July 1997
Philanthropy Journal of North Carolina • 7
Stocks
Continued from page 6
instead of the appreciated fair market
value, when giving the stock to a pri
vate foundation.
Donors still may deduct the full
fair market value if they give the
stock to a pubhc charity, such as an
educational institution, or if they use
the stock to establish a personal fund
at a community foundation, says Ran
Bell, an attorney in the Winston-
Salem office of Womble Carlyle
Sandridge & Rice.
Benefactors also could secure the
full deduction for their estates if they
designate the stock for posthumous
establishment of a private foundation.
Bell says.
The tax break, however, had sev
eral specific advantages, she says.
Using stock to create a private foun
dation, as opposed to a fund at a com
munity foundation, gives donors the
final say over grants made by the
foundation. Donors only may ^vise
community foundations as to how to
disburse grants from a personal fund.
Also, if donors must wait and
leave stock in a bequest to a private
foundation, they miss the satisfaction
of seeing the foundation up and run
ning, Bell says.
While there are worthy philan
thropic alternatives to private foun
dations, Bell says, “Often the people
setting up private foundations have
creative ideas about addressing prob
lems. In the long run, less money will
be going to this area.”
If the provision is not restored,
more stock gifts mi^t go to commu
nity foundations. But officials at com
munity foundations in North Carolina
say they are not eager to see the tax
break isappear permanently.
“We don’t like disincentives for
charitable gifts,” says Robert W.
Morris, vice president for develop
ment at the Foundation for the
Carolinas in Charlotte. “We think, for
families that want to have a private
foundation and don’t mind the
requirements, we’d like to see them
have a chance to deduct the full fair
market value [of stock gifts].”
Hobbs
Continued from page 6
ments at the center and in health ini
tiatives throughout the community
An ambitious $66 million con
struction and renovation project, for
example, will include a new cancer
center and will double the size of the
emergency department and expand
space for clinics and other services.
The medical center has helped
fund the Community Health Center
for inner-city residents and provided
grants to establish Wilmington
Health Access for Teens.
And last year, using funds from
surplus revenues, Hobbs introduced
the Community Health Improvement
Plan to fund programs and organiza
tions that bring health care and
information to area residents.
After Hobbs’ announcement, the
medical center’s board of trustees
acted quickly to name an interim
president and appoint an ei^t-mem-
ber search committee.
Stephen A. Purves, who was
named chief operating officer last
year, will become the interim presi
dent and chief executive officer. He
has 15 years of administrative expe
rience with hospitals and health care
systems in Virginia, Texas and
Tennessee.
The new search committee,
which includes David Benford, Dr.
Dennis Nicks, Dr. William P Parker,
Jane Fliesback Rhodes, Sylvia
Rountree, Corneille Sineath, Dr.
David Sloan and Henry von Oesen,
has not yet elected officers or estab
lished a timetable for naming a new
executive to the post.
Paideia
Continued from page 6
learn how to learn and communicate
and respect one another’s opinions.”
With 31 schools participating in the
program, Guilford County has the
largest concentration of Paideia
schools in the U.S.
The Paideia method was intro
duced by Mortimer Adler in 1982 and
the national center in Chapel Hill
was established in 1988, mainly
through a relationship between
Adler and then UNC president
William Friday.
The goal of Paideia is to make
classrooms more student-centered
by concentrating less on “boring lec
tures,” said Weast, and more on stu
dent-teacher interaction.
“It’s not just an add-on,” he says,
“but a way to deliver the current cur
riculum more productively. It bal
ances with tactics aimed at work
force preparedness, team-building
and problem-solving.”
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