Combatting the Transfer of Wealth

Every day our team is focused on philanthropy. More specifically, local philanthropy that is geared at making a difference in the communities of Knox and Warren Counties.

When it comes to strengthening our local communities philanthropy is a critical tool to employ. Here’s how our team is working to keep wealth local as a means to ensure our communities are healthy for generations to come.

Why does talking about and thinking about philanthropy matter? What does it mean to “combat the Transfer of Wealth”?
Philanthropy can be a catalyst for positive change that impacts lives. Philanthropy used as a tool to combat the Transfer of Wealth is one of the most significant ways to help our communities be prepared for the future and ensure that local wealth remains local, because the Transfer of Wealth is defined as assets move from one generation to the next. And, unless the current wealth-holders plan otherwise, much of the wealth grown on Illinois soil will eventually flow to heirs who have planted themselves in urban areas in Illinois or in other states. Combatting the transfer of rural wealth can appear daunting. More than $15.4 trillion (yes, trillion with a “t”) are estimated to transfer by 2030 out of our rural communities across the country. That’s why having conversations around how to keep rural wealth here in our communities, where the wealth was built, are numerous—and critically important.

How can philanthropy combat the Transfer of Wealth?
Planning for the future is a great way to help combat the Transfer of Wealth. Working with a community foundation like ours can help you consider the communities and causes you love as you make your will and estate plans. By naming the Community Foundation or a fund at the Community Foundation in your will or estate plans you can ensure that your wealth stays local and benefits the causes you care about. Often when people do this they establish an endowment fund. An endowment fund is a permanent fund in which the principle of the fund is invested and never touched. The investment income from the fund is then used for the causes you designated in your estate plans. It’s a thoughtful and permanent way to ensure that what you care about can continue forever.

What is Galesburg Community Foundation doing to combat the Transfer of Wealth?
Keeping wealth permanently in our communities is part of every conversation we engage in. Working to help our community members ensure that the causes they care about can continue forever is a major part of our work. We are always glad to work with your professional advisor to ensure that your gifts make the most sense for you and benefit the causes you care about most. We’re also glad to welcome donors who leave Galesburg Community Foundation or a fund at Galesburg Community Foundation in their will or estate plans into our Bickerdyke Society. The Bickerdyke Society celebrates generous community members who are giving back to their community.

Are you interested in learning more about how you too can contribute to combatting the Transfer of Wealth? If so, give our office a call, send me an email or feel free to stop by our office, where the coffee is always on.


The new site of the FISH of Galesburg food pantry at the corner of Henderson and Main Streents.

A new home: FISH of Galesburg gets a facility upgrade

FISH of Galesburg has moved to its new home on Main Street.

Ribbon-cutting of the new River Bend Food Bank, Galesburg Branch and FISH of Galesburg food pantry

Celebrating our largest Mission Impact Investment: River Bend Food Bank, Galesburg Branch and FISH of Galesburg food pantry

The region celebrated the new home of River Bend Food Bank, Galesburg Branch and FISH of Galesburg food pantry with a public open house and ribbon-cutting on November 15.

Exterior of River Bend Food Bank - Galesburg Branch

New River Bend Food Bank Regional Hub and FISH Food Pantry to open with public ribbon-cutting celebration

Galesburg Community Foundation Mission Impact Investment boasts more resources, increased food access for families in need in Knox County and surrounding areas

In the new cooler space ae, from left, Lions Club Teasurer Dave Pearson, River bend Food Bank Galesburg Branch Site Director Aaron Baron, Galesburg Community Foundation President & CEO Josh Gibb, FISH of Galesburg President Diane Copeland, Lions Club Past President Kim Norton, and FISH of Galesburg Executive Director Elizabeth Culbertson.

Coming together to combat hunger: Lions Club leverages international investment for regional impact

It was during COVID-19 that the extent of food insecurity in the region became clear to the Galesburg Lions Club.

L to R: Galesburg Community Foundation Board President John McClean, Galesburg Public Library Foundation Executive Director Heather Sipes, Galesburg Community Foundation President & CEO Josh Gibb, and Galesburg Library Director Noelle Thompson.

New Galesburg Public Library Receives More Than $1 Million Through Match Grant

In just nine months, more than $1 million was raised for Galesburg’s new library through a match grant challenge by the Galesburg Community Foundation to the Galesburg Public Library Foundation.

Jordan Holcomb

Meet the New Assistant Manager at Community Treasures

Jordan Holcomb brings a love for customer service to his role as the assistant manager at Community Treasures, a trendy, philanthropic thrift shop.