Page 21 – Arkansas Community Foundation

LITTLE ROCK, ARK. (March 5, 2022) Lesley Roberts of Little Rock, Ark., has been named regional development director for Arkansas Community Foundation.

“Lesley brings 20 years of development experience to our Foundation,” said Heather Larkin, Community Foundation president and CEO. “She has strong knowledge and expertise in development. Lesley has managed and directed grant writing, prospect research, donor stewardship, endowments and major gift programs for a diverse group of Arkansas nonprofit organizations.”

A native of El Dorado, Roberts earned a bachelor’s degree in education from the University of Arkansas. Her development experience includes work with the Girls Scouts, the Methodist Family Health Foundation, CareLink and Arkansas Children’s Hospital Foundation.

For more information about the Foundation and their work to provide smart giving decisions for Arkansans, visit www.arcf.org/smartgiving or call 501-372-1116.

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Arkansas Community Foundation, a nonprofit organization with over a half billion dollars in assets, fosters smart giving to improve communities. The Community Foundation offers tools to help Arkansans protect, grow and direct their charitable dollars as they learn more about community needs. By making grants and sharing knowledge, the Foundation supports existing charitable programs that work for Arkansas and partners to create initiatives that address unmet needs. Since 1976, the Community Foundation has provided more than $314 million in grants and partnered with thousands of Arkansans to help them improve our neighborhoods, our towns and our entire state. Contributions to Arkansas Community Foundation, its funds and any of its 29 affiliates are fully tax deductible.

Bentio Lubazibra is a local entrepreneur and the founder of ReMix ideas. He has been working closely with the Community Foundation through our Impact Investing initiative to support black entrepreneurs in central Arkansas. A native of Tanzania and graduate of the University of Central Arkansas, Lubazibwa now calls Little Rock home. We sat down with him to learn more about how and why he is pushing for progress for Black-owned businesses.

What are some of the best examples that have come through your programs?

I’m really excited about the company Truth Sauce and Truth All Purpose Seasoning founded in 2019 by Keith Tucker Jr. and his son Keith Tucker, III. Truth Sauce is an all-purpose sauce used to dress ribs, chicken, steak. It’s a really great product!

In the beginning, Keith sold this sauce from the trunk of his car. He would take his sauce to barbershops and to wherever people were — always ready to make a sale. But now the Truth Sauce and All Purpose Seasoning is in retail stores across the state of Arkansas. His product is in Drug Emporium, Cash Savers, Food Giant, Uncle T’s and other retailers across the state.

It’s remarkable to see the growth and scale of this company in a relatively short period of time.

As an alum of ReMix Ideas Business Academy, I am particularly proud to witness Keith grow as an entrepreneur and to see the Truth Sauce and All Purpose Seasoning company scale in marketplace. I fully anticipate this company becoming a conduit of intergenerational wealth for this family.

How can locals (Arkansans) be involved?

I invite locals to join us in democratizing access to capital. As with all businesses, we need customers to thrive. So, shopping faithfully at Black-owned businesses is a must. And for organizations and companies, procuring goods and services and contracting with a Black-owned businesses can be pivotal in increasing capital for under-resourced entrepreneurs.

Locals can also support our mission by making a financial contribution to Advancing Black Entrepreneurship, Inc. which is a 501(c)3 nonprofit. Contributions will support micro-grant funds, mentorship and technical assistance for Black-owned businesses in Arkansas.

What do you wish more Arkansans knew or understood about the work you are doing?

What inspires me about the work I do is the resilience, courage, and perseverance demonstrated by Black entrepreneurs as they build and operate their businesses despite unjust systems and economic conditions. Despite these hurdles, Black business ownership is still on the rise—this inspires me greatly! Despite daily injustices, Black people still dream, still imagine, still aspire, still strive to bring life to their ideas. The entrepreneurial spirit is very much alive in the Black community.

What are some of the barriers facing small entrepreneurs that your program seeks to address?

Over the past few years, I have worked closely with Black entrepreneurs, and I’ve witnessed many of their business dreams die in the bank parking lot due to low credit scores and lack of collateral. These economic redlines have denied under-resourced business far too long.

So, I am excited that we launched the Imani Fund, an innovative loan product which is rooted in equity. The Imani Fund uses an uncommon underwriting process that assesses an individual’s character and community engagement rather than collateral to be considered for a loan. Another unique feature is that an individual’s potential to execute a viable business model in the future outweighs past relationship with personal debt.

The Imani Fund provides under-resourced entrepreneurs in Arkansas with microloans between $5,000 and $25,000 as well as free technical assistance. The goal is to minimize the systemic barriers to accessing to capital that under-resourced entrepreneurs often face.

I believe that access to capital is the key for businesses to survive, grow, and scale.

Ranging from $175 million to a whopping $15 billion, the 10 largest gifts to charity in 2021 may have caught your clients’ attention. Not only do philanthropic gifts seem to keep getting bigger, but the future looks bright, too, with more than $84 trillion projected to be handed down in what may be one of the largest intergenerational transfers of wealth in history. Although most of that money will flow to heirs, projections indicate that charities could receive as much as 14% (nine percent in the form of bequests and the rest as lifetime gifts to charity).

As your Baby Boomer clients plan their estates, keep that 14% in mind, especially as philanthropists at all levels are becoming increasingly intent on making an immediate impact on important causes instead of leaving behind perpetual philanthropic structures.

Through our Strategic Giving Services the team at Arkansas Community Foundation can help you develop an impact-focused philanthropy plan for your clients

The following types of clients are ideally suited for this type of service:

–Families who have started to talk with you about multi-generational participation in philanthropy but do not yet have any formalized plans.

–Families who have publicly demonstrated a commitment to three or more charitable organizations.

–Families who own a multi-generational family business such that corporate giving and enterprise legacy have become intertwined.

–Families in which members across multiple generations appear to be actively involved in philanthropy discussions.

The team at the Community Foundation has the depth and breadth of experience to help you in these instances, and much more.

On February 18, Gov. Asa Hutchinson announced the re-establishment of the Women’s Commission, marking the 50^th anniversary of the last established Women’s Commission in Arkansas in 1973. The Commission’s work will include the study and analysis of the participation of Arkansas women in the state’s labor force; barriers to entry into the labor force; and the participation of Arkansas women in entrepreneurial pursuits in emerging and high-demand career paths such as STEM.

The governor appointed Heather Larkin, president and CEO of Arkansas Community Foundation, as one of 18 members of the commission. Alison Williams, chief of staff for Gov. Hutchinson, will serve as chair.

“In my administration, women are an essential part of my leadership team,” Gov. Hutchinson said. “I have relied upon women in leadership positions to bring success to my administration.”

Arkansas has had four commissions that focus on women, starting with the one Gov. Orval Faubus created in 1964 to focus on the social, political, and economic status of women. Gov. Rockefeller established the next commission to focus on state employment laws and differences in legal treatment of men and women. In 1973, Gov. Dale Bumpers reinstated the commission to find ways to enlarge the role of women in economic, political, and social institutions. In 1975, Gov. David Pryor instituted the Governor’s Commission on the Status of Women to focus, in part, on Title IX and the Equal Rights Amendment.

*Photo courtesy of the Office of Governor Asa Hutchinson*

The newly formed commission will submit their report to the governor by Dec. 1, 2022. See the Governor’s Executive Order establishing the commission here.

Members of the commission:

Alison Williams, chair
Marie Holder
Dr. Charisse Childers
Tamika Edwards
Gayatri Agnew
Kim Lane
Mellie Bridewell
Dr. Cherisse Jones-Branch
Kathy Loyd
Beverly Morrow
Dr. Veronikha Salazar
Dr. Todd Shields
Naija White
Heather Larkin

CPA Sharon Wilson of Forrest City is using the knowledge she’s gained and the relationships she’s built while serving on the Arkansas Community Foundation State Board to drive economic development for her community in the Delta.

“Whether it’s housing, credit repair or better conditions for our kids, my goal is to build partnerships that can help people in the Delta get to that next level,” Sharon said.

A former leader on the St. Francis County Community Foundation Affiliate Board, she knows the challenges of meeting local needs. She led the grants committee where her role was to identify local nonprofits doing work to better the community and support them through grants.

“Anytime I saw an organization pushing the next man forward, we’d join that effort,” Sharon said. “Whether it was a food pantry, a sports organization, or an afterschool program, the causes we supported raised up the people of our community.”

The Lake Village native and her husband Circuit Judge E. Dion Wilson moved to Forrest City in 1994 and set up law and CPA practices in an office they remodeled in the heart of downtown. Today, their family includes three children and two grandchildren.

“As soon as we moved here, we felt that we needed to give back,” she said. “Kids in Forrest City didn’t see a lot of people who looked like us in professional roles. We wanted to be the family that let them know the possibilities. We wanted them to see the opportunities that come when you get your education.”

Sharon’s CPA firm currently manages federal funds for the Forrest City School District. She’s a tax preparer and a consultant for small municipalities and nonprofits in addition to work with individual clients.

“As my clients age, that’s when a lot of them talk about what they want to do with their money. Even some of the younger ones want to make a difference in their communities with the resources they’ve earned,” Sharon said. “I share information about different vehicles that can help them with charitable giving, and the Community Foundation has been a tremendous resource.”

Sharon said the Community Foundation helps her clients meet goals for their family philanthropy and helps teach the next generation the best ways to give. “The staff is always ready and willing to help,” she said. “They are easy to work with, efficient, and their investment policies ensure maximum gains without sacrificing the safety of the funds.”

Little Rock, Ark. (Feb. 1, 2022) – Arkansas Black Hall of Fame Foundation, in partnership with Arkansas Community Foundation, is awarding grants to programs that benefit African American or other underserved populations in Arkansas. Nonprofits with programs focusing on education, health and wellness, youth development, strengthening families and economic development are eligible to apply. Grants that mitigate the impact of COVID-19 on these areas will also be considered.

“We are especially grateful to our donors whose consistent support allows us to fund our grant program each year. It is critically important that we continue to support organizations facing new challenges created by the pandemic. There are many nonprofits working tirelessly in communities throughout Arkansas to improve the quality of life for its citizens,” said Charles Stewart, ABHOF Chair. “This grant program allows us to make our state a better place to live for these communities.”

Since 2004, ABHOF has granted more than $667,000 to nonprofits across the state, with total community investment exceeding one million dollars. Projects supported through this grant program range from support for temporary emergency shelter for families temporarily displaced to support for the first Arkansas Racial Equity Summit at UCA.

“Our long-standing partnership with Arkansas Black Hall of Fame Foundation helps provide a support system for Arkansas nonprofits working to create positive change for underserved populations,” said Heather Larkin, president and CEO of the Community Foundation. “We’re proud of this investment and the programs that continue to support local people working to improve their communities.”

Grants will typically range from $1,000 to $2,500 but may approach $5,000 in special circumstances. Funds from Arkansas Black Hall of Fame Foundation cannot be allocated for salary support or to support general operating budgets outside the specific proposal or project.

Priority consideration for grants:

Requests that show multiple sponsoring agencies/organizations.
Requests that include evidence of local financial support (including, but not limited to, in-kind support.)
Requests that demonstrate collaborative ventures among organizations within the community.
Requests that have promise for sustainability beyond the period of the grant.
Requests that show an innovative approach to community challenges.

All geographic sections of the state are eligible. Scholarship requests will not be considered. Only 501(c)(3) nonprofit organizations, hospitals, public schools and government agencies are eligible to apply now through April 1 atwww.arcf.org/ABHOF. Organizations that do not qualify for tax-exempt status are not eligible.

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Arkansas Black Hall of Fame Foundation aims to provide an environment in which a future generation of African American achievers with Arkansas roots will thrive and succeed. The Foundation honors the contributions of African Americans through its annual Black Hall of Fame induction ceremony and awards grants to support charitable endeavors in Black and other under-served communities throughout Arkansas. Learn more at www.arblackhalloffame.org.

Little Rock, Ark. (Feb. 7, 2022) – Scholarships are now available for eligible Arkansas students through Arkansas Community Foundation.

Each scholarship has its own eligibility criteria. In general, the Community Foundation’s scholarships are for Arkansas students pursuing education at two- or four-year colleges or universities, vocational schools or technical training programs. Some scholarships are designated for graduates of a particular high school or those who plan to attend a particular college. Others are based on extracurricular activities or intended college majors.

“Since 1976, the Community Foundation has partnered with individuals and organizations who want to support students in their pursuit of higher education,” said Heather Larkin, Community Foundation president and CEO. “These generous people provide the funding and determine the size and eligibility criteria of each scholarship, while we oversee the application and awarding process on their behalf.”

Scholarships with statewide eligibility include:

Abigail Robertson Scholarship Endowment, provides a scholarship for female students pursuing a business degree at a college or university in Pulaski County
Anne Pressly Scholarship Endowment, to memorialize the legacy of Anne Pressly and support a female graduate of an Arkansas high school who plans to pursue a career in Journalism
Arkansas Service Memorial Scholarship Endowment, for students who are children of Arkansans who lost their life in service in the state, nation or community
Barbara Mashburn Memorial Scholarship Endowment, provides a scholarship for a graduate of an Arkansas high school pursuing an education as a vocalist
East Student Scholarship Endowment, provides a scholarship to a graduating senior who attends any high school with an EAST program
Elizabeth G. Redman Republican Party of Arkansas Scholarship Endowment, for students who are members of or active in the Republican Party of Arkansas
Herchel and Melba A. Fildes Endowment, provides a scholarship to students studying nursing and attending Harding University in Searcy, Arkansas or Arkansas State University in Beebe
Lillian McGillicuddy Republican Party of Arkansas Scholarship Endowment, for students who are members of the Arkansas Federation of Young Republicans or are active in the Republican Party of Arkansas
Lu Nedrow Graduate Scholarship Endowment, provides a scholarship for a member of the Epsilon Zeta Chapter of Alpha Gamma Delta at Arkansas State University in Jonesboro who is pursuing a graduate degree
Marie and Bob Marshall Republican Party of Arkansas Scholarship Endowment, for students who are members of or active in the Republican Party of Arkansas
Merwin T. and Agnes Bowman Nursing Scholarship Endowment, for students seeking a Bachelor of Science in Nursing or equivalent degree from a qualified institution.
Poultry Federation Scholarship Fund provides scholarships to students pursuing a degree related to the poultry industry and attending a school in the University of Arkansas system, Arkansas State University system, Arkansas Tech University or Southern Arkansas University
Robert P. Atkinson Hospital Leadership and Scholarship Fund, provides a scholarship to students pursuing an advanced degree with an emphasis in healthcare and/or hospital administration
Roy Burlison Honorary Scholarship Fund, provides scholarships to high school seniors who are fast-pitch softball players
Ryan Mondy D.A.S.H. Memorial Scholarship Endowment, provides scholarships to graduating seniors whose lives have been affected by cancer
Sheffield Nelson Scholarship Endowment for UCA, provides a scholarship to student enrolled at University of Central Arkansas

To apply, and for more information about these and other scholarships, visit www.arcf.org/apply/scholarships/.

Deadlines for scholarship applications differ and can be found on the application portal.

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Arkansas Asset Funders Network, Arkansas Community Institute and HOPE Policy Institute (HPI) hosted a virtual town hall on Thursday, January 27 to spotlight the burden of medical debt and court costs in Arkansas. The event unveiled policy recommendations and a special announcement benefitting Arkansans struggling with medical debt. The goal of the event was to grow awareness of medical and court costs/fees debt in Arkansas and inspire action and policy change at local and state levels.

Moderated by Roby Brock, the event, “We’re Still Hurting: From the ER to the Courtroom” included Judge Rita F. Bailey of the 31^st State District Court, Heather Larkin of Arkansas Community Foundation, Signe-Mary McKernan of the Urban Institute, Kevin Ryan of the Fay W. Boozman College of Public Health at UAMS, Neil Sealy of the Arkansas Community Institute and Joanna Smith-Ramani of the Aspen Institutes’ Financial Security Program.

Lower income Arkansans and people of color are disproportionately affected by medical debt. Heather Larkin announced that a group of philanthropic organizations and donors is erasing $35.3 million of medical debt for Arkansas residents. 23,896 Arkansans, spread through all 75 counties, are benefiting from the debt payoff, with an average eliminated medical debt of approximately $1,500 per individual or family. RIP Medical Debt coordinated the payment on behalf of the Winthrop Rockefeller Foundation, HOPE Credit Union, Arkansas Community Foundation and other donors.

Read the news release about $35 million debt payoff.

As part of the event, Arkansas AFN, ACI and HPI shared federal, state and hospital-led policy recommendations that could help alleviate and prevent medical dept. They also highlighted how the court system, state legislature and local governments could enact changes to end the criminalization of poverty and reform debt collection practices. Click here to watch the event.

Understanding Debt

Medical debt and fines and fees debt is a barrier to economic mobility. If people are already struggling with low incomes, and having to put money toward debt, then they can’t save or build wealth towards the future. This type of debt perpetuates the cycle of poverty.

When families can’t pay the debt, they default on these debts which results in damaged credit scores, compounding barriers to economic opportunity. Medical debt and fines and fees exacerbates pre-existing financial insecurity. There is data that shows a spillover psychological effect of date, which deeply effects families and their children.

Actionable strategies to combat the debt crisis include passing state laws to regulate and expand hospital-based financial assistance programs and providing protections for patients from abusive medical debt collection practices.

On a federal level, advocates can urge the Consumer Financial Protection Bureau to mitigate the harms of medical debt by limiting medical debt reporting on credit reports; create and publish new data on consumer impact of medical debt, particularly in communities of color; and increase consumer safeguards related to debt collectors and health care providers. 

More creative solutions include developing constructive alternatives to harsh fine and fee collection practices such as low-cost payment plans, financial counseling/coaching, and meaningful community service.

Funders can also lessen the burden of medical debt and court costs by increasing Arkansans’ access to legal representation or legal counseling; calling for systemic reforms; elevating impacted residents’ stories; and funding advocacy, research and public-private pilot initiatives.

Unless adequately medical debt and fines and fees deepens existing disparities in Arkansas, stifling economic opportunity particularly for ALICE households.

A full list of policy solutions presented at the January event can be found here.

About Arkansas Asset Funders Network
Arkansas Asset Funders Network is a regional chapter of grantmakers who invest in opportunities for low and middle-income individuals and families to build economic well-being. Members include private, public, corporate and community foundations as well as public-sector funders and financial institutions. For more information, visit assetfunders.org.

About Arkansas Community Institute 
Arkansas Community Institute was founded in 1985 to improve housing opportunities in low- to moderate-income neighborhoods in Arkansas. The grassroots organization organizes low-income, working families to enable them to fight for social and economic justice. Over its history, ACI has released several reports on fair housing, predatory lending, access to health care, Arkansas’s landlord tenant laws and debt. ACI also offers free tax preparation and other services.

About the Hope Policy Institute
The Hope Policy Institute (HPI) is the policy and advocacy arm of Hope Enterprise Corporation / Hope Credit Union. HPI develops and advocates for policies to increase investment, expand financial inclusion and build the power and voice of local people in the Deep South. Channeling the voices and lived experiences of its members who often face discrimination in the financial service sector, HPI offers policymakers, at all levels, the information needed to make equitable decisions and build a stronger region. To learn more, visit hopepolicy.org and hopecu.org.

Debt in America: An Interactive Map
This map shows the geography of debt in America and the  debt differences that can reinforce  the  wealth gap  between white communities and communities of color.
Click here to view the interactive map.

Arkansas Community Foundation is honored to receive the 2022 Advancing Equity Award from the Clinton School of Public Service and their Center on Community Philanthropy.

Watch the announcement here.

The Advancing Equity Award is presented to organizations using innovative solutions to address racial inequalities in their communities and advance progress toward inclusion. The award recipients will receive support to continue and enhance their efforts. The National Day of Racial Healing (NDORH) is an opportunity for people, organizations and communities across the United States to call for racial healing, bring people together in their common humanity and take collective action to create a more just and equitable world. NDORH is a part of the W.K. Kellogg Foundation’s Truth, Racial Healing & Transformation (TRHT) effort – a national and community-based process to plan for and bring about transformational and sustainable change and to address the historic and contemporary effects of racism.

“The greatest wealth transfer in modern history has begun,” according to a mid-2021 report in the Wall Street Journal. And, with tax reform’s big bite into estate values off the table, at least for now, many of your older clients may be thinking seriously about their legacies.

And these legacies will be significant. As of March 31, 2021, according to data collected by the Federal Reserve, Americans in their 70s and older had a total net worth reaching almost $35 trillion. By 2042, an estimated $70 trillion will change hands, including an estimated $9 trillion flowing to charities, according to research conducted by Cerulli Associates.

As you advise an older client, an important part of the conversation will be to determine the best charitable giving vehicles to achieve your client’s community goals, particularly evaluating the potential role of a donor-advised fund or private foundation. Increasingly, your clients are learning about their options in mainstream media and likely have a greater level of awareness about charitable giving options than ever before, especially in the wake of the recent twists and turns concerning potential tax reform.

Here are key points to keep handy for those conversations:

– A donor-advised fund at the Community Foundation costs nothing to set up, and ongoing fees are minimal.

– A donor-advised fund can be created quickly–within a week or even days. A private foundation, by contrast, requires establishing a legal entity through state and IRS filings.

– Donating hard-to-value assets to a donor-advised fund delivers better tax benefits (deduction of fair market value) than a gift of the same assets to a private foundation (deduction of cost basis).

– A client can deduct a greater portion of AGI (e.g., cash deductible up to 60% of AGI) with a gift to a donor-advised fund than with a gift to a private foundation (e.g., cash deductible up to 30% of AGI).

– Ongoing operations of a donor-advised fund through the Community Foundation are very easy, with no tax filings required.

– Sometimes, both a private foundation and a donor-advised fund are useful tools to meet a client’s charitable giving goals. The team at the Community Foundation team can help you develop a structure for your client that maximizes the benefits of each vehicle within an overall philanthropy strategy.

Finally, remind your clients that the best time to set up their philanthropic plans really is right now. By being proactive, your client has nothing to lose and everything to gain in ensuring that their charitable wishes are carried out. To that end, the Community Foundation regularly works with advisors helping clients who wish to establish deferred or “shell” funds to receive bequests after the clients pass away. A deferred fund allows a client to describe charitable intentions, including naming advisors and suggesting nonprofits to receive fund distributions, to guide the heirs through the client’s charitable legacy. Your client can name the fund, and even provide that the Community Foundation’s board of directors work with advisors to make grants and evaluate impact. A deferred fund agreement can be modified anytime before your client’s death.