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Episode 045: Exploring Donor-Advised Funds with Bob Roth

October 3, 2018


In this episode, we’re talking with Bob Roth who is President & CEO of RoMan Manufacturing, a global manufacturing business based in Grand Rapids, Michigan. Bob is part of the second generation of leadership at RoMan. The business is a two-family business that was founded by Bob’s father and a business partner nearly four decades ago.

While we could talk to Bob about any number of family business topics, in this episode we’re talking about donor-advised funds and Bob’s role as a philanthropist. Among other forms of charitable giving, Bob and his wife Marcy have a donor-advised fund at their local community foundation. Bob previously served on that organization’s board, so he’s well-versed on this ins and outs of these funds.

For some context, we like this explanation of donor-advised funds from the National Philanthropic Trust:

“A donor-advised fund is a philanthropic vehicle established at a public charity. It allows donors to make a charitable contribution, receive an immediate tax benefit and then recommend grants from the fund over time. An easy way to think about a donor-advised fund is like a charitable savings account: a donor contributes to the fund as frequently as they like and then recommends grants to their favorite charity when they are ready.”

During our conversation, Bob and I discuss why someone might choose to establish a donor-advised fund over a private foundation. He also provides some great points to consider if you’re thinking about starting a fund.

In this episode:

  • Meet Bob and hear about his experience in business and community philanthropy (3:45)
  • What is a donor advised fund? (7:35)
  • Why would a person choose a donor advised fund vs a private foundation? (9:45)
  • Why work with a community foundation? (16:00)
  • The considerations for setting up a donor-advised fund (22:03)
  • How the donor-advised fund fits into Bob and Marcy’s overall giving (34:42)
  • Engaging the next generation in philanthropy (38:14)
  • Any regrets? (41:33)
  • Bonus questions (42:30)

Guest Bio

Bob represents the second generation of leadership at RoMan. He is responsible for overseeing the development and execution of mid- and long-range strategies as well as oversight of the company’s financial operations. Since joining the company in 1987, he has held various positions including executive stints in purchasing, finance and administration. Prior to joining RoMan, he was a buyer for General Motors. As an industry leader, he presently serves as a member of the Board of Directors and Vice President of the American Welding Society, as well as on the Board of Directors of Grand Transformer Incorporated. He also serves on the Spectrum Health System Board and on the United Bank of Michigan’s Board.

His past board affiliations include chairmanships of the Grand Rapids Area Chamber of Commerce, Grand Rapids Community Foundation and Priority Health boards. He is also a recipient of the Kettering University Engineering Achievement Award and the John G. Thodis Michigan Manufacturer of the Year Award. Bob holds a Bachelor of Science degree from General Motors Institute.

Notable & Quotable:

Working with a community foundation, you get a wider view of community needs and how an impact can be made. —Bob Roth #successfulgenerations #familyphilanthropy


If you like the three bears, a donor-advised fund is the mama bear. —Bob Roth #successfulgenerations #familyphilanthropy


When you make a gift to a donor-advised fund you are no longer in control of the assets. —Bob Roth #successfulgenerations #familyphilanthropy


Bob’s advice to his 20-year-old self: Stay curious. —Bob Roth #successfulgenerations #familyphilanthropy


A donor-advised fund is one piece of our overall giving strategy. —Bob Roth #successfulgenerations #familyphilanthropy


Resources:

  • What is a donor-advised fund from the National Philanthropic Trust
  • Grand Rapids Community Foundation

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Want more of Successful Generations? Check out our other episodes: 

Episode 044: Philanthropic Due Diligence with Lynne Ferrell
Replay: A Legacy Lost with Douglas D. Box
Episode 043: Why Hire a Family Business Consultant with Drew Mendoza
Episode 042: Blending Passion, Family + Business with Anne Huntington
Episode 041: An Action Plan for Mental Health with Christy Buck
Episode 040: My Journey to Coaching with Ellie Frey Zagel
Episode 039: Selecting the Right Trustee with Attorney Mark Harder
Episode 038: Standing Up in a Male-Dominated Industry with René Banglesdorf
Replay: Answering the Question I’m Always Asked About Philanthropy
Replay: How My Parents Raised Us to Be Business Smart with Paige Cornetet
Episode 037: Making Your Mark on the Family Business with Cara Mackay
Episode 036: Financial Literacy, Leadership and Entrepreneurship for Teens with Whitney Webb
Bonus Episode: Power20—My Reflect and Connect Challenge
Episode 035: Great Governance for Your Investment Committee with Becky Wood
Episode 034: Trapped in the Family Business with Dr. Michael Klein, Part 2
Episode 033: Trapped in the Family Business with Dr. Michael Klein, Part 1
Episode 032: Spendthrift or Tightwad with Dr. Scott Rick
Episode 031: Impact Investing with Jennifer Oertel
Episode 030: Holistic Weight Management with Cynthia Damaskos
Episode 029: Giving Back Through Giving Circles with Dr. Jason Franklin
Episode 028: The Family Business Podcast with Russ Haworth
Episode 027: The Power of Mindset with Dr. Nancy Jonker
Episode 026: Reflections from Four Decades in Philanthropy with Rob Collier
Episode 025: Power20—10 Ways to Set Your NextGen Up for Success in the Family Enterprise
Episode 024: Pump it Up! Strength Training and Leadership Development
Episode 023: Leadership Development and Agility with Greg McCann
Episode 022: Getting Started in Philanthropy with Colleen Mitchell
Episode 021: Taking Over the Family Business with Mitchell Kaneff
Episode 020: Women and Wealth w/ Adrienne Penta
Episode 019: The Allyn Family 2.0, Part 2
Episode 018: The Welch Allyn Family Business Story with Eric Allyn (4th Gen), Part 1
Episode 017: Achieving Your Goals through MasterMind and Peer Groups
Episode 016: Reframing Limiting Beliefs with Ellie Frey Zagel
Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf
Episode 014: More Awareness and Less Stress through Yoga
Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet
Episode 012: Generous Genes with Susan Crites Price
Episode 011: Digging into the Family Business Landscape with Daniel Van Der Vliet
Episode 010: 10 Things My Family Did to Engage us in Family Philanthropy
Episode 009: Stress Management and Holistic Health with Cynthia Damaskos
Episode 008: Family, Fights and Ferry Tales with Chris Shepler
Episode 007: Raising Financially Responsible Kids Through the Holidays (and Beyond)
Episode 006: Join the Philanthropic Revolution with Michael Moody
Episode 005: Estate Planning 101 aka Estate Planning is Not Optional with Susan Gell Meyers 
Episode 004: Ginny Esposito – Engaging your Family in Family Philanthropy
Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer
Episode 002: Douglas D Box, Texas Patriarch – A Legacy Lost
Episode 001: About Your Host Ellie Frey Zagel

Learn more about Successful Generations:

FB: @SuccessfulGenerations
Twitter: @EllieFreyZagel
Email: ellie@successfulgenerations.com
Instagram: SuccessfulGenerations


Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.

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Family Philanthropy

Ellie Frey Zagel

Ellie Frey Zagel is 3rd Generation, Vice Chair and Trustee of her family’s foundation the Frey Foundation based in Grand Rapids, MI. For nearly a decade she has been deeply involved in working with the next generation of family business, family philanthropy, and family wealth, first as Director of the Family Business Alliance and now as President of Successful Generations, a company she recently founded.

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