Since joining the Board of Directors, Tim Redmond has been a passionate supporter of Central Scholarship. He originally came to us at the suggestion of Alvin Katz, founder of the CPA firm KatzAbosch where Tim worked, who knew his expertise in not-for-profit organizations would be a huge asset to Central Scholarship’s financial management. Tim’s financial acumen has left a lasting impact on operations and he now serves as the current Treasurer of the Board of Director’s.
Tim’s philanthropic priorities have been greatly influenced by his family of teachers who focused on helping kids learn and grow but faced many obstacles along the way. He naturally gravitated towards supporting organizations like Central Scholarship that help improve educational and job development opportunities for all students. We recently sat down with Tim to talk about his experience as a member of the Board of Directors and the reasons he chooses to manage his philanthropy through a donor- advised fund.
How would you describe the impact Central Scholarship awards and interest-free loans have on our students?
I went into my relationship with Central Scholarship understanding the impact that scholarships and interest-free loans have on students. From my own past experiences I gathered that these scholarships and interest-free loans do a great job “chipping” away at the cost of obtaining post-secondary education, but after hearing the personal stories of students who receive scholarships and interest-free loans, it amazed me how just providing a little can be THE difference in obtaining post-secondary education, job training, etc.; and really be the key to unlock someone’s potential and help them build the life they have envisioned.
What is your favorite thing about Central Scholarship?
I think working with a Board of extremely talented, intelligent and most of all, caring individuals who really are seeking for positive change in both students’ lives, as well as within the post-secondary education system. The confluence of supporting students now as well as shaping the market for students of the future is appealing work (plus…we just have a lot of fun working together). And of course, can’t leave out the wonderful feelings provided by hearing student success stories!
Why did you decide to open a donor-advised fund and how does it impact your giving?
I opened a donor-advised fund after hearing a presentation from Fidelity on the benefits of operating such a fund a few years back. The donor-advised fund seemed like a great low-cost, low barrier-to-entry alternative to setting up a giving vehicle. For someone like myself (who didn’t have millions to setup a large foundation) it was a great way centralize and control my personal tax deduction while still being able to make grants to organizations that I support. Just a small contribution was required to setup the fund and the contributions may be invested, which has been great as it allowed my initial and follow-up contributions to grow and expand the amount of assistance they can provide.
Would you recommend that other donors open a donor-advised fund?
I would recommend to others to setup a donor-advised fund for the tax convenience and planning aspects, the investment-returns they provide and their ease of opening and operating. Additionally, just this year I learned you can schedule future and recurring grants out of the account – which allowed me to pick the organizations I want to support and schedule these grants in advance. This has reduced the already-low administration time of operating the account while also making me feel comfortable knowing I have supported the organization I wished to assist.
What are your parting thoughts on the importance of giving?
I would encourage everyone to (as much as they can) give of themselves (time, talent and money) to others; this is what has brought a lot of meaning, purpose and joy into my life. And if you are seeking to support an education-focused not-for-profit organization, Central Scholarship is a name I would strongly urge you to consider!