By Dave Lucas
http://stream.publicbroadcasting.net/production/mp3/wamc/local-wamc-998048.mp3
Poughkeepsie, NY – Community Foundations of the Hudson Valley is out with a study that finds Dutchess, Ulster and Putnam counties could lose much of their net worth as people shift money to heirs who live in other parts of the country. Hudson Valley Bureau Chief Dave Lucas reports.
Non-profit organizations typically depend on citizens for the private donations that ensure programs will keep running. The Community Foundations of the Hudson Valley released a study detailing how billions of dollars in personal wealth will likely change hands in the three counties over the next decade.
The study says that the combined net worth of the three counties exceeded $74 billion in 2010, with nearly $22 billion poised to change hands over the next decade. CFHV President and CEO Andrea Reynolds points out that if 5% percent were to be donated, the region's human service agencies and nonprofit organizations would benefit from nearly $55 million in new philanthropic giving annually. The study was released at a grant award reception.
Reynolds says giving back to the community has "a remarkably positive impact" on nonprofits and those they serve. What effect the study will have on giving back will play out in time.