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About GiveBack

GiveBack Initiative Speech

Within all the communities of this region lies a tremendous untapped trove. Webster defines a trove as a collection of valuable items discovered or found. What I wish to share with you is about a trove of almost unimaginable or incomprehensible magnitude. It consists of the 3T’s, as we’ve come to call them. They are Time, Talent, and Treasure.

The first, Time, is one thing that most North Dakotans and Minnesotans will share unselfishly when asked. They will give it and keep on giving it, even if it hurts. In many cases, all they need is to be asked. We have a strong history of making our communities cleaner, safer, and healthier through actively organizing and enlisting volunteers across our two great states. We can do more if we make it a priority.

Let’s move on from the first T to the second T. It represents Talent, both active and that which lies just below the surface, dormant and awaiting a call to be tapped. North Dakota and Minnesota have more talent per capita than anywhere else I can imagine. We have pioneers and accomplished talent in healthcare, job creation, software, agriculture, energy, education, music, banking, investments and other niche areas that, when utilized for charitable endeavors, can serve as an inspiration for us all! In addition, we have young people, who are some of the best educated in our nation, who can be mobilized in a positive manner – through charitable volunteer experiences allowing them to grow as future leaders with strong character and values. These young people could share their talents by seeking out and leading charitable activities with inherent redeeming qualities – affording them an opportunity to lead by example in giving back to their communities. Can you imagine the magnitude of what harnessing this great talent could accomplish if focused on improving our quality of life? I am not sure if even I can comprehend and quantify it. But what an exciting adventure it would be to try. We want to do just that through our GiveBack Initiative.

Now the third T of this Triad is identified as Treasure. Every trove must also include a treasure. And oh, what an untapped but potentially enormous treasure exists right here amongst the residents of our states. Much of this treasure through estate taxes could slip away, bearing no satisfaction or material benefit to our future and that basically is what this is all about. THE FUTURE! And what we can do to provide for it – for our children, our children’s children, and essentially for all times and for all who come after.

Let me take a few moments to share with you statistics that I believe will astound you, as they did me. Impact Foundation’s Institute for Innovation and Effectiveness recently commissioned researchers at Boston College’s Center on Wealth and Philanthropy to conduct a study on North Dakota’s projected wealth transfer for the period 2001-2055. The base year for the study begins with 2001 due to data availability issues.

Currently there are about 11,600 households in ND with net worth of $1 million plus – representing 4.4% of all households, yet these households accounted for 60.2% of all wealth in the state. Though ND contains a smaller proportion of $1 million net worth households (4.4% in ND vs. 6.7% in the nation), the average net worth of these households exceeds the national average by 36%! In 2001, ND contained about one thousand households with substantial wealth – averaging $26 million each!

The report concludes that about 213,400 final estates will occur during 2001-2055 valued at $205.7 billion, assuming a real growth rate of 3%. If historical patterns hold, from 2001-2055, $103.7 billion will be transferred to family, $39.5 billion to charity, $55.3 billion to government through estate taxes, and $7.2 billion in estate fees. In addition, from 2001-2055, North Dakota households will contribute $27.7 billion in gifts to charity through lifetime gifts. Remarkably, ND donors will make total charitable contributions of $67.2 billion from 2001-2055 - $39.5 billion in charitable bequests, and $27.7 billion contributed during donors’ lifetimes! *

The projected wealth transfer to charity from North Dakotans represents a tremendous opportunity for the state’s non-profit, charitable organizations to assist donors and their legal/tax/financial advisors in making a greater societal impact through more tax efficient, effective charitable planning. If, through more effective tax planning, North Dakotans are able to redirect between 5% to 10% of the estimated estate tax liability from 2001-2055, there will be an additional $2.765 to $5.53 billion available for their families, other heirs, and selected charities.

There can be no reward larger or no satisfaction greater but that it can be said of each of us: “They were here, they are gone, but they left it not worse, not as good, but much better than they found it.” That, my friends, is a legacy worth leaving.

* Similar wealth transfer trends exist in Minnesota; however, reliable data is unavailable at this time.

This speech was drafted for Impact Foundation by the late Ted Maragos who led a GiveBack life inspiring others to do the same. Ted was a mentor to Impact’s Executive Director, Pat Traynor. Click here to view Ted's obituary.