#6 Unlocking Radical Generosity
Episode 6 | 43 Minutes | Oct 22, 2024
What if there was a way that you could pay less in taxes and instead increase your charitable giving and experience a greater sense of joy from your generosity?
In this episode of the Collective Impact Podcast, we sit down with Jeff Wallace, president of the National Christian Foundation, and Lindsey Vanzant, Global Giving Advisor with One Collective. Jeff shares his journey from a 25-year career in trading to leading a national organization focused on radical generosity. Together, Jeff and Lindsey explore creative ways to maximize charitable giving, engage high-net-worth donors, and leverage non-cash assets to make a greater impact. Whether getting ready to retire or just beginning your giving journey, this conversation will inspire you to think outside the box and elevate your generosity for global impact.
In this Episode:
What happens when radical generosity, financial expertise, and Kingdom impact come together
How donor-advised funds unlock new ways to give more effectively
Creative strategies to amplify giving while minimizing taxes
The impact of non-cash assets in charitable giving
Legacy planning: How to pass on values alongside valuables
Building community through generosity and wealth management
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Jeff Wallace is the President of the National Christian Foundation (NCF) in Chicago. With a background in accounting and 25 years of experience in the trading industry, Jeff transitioned to NCF after being inspired by the Halftime program, which encourages moving from success to significance. He now uses his financial expertise to help givers maximize their generosity by advising them on donor-advised funds and creative ways to give, particularly through non-cash assets. Jeff is passionate about amplifying resources for Kingdom impact, working closely with individuals, families, and their advisors to unlock the full potential of their giving.
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Scott:
Hey, everybody. Welcome to the Collective Impact Podcast, where we’re exploring how our impact can multiply when we connect our individual journeys with others who are passionate about what Jesus is doing around the world. Today, I am doubly excited because I’ve got a brand new friend, Jeff Wallace, and we’re going to meet him in a minute. But also, my colleague, Lindsey Van Zandt. Lindsey, so great to have you here, my friend. How’d you get in here?
Lindsey:
I don’t know. They let me in.
Scott:
Yeah, no, I invited you in. You could have just said that.
Lindsey:
You invited me in.
Scott:
I did! Yes, you’re invited in, and I’m glad to have you here. I’ll tell the audience why in a minute, but Lindsey, tell people who don’t necessarily know who you are—who are you?
Lindsey:
So, I am the Global Giving Advisor with One Collective, and I work to steward our relationships with our donor partners.
Scott:
You have a cooler title than me! Every time I hear you say it, I’m like, “Man, that sounds powerful.” It’s awesome.
Lindsey:
It is awesome.
Scott:
And Jeff Wallace, we’re so glad to have you here. You work for NCF, and we want to hear all about you. I just wanted to invite Lindsey to be a part of this conversation today because her job overlaps with what Jeff does. Lindsey’s been building a friendship with Jeff and might have some insights or good questions for our conversation. So, thanks to both of you for being here. Okay, Jeff Wallace, who the heck are you?
Jeff:
Who the heck am I? That’s a good question. Well, currently, I’m the President of the National Christian Foundation here in Chicago. I recently took that role to help my buddy and partner, Joe Pringle, who has done a wonderful job leading the organization for the last seven years. We switched titles and roles a little bit, but in reality, we’re still doing the same thing—helping givers give more.
The National Christian Foundation is a donor-advised platform, essentially a charitable checking account. People can use it in a variety of ways. Lindsey and I were talking about this earlier over lunch. Oftentimes, when you walk into a room and meet somebody, it’s really just a conversation. We’re trying to hear people talk about their passions and what they’d like to fund, but more importantly, how we can help them give more.
So, going back a bit, I grew up in central Illinois, went to the University of Illinois, studied accounting, which was pretty boring. I worked for Arthur Andersen, had some buddies trading on the floor in Chicago at the Board of Trade, got to work for a small firm, and then spent 25 years in the trading industry. At one point, a good friend of mine, Gordon Murphy, asked me to participate in a program called The Master’s Program.
Scott:
Hmm, I do know Murph.
Jeff:
Murph was a dear friend of mine! He always had plans for me. So, I was a member of a golf club, and he would often say, “Hey, we need to take this person out to our club.” I would say, “Alright, Murph.” This time, he suggested we meet once a quarter for three years, read books, and learn how to use our skill sets for the Kingdom. After finishing that program, I thought, “Okay, what’s next?” It’s all based on Bob Buford’s book, Halftime, which encourages moving from success to significance. For me, it was about going from doing pretty well to hopefully doing a lot better.
I started to think about how I could use my skills. I had been winding down my trading and, being Murph, I started playing a lot of golf. For two years, I played tons of golf, and Murph would pass opportunities my way. I’d often say, “No, Murph, no.” Then, something came along—NCF. I didn’t know much about NCF or the donor-advised fund industry. I thought, “Wow, this is interesting. I could find a way to amplify things for the Kingdom.” That was my idea: how can I use my skills to make an impact?
The Journey to NCF
Jeff:
I’m not the type to preach on street corners. I have great friends who can make their faith known within minutes, praying for waitstaff and being loud about it. That’s not me. But when I talk about ways people can give more, I get excited. For example, if I can help someone give 25% more to One Collective or their church, it’s incredible.
I once worked with a woman who, during our gift illustrations, calculated how many additional orphanages they could fund from her husband’s gift. I felt like I was playing a small part in this significant work. I get to connect with smart attorneys who help structure gifts, which is so fulfilling. It’s work, but it’s rewarding. It takes time, but I now spend a lot of time talking to generous people, and I couldn’t think of a better group of people to hang out with.
Scott:
That is very cool! I’m so glad the Lord worked in your life and for Murph’s influence. I’m excited to talk with you today to learn more about your insights, especially since our listeners are looking for ways to be more generous and advance the Kingdom but may feel stuck or out of ideas. What I love about NCF is the creativity that’s right in front of us.
So, NCF talks about “radical generosity.” What does that mean, and how do you describe it?
Jeff:
I think people have this perception of generosity. My father used to say, “Tithing is a great place to start.” I have a giver who sold his business and structured it as an installment sale. His rule is to give a minimum of 10% before spending any other money, calling it his “first fruits fund.” This idea dates back to the Old Testament when people brought their first fruits.
I get excited when I hear about how people give. A couple of weeks ago, I received a call from someone driving. He said, “I’m listening to a guy whose church in Memphis needs new furniture. I feel like the Lord’s telling me we need to buy that furniture, Jeff.” I told him we can make that happen!
Everyone has what I call a “balance sheet.” Many come in with an idea of what they want to do, but I often step back and ask what they’re truly trying to achieve. Currently, over 90% of all giving in the U.S. is in cash. But over 80-90% of wealth is in non-cash assets. Who’s talking to people about non-cash giving? That’s what I do every day.
I don’t mind cash gifts, but I always say, “Friends don’t let friends give paychecks.” Instead, we discuss their balance sheet and look for appreciated assets. Many times, people have second homes they’re thinking about selling. I ask how long they’ve owned it and discover they might have significant profits, which could lead to capital gains taxes.
Leveraging Non-Cash Assets
Jeff:
For example, if someone has a house worth $500,000 with a basis of $100,000, they have $400,000 in profit. Typically, they would pay 20% capital gains tax on that—$80,000 to the IRS. As my friend Joe Pringle says, “I don’t want to fund another nanosecond of the U.S. government.” Instead, if they give the asset before selling it, they avoid capital gains taxes altogether.
Now, imagine if you could give $80,000 more to charity! That’s what we help people discover. We explore possibilities, asking, “What would you fund if you had an extra $80,000 to give?”
I have a couple I work with in Northern Illinois. He’s a doctor, and they have overfunded IRAs. They saved diligently, but now they’re concerned about how to spend their money. She mentioned that the kids are set and asked, “What can we do now?”
The first thing I tell anyone over 70.5 years old is, “You should give from your IRA.” Why? Because it reduces your adjusted gross income. Typically, IRA cash is taxed, and then people give to charities. Instead, they can give up to $100,000 directly to charities, reducing their taxable income.
Most IRA providers make this easy—it’s as simple as point and click. Many people think they have to be ultra-wealthy to engage with these strategies, but that’s not the case.
Simplicity in Generosity
Scott:
This is valuable information! What other strategies do you find helpful?
Jeff:
There’s a lot to discuss. IRA giving is one of the simplest. My father didn’t start this until I took over his finances six years ago. I said, “Dad, we need to do this.” He had no idea how, even though he’s very generous. I showed him how it works, and now he calls me to set up his gifts.
There are various ways to help people give more, and it doesn’t have to be complicated. Many advisors and accountants aren’t even talking about these strategies. They might only focus on cash giving, but that’s limiting.
Community and Generosity
Scott:
Jeff, when you encounter people who are new to NCF and donor-advised funds, do you find they’re often surprised by these opportunities?
Jeff:
Absolutely. Many are shocked by the possibilities. Even some of the smartest people I know
or their advisors haven’t heard of these strategies. NCF handled over $1 billion in assets last year alone. It’s done, and it’s done often.
End of Episode
Scott:
Jeff, thank you for sharing your insights and heart for generosity. I love how NCF’s work allows people to make a greater impact.
Lindsey:
Yes, it’s been amazing to see how these strategies have helped so many.
Scott:
Folks, if you want to dive deeper into what we’ve discussed today, visit onecollective.org/podcast for more resources and ways to connect. Jeff, Lindsey, thank you for joining us, and to all our listeners, we’ll see you next time!
Lindsey and Jeff:
Thanks!
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Contact Lindsey Vanzant:
“Halftime: Moving from Success to Significance” by Bob Buford
