Endowment Fund

THE NATIONAL BLACK MBA ASSOCIATION CLEVELAND ENDOWMENT FUND

The Cleveland Northeast Ohio Chapter of the National Black MBA Association (NBMBAA) is one of the most innovative and progressive local chapters of the national organization. The Chapter has implemented such programs as Leaders of Tomorrow, designed to provide mentors and resources to marginally academic performing high school students; Real Estate Empowerment Group, to bring in various resources that will help members succeed in building wealth through real estate investing; and the Black Wealth Network, designed to empower African Americans to build generational wealth through investments and sound fiscal management.Historically, non-profit organizations have fought an ongoing battle to identify funding sources to support its operations and objectives. The Cleveland NEO Chapter of the NBMBAA has stepped forward to eliminate this cycle by establishing The Cleveland NEO Chapter Endowment Fund in partnership with the Cleveland Foundation. The goal of the Endowment Fund is to shift the chapter’s reliance from fundraisers and annual campaigns to long-term strategic planning.

PURPOSE

Provide a vehicle for members, corporations, and friends of The NBMBAA Cleveland Chapter to give a lasting gift to support the mission of the Chapter.
Give members and friends of The NBMBAA Cleveland Chapter an opportunity to provide a lasting gift in the memory of a friend or family member.
Provide corporations a means of making matching donations.
WHO MANAGES THE NBMBAA CLEVELAND CHAPTER ENDWOMENT FUND?
The NBMBAA Cleveland Chapter Endowment Fund is held and managed by The Cleveland Foundation which has a long history of managing charitable assets. The NBMBAA Cleveland Chapter Endowment Fund is pooled together along with similar funds and invested to achieve greater investment returns.

IS MY CONTRIBUTION TAX DEDUCTIBLE?

Gifts to the NBMBAA Cleveland Chapter Endowment Fund are tax deductible. Gifts can be made during your lifetime and can qualify as charitable gifts for federal income tax purposes. Bequests are exempt from both federal estate tax and Ohio inheritance tax.

WHO CAN I CALL WITH QUESTIONS?

For questions regarding The NBMBAA Cleveland Chapter Endowment Fund, call The NBMBAA Cleveland Chapter at (216)689-4294. For questions regarding structuring a contribution, call The Cleveland Foundation at (216) 861-3810. They have professional gift planning staff available to assist you and your attorney or financial advisor with creating a gift.

HOW CAN I MADE A DONATION

Checks can be written to the Cleveland Foundation with “NBMBAA Cleveland Endowment Fund” in the memo secition and mail to:

Cleveland Foundation
1422 Euclid Avenue Suite 1300
Cleveland, Ohio 44115

Payments can also be made online by clicking here.

HOW CAN I MAKE A CONTRIBUTION?

Cash Checks should be made payable to: “The Cleveland Foundation” with NBMBAA Fund listed in the memo line of the check and mailed to National Black MBA Association Endowment Fund c/o The Cleveland Foundation, Attn: J. Bulloch, 1422 Euclid Avenue, Suite 1300, Cleveland, OH 44115

Marketable Securities Please have your financial advisor contact The Cleveland Foundation at 216-861-3810 for complete transfer instructions.

Bequests through a Will or Trust Remembering a charitable institution such as the NBMBAA Cleveland Chapter Endowment Fund in your will and testament may be the most comfortable way to make a gift. Representatives at The Cleveland Foundation can work with your attorney to recommend language to be included in those legal documents.

Life Insurance Name the NBMBAA Cleveland Chapter Endowment Fund as beneficiary of your life insurance policy, or donate a fully-paid life insurance policy

IRA or Employer-Sponsored Retirement Plans Name the NBMBAA Cleveland Chapter Endowment Fund as beneficiary of your IRA or Employer-Sponsored Retirement Plan

Qualified Real Property with Lifetime Use A gift of real estate can be made to the Endowment Fund while providing you with use of the property during your lifetime. At time of death, the property becomes an asset of the Endowment Fund and is excluded from your estate.
IS MY CONTRIBUTION TAX DEDUCTIBLE?
Gifts to the NBMBAA Cleveland Chapter Endowment Fund are tax deductible. Gifts can be made during your lifetime and can qualify as charitable gifts for federal income tax purposes. Bequests are exempt from both federal estate tax and Ohio inheritance tax.

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