Local group looks to secure Fort Scott's financial future

The Fort Scott Area Community Foundation is taking steps to ensure a strong and prosperous future for many generations to come in Bourbon County.

Research results announced recently by the Kansas Association of Community Foundations, including the FSACF, projects that over the next 50 years, more than $1 billion will transfer from one generation to the next in Bourbon County. This transfer of wealth is estimated to be nearly $227 million over a 12-year time frame.

"For generations, most of the people born in Bourbon County lived their entire lives here," Fort Scott Area Community Foundation Chairwoman Janet Braun said. "As wealth passed from one generation to the next, most stayed in Bourbon County. However, this is no longer true. Once wealth leaves the community, it may never return to Bourbon County. We would like to encourage residents to designate a portion of their estates, 401(k) and IRA accounts or life insurance policies to the Fort Scott Area Community Foundation."

After the Great Depression and World War II, the United States entered a period of business growth and personal prosperity. Americans have created, invested and multiplied their wealth. Over the next 50 years, this capital -- a conservative estimate of $41 trillion nationwide -- will change hands. Most will go to heirs and taxes, but the Fort Scott Area Community Foundation would like to ensure that a portion is invested in the local community, Braun said.

"The Fort Scott Area Community Foundation would like for residents to give to the community foundation endowment or to designate donations for local nonprofits," she said. "This would help us provide grants to local nonprofits and ultimately strengthen our community."

Donating to the foundation is a way to ensure that Bourbon County enjoys the long-term benefits of this transfer of wealth opportunity. The community foundation is a tax-exempt, public charity created by and for the people of Bourbon County. The foundation identifies and supports the long-term needs of the community, as well as assisting individuals, families and businesses with their charitable giving decisions, Braun said.

The transfer of wealth study was commissioned by the Kansas Health Foundation and conducted by the Center for Economic Development and Business Research at Wichita State University. Future intergenerational wealth transfer for each county in Kansas was estimated based on a model initially created by Boston College.

According to the study, a statewide total of $598 billion will transfer from one generation to the next by 2060, and $66 billion will transfer by 2020. Five percent of this 12-year transfer would bring $3.3 billion to community foundations or local nonprofits across Kansas.

"We will invest the donated dollars and use 5 percent each year for community betterment projects and programs undertaken by our local nonprofits," Braun said. "Within a decade, we would be able to address many challenges facing our community and enhance the quality of life for our residents."

The study also showed that over the next 50 years, more than $14 billion -- or $2.4 billion over 12 years -- will transfer from one generation to the next in Bourbon, Cherokee, Crawford and Labette counties combined.

The Fort Scott Area Community Foundation was launched in August 2007, and is led by a local board of directors. The foundation does not compete with any other local fundraising efforts. Instead, it provides a tax-exempt vehicle for donations to be given to the charitable groups and governmental agencies of the donor's choice. The foundation also provides support to local nonprofit organizations by awarding grants.

The foundation is a 501(c)(3) organization through its affiliation with the Community Foundation of Southeast Kansas and the Greater Kansas City Community Foundation. Operating under the umbrella of these two foundations provides access to legal and financial professionals as well as experienced staff.

The foundation works directly with donors to support their personal goals. Donors can be individuals, families, corporations, and other organizations that want to contribute to the community.

For more information, contact the foundation at (620) 223-3566, or by e-mail at fsafoundation@fortscott.com.