment rate, specifically, the primary measurement: U3, does not accurately reflect the employment picture. The official unemployment rate, which measures the proportion of the civilian labor force 16 years or older that are jobless but actively seeking employment, can be either overstated or understated. This could be due to discouraged workers, part-time workers and unreported legal or illegal employment. Taken together, these measurement problems suggest that the official unemployment rate is likely understated during business-cycle contractions and overstated during business-cycle expansions.

The unemployment rate peaked at 10 percent in 2009 and then trended lower down to the current 6.3 percent. However, in the same period, the participation rate, a measure of the active portion of an economy’s labor force also came crashing down from 65.7 percent to an all-time low of 62.8 percent. It appears that most of the drop in the unemployment rate may be attributed to a falling participation rate—less people searching for a job rather than new jobs being created. This particular headline statistic is one that should probably be ignored.

1. What the Federal Reserve Says

Forecasting interest rates is extremely difficult. The Federal Reserve has a difficult time with it too.  In the past, the Fed has under promised and then over delivered. In 1994, 1999 and 2004, the Fed’s projection of Fed funds was not as accurate as one would expect. In each of those years listed, Fed funds were higher than the Fed had forecasted. Last year, the Fed began to taper its bond-buying activity, also known as quantitative easing. Having reduced their activity each month, we expect them to continue doing this until the program is terminated. Hiking interest rates is also being talked about, but we think that is noise in the markets. All in all, we recommend watching what they do, not what they talk about.

With all of the data investors could consume on any given day, at any given hour, this top 10 list of market and economic indicators and 3 to ignore, is a guide to cutting the clutter to get to the information needed to best understand today’s economic environment.

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DISCLOSURE AND IMPORTANT CONSIDERATIONS:

UMB Private Wealth Management is a division within UMB Bank, n.a. that manages active portfolios for employee benefit plans, endowments and foundations, fiduciary accounts and individuals.  UMB Financial Services Inc * is a wholly owned subsidiary of UMB Bank, n.a. UMB Bank, n.a., is an affiliate within the UMB Financial Corporation. Banking and trust services offered through UMB Private Wealth Management, a division within UMB Bank, n.a.

This report is provided for informational purposes only and contains no investment advice or recommendations to buy or sell any specific securities. Statements in this report are based on the opinions of UMB Private Wealth Management and the information available at the time this report was published.

All opinions represent our judgments as of the date of this report and are subject to change at any time without notice. You should not use this report as a substitute for your own judgment, and you should consult professional advisors before making any tax, legal, financial planning or investment decisions. This report contains no investment recommendations and you should not interpret the statements in this report as investment, tax, legal, or financial planning advice. UMB Private Wealth Management obtained information used in this report from third-party sources it believes to be reliable, but this information is not necessarily comprehensive and UMB Private Wealth Management does not guarantee that it is accurate.

All investments involve risk, including the possible loss of principal. This information is not intended to be a forecast of future events and this is no guarantee of any future results. Neither UMB Private Wealth Management nor its affiliates, directors, officers, employees or agents accepts any liability for any loss or damage arising out of your use of all or any part of this report.

“UMB” – Reg. U.S. Pat. & Tm. Off. Copyright © 2012. UMB Financial Corporation. All Rights Reserved.

*Securities offered through UMB Financial Services, Inc. member FINRA, SIPC, or the Investment Banking Division of UMB Bank, n.a.

Insurance products offered through UMB Insurance, Inc. You may not have an account with all of these entities. Contact your UMB representative if you have any questions.

Securities and Insurance products are:

NOT FDIC INSURED * NO BANK GUARANTEE * NOT A DEPOSIT * NOT INSURED BY ANY GOVERNMENT AGENCY * MAY LOSE VALUE


K.C. Mathews joined UMB in 2002. As executive vice president and chief investment officer, Mr. Mathews is responsible for the development, execution and oversight of UMB’s investment strategy. He is chairman of the Trust Investment, Asset Allocation and Trust Policy Committees. Mr. Mathews has more than 20 years of diverse experience in the investment industry. Prior to joining UMB, he served as vice president and manager of the portfolio management group at Bank of Oklahoma for nine years. Mr. Mathews earned a bachelor’s degree from the University of Minnesota and a master’s degree in business administration from the University of Notre Dame. Mr. Mathews attended the ABA National Trust School at Northwestern University and is a Chartered Financial Analyst and member of the CFA Institute. He is past president of the Kansas City CFA Society and a past president of the Oklahoma Society of Financial Analysts.



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UMB Insights: Funding a Trust

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We’ve already walked you through the process of estate planning. Today, we’ll explain how to fund that trust and give you an important reminder to update it as your life changes.

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Ms. Gattis joined UMB in 2009. As a Senior Financial Planner, she is responsible for working with clients to insure that they are finding a solution to reaching their unique financial goals. Ms. Gattis has 20 years of experience in the financial industry. Prior to joining UMB, she served as a Private Client Manager for US Trust. Ms. Gattis earned Bachelors in Human Resource Management and Masters in Business Administration degrees from Wichita State University.



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Top 10 Market and Economic Variables to Watch…and 3 to Ignore – Part III

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Here are the last four of our Top 10 list. Look back on part 1 and part 2 if you missed them! But check back in a couple weeks for the three things we think you should ignore!

4. Government Spending

Government spending is approximately 18 percent of the Gross Domestic Product (GDP) formula. Remember the potential fiscal cliff that was scheduled to become effective on December 31, 2012? If that combination of expiring tax cuts and across-the-board government spending cuts had been executed, the economy would have been pushed into a recession.  Sequestration, a result of the fiscal cliff, only lasted a year. In January 2014, a new $1.1 trillion budget was signed and sequestration essentially evaporated.

Federal spending is on the rebound and state and local governments are, on a relative basis, in better financial shape than we have seen in many years.  Governments are now spending money and we anticipate that they will make a positive contribution to GDP growth.

3. Housing Momentum

Housing is an important variable in the economy because housing starts mean more jobs. For every housing start, we estimate that there are three direct jobs created (carpenters, roofers, etc.) and another three indirect jobs (carpet manufactures, appliance manufacturing, etc.). We think homebuilder surveys tend to lead to housing permits and starts. Right now, homebuilder surveys are robust and support our forecast of 1 million new home starts in 2014.

Rising mortgage rates and home prices, along with weaker household formation growth, may slow housing activity, but it will not turn negative.

2. Confidence

Consumers and business owners gain confidence in the economy as uncertainty wanes. An increase in confidence is an encouraging signal that consumption and economic activity will be on the rise. The University of Michigan Survey of Consumer Confidence and the National Federation of Independent Businesses Small Business Optimism Index measure the consumer and business owner’s confidence levels. Both indices trended lower long before the Great Recession and the equity market peak in October of 2007. In addition, the indices turned to a positive trend early in 2009, long before the market bottom and the end of the recession.

Confidence data is at a five-year high due to the rising stock market, a strong labor market and all-time high household net worth. With consumers feeling good, we anticipate that consumption will continue.

1. Consumption

Consumption drives GDP and consumption is 68 percent of the GDP formula. If consumption growth is robust and increasing, we think GDP will follow that path.

Personal consumption expenditures have been disappointingly flat. Although spending has increased, it’s nowhere near the level required to advance economic growth to more than 3 percent. Advance retail sales also show positive growth, but only supporting mediocre GDP growth.

 

Of all the noise out there, these are the top 10 market and economic variables to watch closely. But what isn’t often discussed are the three that should be ignored. We’ll bring you those soon!

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When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

DISCLOSURE AND IMPORTANT CONSIDERATIONS:

UMB Private Wealth Management is a division within UMB Bank, n.a. that manages active portfolios for employee benefit plans, endowments and foundations, fiduciary accounts and individuals.  UMB Financial Services Inc * is a wholly owned subsidiary of UMB Bank, n.a. UMB Bank, n.a., is an affiliate within the UMB Financial Corporation. Banking and trust services offered through UMB Private Wealth Management, a division within UMB Bank, n.a.

This report is provided for informational purposes only and contains no investment advice or recommendations to buy or sell any specific securities. Statements in this report are based on the opinions of UMB Private Wealth Management and the information available at the time this report was published.

All opinions represent our judgments as of the date of this report and are subject to change at any time without notice. You should not use this report as a substitute for your own judgment, and you should consult professional advisors before making any tax, legal, financial planning or investment decisions. This report contains no investment recommendations and you should not interpret the statements in this report as investment, tax, legal, or financial planning advice. UMB Private Wealth Management obtained information used in this report from third-party sources it believes to be reliable, but this information is not necessarily comprehensive and UMB Private Wealth Management does not guarantee that it is accurate.

All investments involve risk, including the possible loss of principal. This information is not intended to be a forecast of future events and this is no guarantee of any future results. Neither UMB Private Wealth Management nor its affiliates, directors, officers, employees or agents accepts any liability for any loss or damage arising out of your use of all or any part of this report.

“UMB” – Reg. U.S. Pat. & Tm. Off. Copyright © 2012. UMB Financial Corporation. All Rights Reserved.

*Securities offered through UMB Financial Services, Inc. member FINRA, SIPC, or the Investment Banking Division of UMB Bank, n.a.

Insurance products offered through UMB Insurance, Inc. You may not have an account with all of these entities. Contact your UMB representative if you have any questions.

Securities and Insurance products are:

NOT FDIC INSURED * NO BANK GUARANTEE * NOT A DEPOSIT * NOT INSURED BY ANY GOVERNMENT AGENCY * MAY LOSE VALUE


K.C. Mathews joined UMB in 2002. As executive vice president and chief investment officer, Mr. Mathews is responsible for the development, execution and oversight of UMB’s investment strategy. He is chairman of the Trust Investment, Asset Allocation and Trust Policy Committees. Mr. Mathews has more than 20 years of diverse experience in the investment industry. Prior to joining UMB, he served as vice president and manager of the portfolio management group at Bank of Oklahoma for nine years. Mr. Mathews earned a bachelor’s degree from the University of Minnesota and a master’s degree in business administration from the University of Notre Dame. Mr. Mathews attended the ABA National Trust School at Northwestern University and is a Chartered Financial Analyst and member of the CFA Institute. He is past president of the Kansas City CFA Society and a past president of the Oklahoma Society of Financial Analysts.



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When green is more than the color of money

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08-21

Green. It’s the color of money and probably the most common color associated with banks. But what if we associated green with a bank because it supports sustainability, providing its customers and associates with an eco-friendly environment? What if green was a way of doing business rather than just the color of our currency?

Since 2007, “being green” has become a fundamental philosophy at UMB. And while doing the right thing is the main reason behind our green initiatives, we also save money and increase efficiencies by investing in this area. It’s a philosophy every company can participate in because there are so many different sustainability programs you can put into practice in your organization. We often encourage our clients to embrace as many green business practices as they can.

If your company is interested in “going green” or increasing your sustainability efforts, here are a few tips:

  • Consider installing solar panels. In case you missed last month’s post, read more about solar energy here: UMB Goes Solar.
  • Make a commitment to green building, including any new offices or locations your company builds. This can include everything from design to construction, and even the products used to construct the building. Once construction is complete, you can apply for Leadership in Energy & Environmental Design (LEED) certification, along with other sustainable building distinctions.
  • Set up a waste reduction and recycling program, including batteries, cell phones, ink cartridges and paper. Depending on your business and locations, you can make this available to both associates and clients.
  • Provide eco-friendly services to your clients, such as online billing or e-statements
  • Organize associate volunteer groups to work at local green organizations, such as Adopt-a-Highway.
  • Join a community-sponsored agriculture program where local fresh fruit, produce, dairy and bread are delivered to your office weekly.
  • Facilitate a bike to work week or other eco-friendly commute programs.
  • Plan a “Wear Your Jeans for Green Day” where associates can donate a certain dollar amount to a non-profit that supports sustainability in exchange for the chance wearing jeans to work.
  • Engage your associates with green themed events, contests and educational programs such as lunch and learns.
  • Create a “Green Team” in your company that is responsible for leading the charge on all internal and external sustainability activities.

With so many options, your company can start by implementing one or two of the smaller programs. Eventually you can work your way up to the more large-scale initiatives. Learn more about corporate sustainability ideas at GreenBiz.com. We also encourage you to come up with your own ideas that are specific to your company or industry. Be creative!

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When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Ms. Shahane is a Vice President Healthcare Marketing/Sustainability Manager for UMB. She is responsible for managing marketing initiatives for UMB’s healthcare payments, HSAs, and benefit card products. In addition she leads the UMB Green Team and promotes UMB’s internal sustainability initiatives. She joined UMB in 2001 and has 13 years of experience in the financial services industry. She earned a MA in Marketing from Webster University. She is an active environmentalist and serves on the boards of Keep Kansas City Beautiful and Northeast Neighbor to Neighbor.



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Website maintenance this weekend

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Our umb.com website will be undergoing maintenance in the early hours of Sunday morning. It will be unavailable from 12:00 a.m. – 4:00 a.m. (CST) on Sunday,August 24. Text and mobile banking will be available at this time.

Construction Cones

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UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



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ALS Ice Bucket Challenge

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I was charged this week by Roshann Parris to accept the ALS Ice Bucket Challenge. As you’ll hear me say in the below video, this terrible disease has touched our family as it has countless others.

We all have an obligation to give back to our community. We’re passionate about thinking outside ourselves. Last year, we volunteered more than 1,200 associate workdays, donated more than $1 million and held more than 150 sponsored volunteerism events.

We were already a supporter of the Midwest Chapter of the ALS Association through our annual United Way campaign. Mariner, Mike and I were honored to join thousands of other participants to bring ALS even more to the forefront of people’s minds and make personal donations to the cause.

As tempting as it was to go the donation-only route, who doesn’t want to see their CEO, President & COO doused with water, too?

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Check out the special, extended version of the video…

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When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. deSilva is president and chief operating officer of UMB Financial Corporation. He is also vice chairman of UMB Bank, n.a. Mr. deSilva joined UMB in January 2004. He is primarily responsible for UMB's fee-producing business units and product lines, including Scout Investments; UMB Fund Services, UMB Healthcare Services Payment Solutions, Prairie Capital Management. Additionally, he is responsible for all corporate operations, technology, properties, security and marketing.



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