Page 24 – Arkansas Community Foundation

When tax season rolls around each spring, a new crop of questions may arise concerning clients’ gifts to various organizations and whether those donations qualify as tax-deductible charitable contributions.

Section 501(c) of the Internal Revenue Code lays out the requirements for organizations to be considered tax-exempt—a status for which an organization must seek IRS approval. Tax exemptions apply to certain types of nonprofit organizations, but status as a nonprofit (which is a state law construct) does not necessarily mean that the organization will be exempt from Federal income taxes.

Furthermore, even under Section 501(c), there are different types of nonprofits that are recognized by the IRS as tax-exempt. To qualify under the Internal Revenue Code Section 170 charitable deduction for gifts to Section 501(c)(3) organizations, for example, the recipient must be organized and operated exclusively for “charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, and the prevention of cruelty to children or animals.” “Charitable,” according to the IRS, has a very narrow definition.

You might support 501(c)(3) charities, but also social welfare groups organized under Section 501(c)(4). Examples of social welfare groups include neighborhood associations, veterans’ organizations, volunteer fire departments, and other civic groups whose net earnings are used to promote the common good. Donations to social welfare groups are tax deductible only in certain cases (e.g., gifts to volunteer fire departments and veterans’ organizations). Chambers of commerce and other business leagues fall under Section 501(c)(6); donations to these entities are not tax deductible.

One major advantage of having a fund with Arkansas Community Foundation is that we are a 501(c)(3) nonprofit and a gift to a charitable fund or endowment with us is fully tax deductible. And, when you or your clients want to grant out of that fund or endowment, we will do the research and vetting to make sure the organization qualifies to receive the grant as a charitable entity. If you have any questions, please reach out to our team at the Community Foundation. We are immersed in the world of Section 501(c) and are happy to help you navigate the rules.

Arkansas Community Foundation leads organization’s largest gift to help homeless persons

FAYETTEVILLE, Ark. (May 3, 2021) – New Beginnings announced today it has received the largest gift in the organization’s history from Jane Hunt. The $1 million gift will help with the completion of the capital project, while providing critical financial support for sustained programming.

New Beginnings is a nonprofit located in Fayetteville, Arkansas that welcomes people experiencing long-term homelessness into a safe community supported by staff and volunteers where residents can access resources to care for their health and connect with long-term housing.

“New Beginnings is overjoyed and grateful to Jane Hunt for embracing the vision of this project and her extreme generosity in supporting New Beginnings. This gift allows us to complete construction and the initial capital campaign and shift our focus to ongoing, sustained programming support for the staff and services that will make the difference in our residents’ lives,” said Aaron J. Marshall, president of the Board of Directors of New Beginnings. Marshall continued, “Ms. Hunt has given us a considerable runway toward funding the program, and we invite others who want to make this kind of impact to join her in partnering with us in this difficult but necessary effort.”

The generous gift from Jane Hunt was organized with help from the team at Arkansas Community Foundation. The Community Foundation’s mission is to engage people, connect resources and inspire solutions to build community. Ms. Hunt is a founding member of the Foundation’s Philanthropy Club in Northwest Arkansas. The Club is made up of 44 women who are committed to learning about the needs of the community.

“I have been exploring the complex issue of homelessness in our community for several years. When I learned about the plans for the New Beginnings Bridge Housing program, I felt that for the first time there was a real solution that could truly work. I am happy to lend my support to the New Beginnings team’s efforts,” said Jane Hunt. “At our March Philanthropy Club meeting, we heard a presentation from New Beginnings Board Member and University of Arkansas Professor, Dr. Kevin Fitzpatrick, and Program Director Solomon Burchfield that ultimately inspired Jane’s gift,” said Jody Dilday, development director for Arkansas Community Foundation. Dilday continued “It is truly my pleasure to work with people like Jane to facilitate deeply rewarding philanthropic experiences.”

About Arkansas Community Foundation

Arkansas Community Foundation is a nonprofit organization that 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 Community Foundation supports charitable programs that work for Arkansas and partners to create new initiatives that address the gaps. 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 the Community Foundation, its funds and any of its 29 affiliates are fully tax deductible.

Additional information about Arkansas Community Foundation is available at www.arcf.org.

About New Beginnings

New Beginnings is a bridge housing community designed for unsheltered people who have experienced long-term homelessness in Northwest Arkansas. The complex is composed of twenty temporary shelters surrounding a shared building where kitchen, shower house, and laundry facilities are located. Residents will share in the governance and maintenance of the community with the support of a team of volunteers and staff, including an onsite social worker. In this safe, supportive living environment residents can begin to care for their health and connect with housing. As residents successfully move into appropriate permanent housing, space opens for new unsheltered people to enter. The 2020 Annual Homeless Assessment Report found that for “the fourth consecutive year, homelessness increased nationwide,” with 2020 marking, “the first time since data collection began that more individuals experiencing homelessness were unsheltered than were sheltered.” New Beginnings represents an innovative new program model which, in collaboration with other partners in Northwest Arkansas, can change that.

For more information visit https://newbeginningsnwa.org.

Little Rock, Ark. (April 15, 2021) – Arkansas Community Foundation and the Arkansas Black Philanthropy Collaborative announce the availability of grants from the Building Black Communities Fund to benefit Black-led and Black-serving nonprofit organizations. Applications open today for grants of up to $25,000 each to support programs and initiatives specifically designed to impact Black people and communities in the Little Rock metropolitan statistical area, which includes Pulaski, Saline, Perry, Grant, Faulkner and Lonoke Counties.

“Our experience shows us that diverse, inclusive and equitable communities are stronger and more resilient. In the midst of the recent dialogue around the inequities facing Black communities, the Community Foundation recognizes the need for action,” said Heather Larkin, President and CEO of Arkansas Community Foundation. “Facebook, Inc. has provided the funding, the Foundation is providing the infrastructure to make the grants, and Black leaders in Central Arkansas are guiding the grantmaking strategy for the Building Black Communities Fund.”

Arkansas Community Foundation is one of 20 community foundations in the United States selected to receive funding from Facebook, Inc. to manage grantmaking to support Black communities and Black-led nonprofits. This commitment is part of Facebook’s broader $1.1 billion investment in Black and diverse suppliers, creators and communities in the U.S.

“There is an alarming funding gap for Black-led organizations which often adds to the continued compounding equity issues in the communities they serve. Our hope is the Building Black Communities Fund grants will bring empowerment and revitalization to Black-led organizations as well to minority and underserved communities. The Arkansas Black Philanthropy Collaborative hopes that the funding seeded through the help of Facebook and Arkansas Community Foundation will empower Black-led organizations to amplify their voice in the giving space.” said Derek Lewis of the Black Philanthropy Collaborative.

Applications details are available at the Foundation’s website, www.arcf.org/bbcf. Applications are being accepted now and the deadline for applying is 11:59 p.m. CST May 15, 2021.

“The Arkansas Black Philanthropy Collaborative encourages any 501(c)(3) organization that is Black-led or Black-serving that serves the Little Rock metropolitan statistical area to apply,” Lewis said. “Additionally, applicants should be able to demonstrate established relationships and have a good track record of working on activities that impact Black communities.”

Grant proposals of up to $25,000 from organizations holding 501(c)(3) public charity status with the IRS will be evaluated based on a specific work plan, and only one proposal per organization may be submitted. Applicant organizations must be Black-led or Black serving, based on the following definitions:

Black-led: 51% or more of the board and governing body are Black.
Black-serving: 75% or more of the population served consists of Black individuals in majority communities of color.

Applicants must demonstrate established relationships and have a good track record of working on activities that impact Black communities. Grantees must commit to:

Provide a brief final grant narrative and financial report.
Document funded efforts, including the use of photography, video and in written form.
Participate in grant status call, technical assistance activities and/or a networking group of grant recipients.
Expend all grant funds between July 1, 2021 and June 30, 2022.

The Building Black Communities Fund Committee members are:

Kandice Bell, Office of the Governor Asa Hutchinson
Joyvin Benton, Winthrop Rockefeller Institute
Alyson Bradford, State Farm
Tamika Edwards, Central Arkansas Water
Charlotte Green, Arkansas Imagination Library
Rev. Shantell Hill, Winthrop Rockefeller Foundation
Derek Lewis II, Derek Lewis Foundation and Arkansas Black Philanthropy Collaborative
Kendra Pruitt, Office of Mayor Frank Scott
Charles Stewart, Arkansas Black Hall of Fame
Kara Wilkins, Arkansas Black Philanthropy Collaborative
Darrin Williams, Southern Bancorp

Arkansas Community Foundation is a nonprofit organization that 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 Community Foundation support charitable programs that work for Arkansas and partners to create new initiatives that address the gaps. 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 the Community Foundation, its funds and any of its 29 affiliates are fully tax deductible.

Arkansas Black Philanthropy Collaborative (ABPC) is a coalition of black professionals who have come together to co-develop a shared transformational plan that is rooted in the aspirations, culture, and history of the African American community in the state of

Arkansas and southern region of the US. Its purpose is threefold: Develop a comprehensive plan to support and enrich black communities through strategic investments that are transparent, innovative, and indicative of the voices of the community; Build capacity for black philanthropy professionals through increased investments in training and educational opportunities and creating an intentional pipeline for professional advancement; Serve as an intermediary to identify potential funding opportunities for Black Led Organizations (BLOs) and nonprofits serving black communities, provide strategic capacity and technical assistance, and act as a liaison between nonprofits and local and national funders.

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Estate and tax attorney Neal Pendergraft lives his life looking forward, not back. A Fort Smith native now living and working in Fayetteville, he believes it is never too early to begin to educate the next generation on the importance of philanthropy.

Founding member of RMP, and is Of Counsel to the firm

“I have some clients who will be a perfect fit for the Community Foundation” Neal said. “Younger givers need to know it doesn’t take multiple thousands of dollars to be a philanthropist. I’ve encouraged some clients to put their stimulus money to work in their communities through charitable giving.”

On the other end of the spectrum, one of his older clients didn’t realize she had the means to make charitable contributions during her lifetime. When she learned about giving options at Arkansas Community Foundation, she was excited to create a current giving fund and a deferred giving fund. That way, she can see for herself the benefits of her contributions while she is alive and still leave a legacy of giving after her lifetime.

Neal has been working with Arkansas Community Foundation since his friend John Lewis introduced him to the Foundation and explained its usefulness to professional advisors and their clients. He has a personal interest in the Community Foundation because of his family’s Ross Pendergraft Park Endowment.

After his family funded Ross Pendergraft Park on Garrison Avenue in Fort Smith to honor his father, Neal realized that the park needed to be kept in good condition. “I worked with Heather Larkin at the Community Foundation to see how to best set up a fund for maintenance of the park,” he said. “When I looked at the fund’s anticipated returns, what reporting we would receive and the Foundation’s plan for stewardship of the fund, I became convinced. My mom and sister agreed.”

“It was a simple process to get the agreement created, have my mother write the check, tell the city and use the reports from Arkansas Community Foundation,” Neal said. “I don’t have to worry about it. We like the returns we get on the investment in the fund and the complete ease of use. Mother always cares about what is going on with the fund for the park, and she is pleased with the Foundation’s work.”

Neal is a founding member and serves Of Counsel to the firm of RMP, LLP, in Northwest Arkansas. He received his Juris Doctor degree in 1988 from the University of Arkansas School of Law and his Bachelor of Science in Business Administration in Accounting in 1985 from U of A. Neal is a board member of Washington Medical System and the Washington County 4H Foundation. He is a member of the Northwest Arkansas Council and the advisory board of Signature Bank.

For professional advisors like Neal, it is important to be able to make recommendations you know will benefit your clients. He sees the Community Foundation’s staff, professional investment advisory firm and board of directors as excellent stewards of client funds.

Charitable Giving is Possible at Any Age. “The ease of creating funds is ideal, and the funds are well invested. You won’t get a huge return, but it is very nice, and you don’t sit up at night worrying if you as an advisor should do something else with funds. You have good folks handling it,” said Neal. “Clients get funds that are well managed, that do what you set them up to do, without any headache. You as an advisor can rest easy knowing it’s taken care of and achieving the charitable goal your clients set.”

For many donors, the importance of a multi-generational family philanthropy plan is high on the radar, especially in the wake of 2020’s eye-opening events highlighting the importance of rallying around important social and community priorities.

How do you know when a client’s family is a strong candidate for more formal philanthropic planning, beyond simply budgeting for annual gifts to charity? Watch for these candidates among your client base:

Families who have started to ask you about multi-generational participation in their favorite causes.
Families who have publicly demonstrated a long-term charitable commitment to charitable organizations. Or,
Families who own a family business, creating the opportunity for corporate giving and values to serve as inspiration for the family’s charitable plans, even beyond the family’s ownership of the business.

A comprehensive philanthropy plan often starts with establishing a structure, typically in the form of either a donor-advised fund or a private foundation. Although there are benefits and advantages of each, the donor-advised fund (DAF) option has become increasingly popular because of its favorable tax treatment, simplicity of administration, and flexibility. By contrast, private foundations typically appeal to families who want to engage directly in charitable activities, hire family members as employees to operate the foundation’s day-to-day business and receive salaries, run their own grant programs to support individuals, and grant directly to international efforts. A common myth, however, is that families who wish to collaborate across generations on grant making and impact are better suited for a private foundation. The reality is that families can work together to determine and execute a philanthropic vision, mission, and grants from the family’s charitable structures, whether a DAF, private foundation, or both. For example, when a family establishes a DAF at Arkansas Community Foundation, our staff can support the family in areas of expertise well beyond simple adminstrative tasks. Identifying a family’s values and motivations, documenting charitable interest areas, and researching the programs and services of a particular nonprofit organization are all “donor services” offered by the Community Foundation.

Here are examples of comments you may hear from families who may be excellent candidates to work with the Community Foundation alongside you as their key advisor:

“We are interested in engaging the next generation of our family in philanthropic conversations, but we are at a bit of a loss as to how to go about it.”

“We are concerned that families today—including our family—are less community centered than they used to be. So we don’t want to ignore global issues, but we want to ensure that we make a difference locally. We thought about working with our children and grandchildren on community priorities and deploying philanthropy as a way to communicate our concerns and dreams for the region we all love, but we aren’t sure where to find tools and best practices.”

“As a member of my family foundation’s so-called ‘next generation,’ I am worried that our older generation has been directly involved with just a handful of organizations, so they tend to support only those organizations. As younger donors, we aren’t necessarily going to want to be directly involved with these particular organizations, and at the same time we don’t want to shut off support. We want to respect and engage with our older family members while also charting our own course.”

“As a thirty-something, I have a young family and it is really important to me to be able to engage my kids in the family’s philanthropy, working right alongside me, my parents, siblings, nieces and nephews, and grandparents.”

If you are hearing these and similar expressions of interest from your clients, please reach out. The team at Arkansas Community Foundation is your partner to serve your clients’ philanthropic endeavors.

Your client’s fund at Arkansas Community Foundation can be an ideal recipient of estate gifts through a will or trust, or through a beneficiary designation on a qualified retirement plan or life insurance policy.

Bequests of qualified retirement plans can be extremely tax-efficient. Because charitable organizations such as Arkansas Community Foundation are tax-exempt, the funds flowing from a retirement plan after the client’s death will not be reduced by income tax. This also means the assets will not be subject to estate tax.

Do not overlook life insurance, either. Not only is your client able to designate a fund at the Community Foundation as the beneficiary of a life insurance policy, but your client also may elect to transfer actual ownership of certain types of policies. For example, when your client makes an irrevocable assignment of a whole life policy to their fund at the Community Foundation, a tax-deductible gift of the cash value of the policy occurs at the time of the transfer. A gift like this can ease a client’s income tax burden, especially if the Community Foundation continues to own the policy and the client makes annual tax-deductible gifts to cover the premiums.

Arkansas Community Foundation makes it easy for you to draft bequest terms in legal documents, including beneficiary designations of retirement plans and life insurance policies.

Keep in mind that even after a client has executed estate planning documents or beneficiary designations, in many cases the client can update the terms of the fund at the Community Foundation. Clients love the ease and flexibility and certainly will appreciate your bringing this technique to their attention.

The housing market is showing no signs of slowing down in 2021. For certain clients, this presents a strong opportunity for charitable gifts of real estate, whether a primary residence, second home, rental property, or even niche commercial property that has benefited from a multi-faceted pandemic marketplace.

As is the case with gifts of other long-term capital gains assets, gifts of real estate to a charity can be extremely tax-efficient. Whether your client is giving a second home, rental property, or commercial property to a fund at Arkansas Community Foundation, the client may be eligible for a charitable tax deduction of the fair market value of the property. Because the Community Foundation is a public charity, when the property is sold, the full amount of the proceeds less fees will remain in the fund—not subject to income tax.

Gifts of real estate to charity should not be undertaken lightly. If your client is considering a gift of real estate to charity, consider working closely with Arkansas Community Foundation to ensure that the transaction is properly structured.

Our team at Arkansas Community Foundation can help you navigate the rules for gifts of real estate such as:

how to determine valuation,
dealing with debt on the property,
how to substantiate value and properly report the transaction on Form 8283,
when and to what extent minority interest discounts may apply,
how to avoid a “step transaction” due to a prearranged sale, and
determining whether unrelated business taxable income (UBTI) will be a problem.

Our team would be pleased to work with you and your client in utilizing their gift of real estate to benefit their favorite charities through either a Designated Fund or a Donor Advised Fund. Contact us!

Unlocking the power of clients’ real estate: Why the bargain sale is a must-have in your charitable planning toolkit

The bargain sale, frequently heralded as the earliest charitable giving vehicle, results in the real estate owner serving in both the role of a seller for the cash portion of the sale to a charity, and also in the role of a donor for the donated portion of the property. A benefit of using Arkansas Community Foundation is that we are well versed in bargain sales and can create a charitable fund that will benefit many charities that your client cares about on their timeline.

As is the case with many types of charitable gifts, establishing fair market value of the subject real estate is critical and requires a qualified appraisal that complies with IRS regulations. Establishing the fair market value in turn determines the charitable donation portion, which is the difference between the fair market value and the lower cash amount paid by the charity to the donor/seller.

A post-pandemic world may create new opportunities for your clients to consider bargain sales of property to charities. Indeed, nearly $430 billion in commercial and multifamily real estate debt is set to mature this year, opening up conversations about what property is really worth and how owners can most efficiently unlock its value. And of course, bargain sales are not limited to commercial property. The U.S. housing market is estimated to have gained more than $2.5 trillion in value in 2020 alone, bringing the total value of housing in the U.S. to over $36 trillion. Call us at Arkansas Community Foundation and we can talk you through effective strategies.

If you do a google search for the Yvonne Richardson Community Center, the results show “Temporarily Closed,” but that is definitely not the case. There is plenty going on at one of Fayetteville’s favorite places for play.

Led by Tenisha Gist for eight years, the center is still serving as a critical hub for families. Gist, a Tennessee native, knows her way around a gym. She played basketball at Ole Miss from 2000-2004 and has always felt drawn to serve. For kids in south Fayetteville, YRCC makes serving families possible.

When COVID-19 hit, the center was forced to close, but programming didn’t stop. Instead, it adapted. With a supportive board and the tenacity to keep serving the community, Gist mobilized donations and local partnerships to make sure the center could continue to provide quality activities for kids at home.

“We have a history of fun, effective programs that attracts all types. The majority of kids who use our programs come from low-income families, but we have a healthy mix of kids from different demographics,” Gist said. “Now that we’ve moved to virtual programming, we developed take-home activities that are fun and educational.”

A grantee of the Arkansas Community Foundation COVID-19 Relief Fund, the center left no stone unturned before implementing new ways of working. “Before trying to start all new programming, we did a survey of our clientele asking questions like, ‘What do you need? What devices do you have at home? Do you have reliable internet access?’ This helped us meet families where they were,” said Gist.

Local collaboration has been key. “We wanted to make sure we weren’t duplicating effort between other organizations in town and that we could all still serve our clients through this weird time.”

Hundreds of books have been donated to YRCC by the Fayetteville Public Library. Weekly produce bags were provided by Apple Seeds Inc. and the Coop provided snacks after school. Backpacks, donated by the local St. James Baptist Church, line the center’s entrance loaded with school supplies. Various departments at the University of Arkansas help provide educational activities, instruction, volunteers and supplies for afterschool programming. There are even small crock pots. All participating youth (ages K-6th grade) are provided with cookware, food and recipes to try safely at home with virtual instruction.

When asked about the future of the center, Gist is quick to confirm, “We aren’t going anywhere. We will have programs and play time at local parks where we can socially distance and still have fun. And when the doors open again, we’ll be ready for that too.”

Michele Sears, Certified Financial Planner™ with Taurus Financial Advisors, LLC, in Fayetteville, first learned about Arkansas Community Foundation five years ago while serving on the board of Single Parent Scholarship Fund.

“That’s where my passion is. I care about Single Parent Scholarship Fund because I was a single parent, and I see the good they do in our community,” Michele explained. “I want to help my clients find and support the causes closest to their hearts.”

Arkansas Community Foundation has been a trusted resource for Michele helping clients make charitable giving decisions. Jody Dilday, the Foundation’s development director, has helped Michele’s clients connect with the local charitable causes they care most about.

“The Foundation offers an easy way for clients to make charitable donations to local causes while providing smart solutions with low basis, concentrated stock positions in their portfolios,” said Michele. “They offer sophisticated, creative solutions that allow clients’ charitable giving to have the most possible positive impact for them and their community.”

Michele graduated from the University of Arkansas with a landscape design and horticulture degree. Surprised to find a career in finance, she loves what she does and has never been bored in 32 years on the job. Michele has raised two sons and given countless hours to community causes in Northwest Arkansas because this is her home.

In addition to her work with clients, Michele is a member of the Community Foundation-sponsored Philanthropy Club, a group of philanthropists started by Jane Hunt. “It’s a great way to introduce like-minded individuals to challenges that need to be met in our community,” she said. “I’ve had my eyes opened to the importance of making sure my gift is a smart gift that satisfies those needs.”

Michele would “absolutely” recommend the Foundation to other financial advisors. “I see the Foundation as a connector for the wants and needs in the community,” she said. “They connect donors with vetted and appropriate nonprofits. They connect students with potential scholarships opportunities. They connect those seeking grants with those making the grants. To me, this is a classic win-win situation.”

Dear friends,

As we reflect on the past fiscal year, I am filled with gratitude for making fiscal year 2020 one of the most impactful years the Foundation has seen in its 44-year history. The pandemic has tested most facets of our operations, but as the theme and information in this report will show, we were ready.

We were ready to activate the emergency response COVID-19 Relief Fund with dollars set aside from the Foundation’s unrestricted funds.
We were ready to answer the challenge when Governor Hutchinson issued a Proclamation that individuals and companies should donate to the Foundation for pandemic relief.
We were ready with the infrastructure to receive millions in donations over just a few weeks; and we were ready to mobilize a multi-phased grantmaking approach that provided quick and appropriate dollars to Arkansas nonprofits.
We were ready to guide current fundholders with smart giving tools and help them navigate new legislation to best maximize their charitable options.
We were ready to mobilize our staff to work remotely. And, thanks to our committed Board and affiliate network, we were ready to review over a thousand grant proposals virtually and get funding out the door within days.
We were ready to respond to questions from the media with transparency and confidence about our work.
We were ready for the economic fallout of 2020 with our focused long-term investment strategies to minimize the impact on the Foundation’s endowments.
We were ready to adapt every hour, day, week and month to meet the ever-changing needs of our stakeholders to best serve the state.

And what prepared us to be ready? You. If it weren’t for you, the committed partners, fundholders, local and state board members, friends and especially the amazing nonprofits statewide, none of this would have been possible.

Our values and mission have held strong through a volatile time, and our mission to serve this state by engaging people, connecting resources and inspiring solutions to build community is unwavering.

The next year holds even more promise. The Community Foundation opened another affiliate office, is hiring new staff and is embarking on a strategic planning process that will help shape the future of the organization.

I am forever grateful for you and the trust and commitment you’ve shown to build the state’s Community Foundation over the years. On behalf of the entire Foundation family, I’m honored to share this report with you. It is because of you that we can confidently say “We were ready.” I am honored to share this report with you.

In gratitude,

Heather Larkin
President & CEO