If there\u2019s one thing that everybody can learn from the late superstar musician Prince, it\u2019s the importance of leaving a will.<\/p>\n
\u201cHe was 54 or 55. He wasn\u2019t going to die \u2014 or not anytime soon \u2014 so he didn\u2019t do a will,\u201d Dennis McMillian told the Juneau Chamber of Commerce at its weekly luncheon Thursday afternoon.<\/p>\n
Prince did die though, aged 57, without a will, a fact that\u2019s particularly saddening to McMillian \u2014 especially given Prince\u2019s record of philanthropy. For the past year, McMillian has been working as a philanthropy advisor for the Alaska Philanthropy Advisors. The organization is an initiative of the Rasmuson Foundation aimed at connecting aspiring donors \u201ctypically of means\u201d with charities or nonprofits that match their values and goals.<\/p>\n
\u201cI\u2019m not providing legal advice; I\u2019m not an attorney. And I\u2019m not providing financial advice either,\u201d McMillian told the crowd gathered in the dining room of the Moose Lodge. \u201cI\u2019m taking my expertise with the nonprofit sector and working as a matchmaker.\u201d<\/p>\n
Before he began working with Alaska Philanthropy Advisors, McMillian helped found and run Foraker Group, a nonprofit dedicated to helping other Alaskan nonprofits and tribal organizations become more sustainable.<\/p>\n
During his 15 years with Foraker Group, McMillian began to notice some troubling trends in the nonprofit sector. While doing research for Foraker, he learned that Alaskan nonprofits rely more heavily on government funding than similar businesses do down south.<\/p>\n
Nationally, charitable nonprofits rely on the government for 32 percent of their funding, McMillian said. Prior to 2010, government funding accounted for about 60 percent of charitable nonprofit revenue in Alaska. That has since dropped off some, but not entirely by choice.<\/p>\n
\u201cAlaska\u2019s nonprofits have been impacted significantly by the decrease of federal funds,\u201d McMillian said.<\/p>\n
This combined with the lack of state government funding, which took a dive with the price of oil, created a \u201cdouble whammy\u201d effect that has cause many nonprofits to start looking to private donors. That\u2019s where McMillian says he comes in.<\/p>\n
As a philanthropy advisor he has met with about 130 Alaskans \u201cthat are of high net worth and known to be philanthropic\u201d during the past six months. So far, three families have followed through with McMillian\u2019s charity advice, he told the Empire. Though he\u2019s not at liberty to discuss who the donors are or where they plan to donate, McMillian said that combined, they will likely donate millions of dollars in the next few years.<\/p>\n
\u201cI can safely say that there\u2019s been at least $4 million to $5 million guaranteed over the next few years because of Alaska Philanthropy Advisors,\u201d he said.<\/p>\n
It\u2019s tricky to nail that number down though because all of those donations will be written into wills. These donations \u2014 or legacy gifts as they\u2019re also called \u2014 are typically written as percentages of the donor\u2019s total estate at his or her time of death, which leaves some room for fluctuation. It\u2019s hard to predict the exact worth of an estate years down the road.<\/p>\n
Years ago, while working at Foraker Group, McMillian helped to create the \u201cPick. Click. Give.\u201d campaign, which allows Alaskans who apply for the Permanent Fund Dividend online a chance to donate a portion of their checks to a charity of their choosing.<\/p>\n
McMillian described his work with Alaska Philanthropy Advisors as \u201ckind of like \u2018Pick. Click. Give.\u2019 for rich people,\u201d but he made sure to explain that it\u2019s not just for rich people. Though he\u2019s after legacy gifts, some of which can be in the millions of dollars, the average legacy gift is $35,000, and every little bit helps.<\/p>\n
McMillian will be offering his philanthropy advice to interested donors for free through the end of the year. But before the luncheon ended Thursday, he gave a little bit of advice to everybody in the room: Make sure to write a will and consider giving money to charity.<\/p>\n
\u201cWhat I\u2019m trying to do is help Alaskans relearn giving,\u201d he said. \u201cWe have to get to a place where it\u2019s a societal norm that everybody is going to give a little bit.\u201d<\/p>\n
\u2022 Contact reporter Sam DeGrave at 523-2279 or sam.degrave@juneauempire.com.<\/p>\n
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