The death of Margaret Spain in 1972 represented a new beginning and a great legacy for our community. A bequest from her estate established the Frank E. and Margaret Cameron Spain Fund with a gift of $3 million, making it then and now the largest single grantmaking fund of the Community Foundation of Greater Birmingham.

By the end of 2008, the Spain Fund had made possible grants of more than $27 million to nonprofit organizations across the five counties of Greater Birmingham. Yet the fund itself was still worth $20 million, thanks to careful investment management and the power of endowment..

Consider what these numbers mean for the potential of any legacy gift: $3 million minus $27 million in grants still leaves $20 million as an endowment to support future grants. This is the power of a bequest, no matter what the original size, to give and give and give, far into a future that the benefactors could not imagine.

During their lifetime, the Spains were great supporters of UAB and of education in general. Today, according to granddaughter Cameron Vowell, they would be pleased to know that this portion of their estate has made possible grants to enhance training for teachers and principals and to help pre-schoolers get a head start on success.

“I think they would be thrilled about these grants and so many others,” she said. “Their bequest said that they trusted the future and the decisions-makers who would determine where their gift would be used. Their trust in the Community Foundation has been paid back many times.”

Cameron Vowell follows grandparents' lead
Cameron Vowell also trusts in the future and has made a commitment to it as a Community Builder, a member of the Community Foundation’s legacy society. In her case, there are specific causes she cares about as well as a specific purpose – to train her son in the legacy of giving.

“The flexibility of the Community Foundation allows me to be a Community Builder and be fairly specific with the kinds of charities I want to support,” she said. “After many years of working in the community, I know that needs will remain, even if some nonprofit organizations do not.”

By supporting the Fund for the Environment and the Women’s Fund of Greater Birmingham, two focused  grantmaking funds that make a variety of grants each year, she can continue her support of issues concerning the environment and women without worrying about choosing a specific nonprofit organization.

“My legacy gift also is a way for the Community Foundation to teach my son about giving,” Vowell said. “With this gift, I can continue to involve the next generation in building a brighter future.”

Special luncheon celebrates Community Builders
On October 27 at Aldridge Gardens, the Community Foundation honored Community Builders past and present with a special luncheon and update on all that has been accomplished through legacy gifts in the past. Honorary hosts Eddie and Kay Aldridge, also Community Builders, are using their own gifts through a Charitable Remainder Trust and their estate to ensure perpetual support for their beloved Aldridge Gardens and other charities.

 “We want to honor our legacy givers, whether they let us know about their gift now, or only after their deaths,” said Erin Stephenson, Director of Planned Giving. “These gifts, which are often unrestricted, have made such a difference throughout our 50-year history. We also enjoy working with the next generation when parents and grandparents establish or add to an advised fund with a portion of their estate.”

Currently, the Community Foundation honors more than 150 individuals and couples as Community Builders, including more than 75 who wish to remain anonymous. Some, like David Thurlow, choose the gift of the family home as a way to invest in the future.

After his death, the Community Foundation will handle the sale of the Thurlow home and use the proceeds to create a Field of Interest Fund to help charities that serve children, families and young women’s organizations, including Gateway, YWCA, Girls Inc., Linley Heflin, FreshAir Farm and the Lakeshore Foundation.

“All my children live out of town, and I didn’t want to burden them with selling the house,” Thurlow said recently.

Call 205-327-3805 or contact Erin Stephenson, Director of Gift Planning, for more information or to discuss the variety of assets possible, from trusts and gifts of real estate to insurance or Charitable Gift Annuities to benefit any local charity. Click here for more about Community Builders and the potential for your legacy gift.