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10 Cards in this Set
- Front
- Back
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What is a Foundation?
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It is an organization set up by individuals or businesses to give money to people or other organizations who forward the charitable goals of the foundation.
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How do FA's make money working with Foundations?
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By managing the Foundation money or helping the Foundation raise money by doing estate planning with donors who will gift money to the charity.
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What is the term that refers to the assets of a Foundation?
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Endowment
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What is one of the first questions to learn an FA who says s/he specializes in Foundations or Non-Profits?
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What percentage of their business comes from this activity.
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How long does it typically take to open Foundation accounts?
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Many months, if not a year or more.
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Suppose the percentage of revenue is low, (less than 50%). What strategy would we recommend they follow?
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Because of the length of time it takes to open Foundation accounts, we are going to recommend the same strategy we recommend if someone is transitioning to fees.
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What is the strategy we recommend for someone transitioning to fees?
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Create a new fee-based business while keeping the old business flat until you reach a point that the revenue from the new business will support your family and current business operations.
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How do people generate new business with Foundations?
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They have to be involved in the charitable business scene where they meet people, do good works, contribute to charities and develop relationships.
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What organization should an FA interested in Charitable Organizations belong to?
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National Society of Fund Raising Executives
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How can the system help an FA with a specialty with Foundations?
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Build the "expert financial advisor" identity by repeated mailings of the 250 articles in the letters library. They will enhance the "caring well-mannered, trustworthy" identity with etiquette, holiday and birthday letters. And they will enhance the good citizen identity with Memorial Day and July 4 letters. Plus, if the Foundation will allow them to do seminars for their donors, they will be able to keep track of everyone and ensure no one slips through the cracks.
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