Blog   Tagged ‘non-profit’

UMB Insights: Fine Art Services

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Are you an art collector? Or do you have one piece in your home you take great pride in? Find out from the managing director of UMB Fine Art Services how this company focus began more than 100 years ago with our CEO’s great grandmother, Charlotte Kemper, and her passion for culture and art. Jan also offers advice on how to protect and utilize your art and collectibles.

Read more about the art of fine art management.

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Jan Leonard is senior vice president and managing director for charitable trusts, private foundations and fine art services. She joined UMB in 2003 and has more than 25 years of experience in the management of private and public organizations. Leonard earned a bachelor’s degree from Arkansas Tech University and a master’s degree in business administration from Ottawa University in Ottawa, Kan. She is also a graduate of the Cannon School of Foundation Management.



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The Plan in Planned Giving

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Planned giving can be an important tool when planning for the future of your estate. Some may have a desire to give to non-profit organizations, including their alma mater, a medical research project or a favorite youth organization. Whatever your desire, make sure you work with an experienced financial partner that can help guide you through the process to ensure your goals can be met.

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First, what constitutes a meaningful gift?

Quite simply, any gift is a meaningful gift. Many people are under the impression that only the very wealthy can be philanthropic. However, this is not the case. Gifts of any size are greatly appreciated by non-profit organizations, especially now as economic challenges have affected many individuals’ ability to donate while the needs continue to grow.

Motivations for gifting

The reasons for gifting vary greatly depending on the individual. Compassion for those in need, an extension of a religious or spiritual commitment, desire to share good fortune with others and memorializing the lives of others are some of the most prevalent reasons for planned gifts. You should personally evaluate your motivation and goals, and keep them in mind when determining how and when you want to support a cause.

Selecting the “right” organization

There are many worthy organizations, and choosing the non-profit that best fits your giving intentions is extremely important. Once your inspiration for giving has been clearly identified, make a short-list of potential groups. Organizations should be carefully researched and vetted to ensure you are comfortable with the final decision. It’s important to learn about a specific topic or organization, so your philanthropy can be used in a meaningful way. Once one or more organizations have been selected, a financial partner can help you define your vision, determine how the gift will be distributed and then evaluate, when possible, how the gift has been used.

Gift Options

Another item to consider is the type of gift you may want to give. Many organizations have gift acceptance policies, which may exclude certain types of donations. Things like stocks, real estate, art or other items may be quite valuable, but you should have a conversation with the organization first to ensure they are able to accept these types of gifts.  

Planned giving is an extremely meaningful and personal investment. Taking the time to evaluate these types of questions can really help individuals and organizations make the most of charitable gifts.


Jan Leonard is senior vice president and managing director for charitable trusts, private foundations and fine art services. She joined UMB in 2003 and has more than 25 years of experience in the management of private and public organizations. Leonard earned a bachelor’s degree from Arkansas Tech University and a master’s degree in business administration from Ottawa University in Ottawa, Kan. She is also a graduate of the Cannon School of Foundation Management.



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The art of fine art management

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Have you ever watched Antiques Roadshow? This popular public television show shares interesting stories of people happily discovering their personal treasures are actually quite valuable (or sometimes not!). Imagine learning that a famous designer of the late 1800’s made your great-grandmother’s favorite lamp or a rare piece of pottery you purchased on vacation is actually a sought-after piece. Fortunately, you don’t have to appear on Antiques Roadshow to learn the value of your own pieces or how to protect and possibly increase their value. There are other ways that are more easily accessible.

The Red Couch Marie Mason“The Red Couch”
Acrylic on canvas
Marie Mason

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Many people spend their lives collecting items that not only bring them personal enjoyment, but may significantly increase in value over time. Whether it’s fine artwork, collectibles (baseball cards), memorabilia (original Beatles or Elvis merchandise) or rare objects (antiques), you should consider these items important personal assets. Much like stocks and bonds, they are an important part of a full estate plan. But people don’t always think of them in this way.

By working with trusted professionals, you can ensure that your valuable items will get the attention they need during your lifetime and beyond.

So, what steps should you take to preserve and protect your fine art or collectibles?

  • Identify and protect

    Find a fine art management expert who can help you identify items that should receive additional attention to help preserve, and in some cases, maximize their worth. This person can also provide counsel on valuation (or appraisal), insurance, storage and other very specialized services that may be important in maintaining the object’s value.

  • Organize and document

    Proper documentation and cataloguing is critical. An experienced professional can help record the history and provide a comprehensive inventory of all pieces, an important aspect in maintaining their value. In the same way a museum inventories their collection, an expert can provide the same level of service and system support for your fine objects. Your record can then be updated as pieces are added or removed so the inventory is always complete. A detailed account of each item, including where and how each piece was acquired, can make a significant difference in value, plus, it’s a fun history lesson for you and your heirs.

  • Plan for the unexpected

    It’s important that your estate plans include details of how you want these assets distributed. Will they be gifted to a museum, a family member or a non-profit? Will these objects be liquidated so the funds can be passed on to relatives, loved ones or charitable organizations? Who will you trust to handle the actual distribution? These processes can be complicated and confusing. Your fine art management expert can help address and carry out these plans.

It’s never too early to get started on protecting your valued unique assets. Owners have much to gain by educating themselves about the care and protection of their personal treasures. Establishing a thoughtful, well-planned legacy ensures beloved items will be expertly managed both now and in the future.

 Flaming Tulip Janet Kummerlein“Flaming Tulip”
Acrylic on canvas
Janet Kummerlein

 

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.


Jan Leonard is senior vice president and managing director for charitable trusts, private foundations and fine art services. She joined UMB in 2003 and has more than 25 years of experience in the management of private and public organizations. Leonard earned a bachelor’s degree from Arkansas Tech University and a master’s degree in business administration from Ottawa University in Ottawa, Kan. She is also a graduate of the Cannon School of Foundation Management.



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Is your affinity program still benefiting your organization or non-profit?

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Park University Affinity Card (CardPartner from UMB)RFPs, grant proposals, annual fundraiser dinners, donation drives. If you work for a non-profit or professional association, you’re always searching for new, creative ways to raise funds. Affinity credit card programs are one way to do this by helping to raise awareness and donations with each new account.

 

For organizations big or small, here are five tips to help begin, migrate or simply reevaluate affinity programs and financial partners.

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Evaluate the rewards program

Some affinity programs pay partnering organizations for new accounts, give them a percentage of monthly charge volume and/or cut them a percentage off balance transfers. Some even reward supporters and members with points, miles or cash back.

But some rewards programs may not actually benefit the organization or the cardholder. Some issuers offer rich rewards to the group, but fund the program through the cardholders (higher rates and pricing). And some rewards have a short shelf life, with points that expire in a year.

Compare affinity programs to learn what the rewards are, who gets them, and most importantly, who pays for them.

Know the terms

Affinity card issuers see value in reaching a particular customer base, but they also have to make money on affinity card programs. Understand where that revenue is coming from—especially if it’s coming from your supporters.

Ask these questions:

  • What are the rates and fees?
  • Does the lender charge cardholders extra for personalization?
  • Are there hidden charges that lessen the value for your organization and/or its supporters?

Consider the marketing support

Traditionally, affinity card issuers have controlled the marketing, using direct mail as their primary, if not only, tool to communicate about the affinity program. With social media, the toolkit has expanded and organizations are gaining control and customization of how they market to supporters and members.

Ask these questions:

  • Does the issuer provide tools to support marketing efforts beyond direct mail?
  • Do you have to wait for bank approval of marketing messages or can you insert pre-approved copy in a newsletter or share it on social media?
  • Does the program give your non-profit the flexibility to send messages on your own timeline?

Control of your supporter list

Many lenders will ask you for direct access to your organization’s supporters and for the control over the marketing messages and timing. They do this so they can cross-market other financial products and services when they issue your affinity card. You’ll have to decide whether you want to give up that control.

Check references and reputation

When entering an affinity program, issuers not only get access to your organization’s database—they also get an implied endorsement.

Choose a banking partner carefully. Talk with current affinity partners. Weigh the bank’s reputation among other non-profits. Check their asset quality, capital adequacy, profitability and loan growth; all factors that indicate the bank’s strength, stability and economic responsibility. Based on your research, select a bank that shares your values and will become a long-term partner.

 

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 diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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