E.W. Scripps Co. Chair, President & CEO Rich Boehne seeks a $1M donor-advised fund in his name as employment compensation. Boehne describes the effort as a ‘partnership’ to further align the company’s and his ideals,
“The Scripps Howard Foundation’s commitment to the future of journalism and to the well-being of the communities we serve makes it a vital partner for both the company and individuals – like me – who share the same values and passions.”
It sounds like the charitable equivalent of using stock options to align company shareholder and executive interest. But the spirit seems quite different. In this case it’s aligning the company and its executive around philanthropy, with charitable beneficiaries as major stakeholders.
Using a donor-advised fund to align corporate and management philanthropic interests could be a future trend for executive compensation. Already an old story among investment banks with their own foundations and donor-advised funds, Rich Boehne’s efforts could signal a move in companies with more diverse business interests. Boehne himself is no stranger to donor-advised funds. He has had a family donor-advised fund for at least 13 years.
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Hiram Wurf is Charitable Catalyst, Managing Director of The Advise Us Fund®. The Advise Us Fund is an independent 501(c)3 nonprofit organization that offers a donor-centric approach to charitable giving. Hiram formerly served as Executive Director and Founder of the nonprofit 12 State, Inc. and as Marketing Communications Manager for Cool Choices, Inc. He has more than 16 years experience in nonprofit development, marketing and communications including nine years administering grants at a family foundation.
The information in this blog post is general and educational. It is not intended nor should it be construed as legal, tax, investing or financial advice. Individuals should consult with their own advisor about charitable giving arrangements The Advise Us Fund® may describe.
