Dave Cain: Welcome to unsuitable on Rea Radio, the award-winning financial services and business advisory podcast that challenges your old school business practices and their traditional business suit culture. Our guests are industry professionals and experts who will challenge you to think beyond the suit and tie while offering you meaningful modern solutions to help you enhance your company’s growth. I’m your host Dave Cain.
Every year on National Philanthropy Day, which is November 15th, people, organizations and businesses come together to reflect on the great contributions being done to improve our communities. On today’s episode of unsuitable, we will lend our voices to the chorus. Not only that but we will be talking Maribeth Wright, a principal on Rea’s not for profit team located in Cambridge, Ohio about what happens when giving back becomes a focal point of a company’s culture. In fact, 74% of employees consider their jobs to be more fulfilling when they can impact social and environmental issues while at work and 70% of employees say they are more likely to be loyal to an employer that helps them give back and get involved, and that’s just the tip of the iceberg.
Let’s get started. Welcome back to unsuitable Maribeth.
Maribeth Wright: Well, thanks Dave.
Dave: It’s good to have you back. I believe this is your second visit.
Maribeth: It is and it’s centered around not for profits.
Dave: So as we were talking in the opening before production started National Philanthropy Day goes back to 1986 and you told me that it was Ronald Reagan.
Maribeth: Yes.
Dave: Wasn’t 1986 the year the big tax reform, the last big tax reform, was that the year?
Maribeth: I don’t know. That was a long time ago.
Dave: I believe it was. You and I were both staff accountants in 1986. What I like about today’s guest is you practice what you preach. I’ve been in the Cambridge and Guernsey County area a number of times to see you in action. You’re a board member, you’re involved in foundations all throughout the communities. Again, you practice what you preach and I think that’s very important to our listening audience.
One of the things I do want to explore with you is one of your most recent fundraising events which I believe is in some of the Rea materials, Rea website. Rumor has it that you raised funds for the community by kissing a pig.
Maribeth: I did. Yes I did. I decided go pig or go home. So when I was nominated I decided that I was going to go for it. So I started to recruit my friends and family and Becca put a little sign out there, Becca and team put a little sign out there on the internet. So I raised the most dollars and as a result, I had to kiss a little piglet last week.
Dave: My guess is there are no listeners for this podcast that have kissed a pig.
Maribeth: No. And he was kind of temperamental. It was kind of an experience but you know what it raised funds for charity so it was fun.
Dave: Let’s talk about that. Was this a bore, a piglet, feral, sal, guild…. We need to know more about this.
Maribeth: It was a four-week old piglet.
Dave: Now was this kiss …
Maribeth: We got it on the lips.
Dave: Bump and run or was it extended.
Maribeth: Oh no, it was a bump and run.
Dave: Bump and run, okay.
Maribeth: You had to bump and run.
Dave: Well again, that was kind of one example of how you and your team in the Cambridge office Rea & Associates has a lot of fun raising money for the community and I think that’s a good place to start about businesses and companies that support local nonprofits. It’s a great reflection on the brand and let’s talk about that and with your experience.
Maribeth: Well, Rea & Associates is a prime example of an organization, a firm that over the years has always supported their team members to become actively involved in the community. You see on our website and in our newsletters that various offices will go out and do actual projects, take a day of carrying and go out and do a project. All of that is supported by the leadership of this firm and has always been that way. So that speaks to the type of people that we are and the type of people that we work with.
Dave: Well now let’s go back to and again that kind of fits with today’s date, the National Philanthropy Day, which is really a grassroots movement to increase public interest and awareness in the importance of giving back to the community and you hit on something I want to explore a little bit with you. When we talk about giving a lot of people think it’s just writing a check but I think there’s way more than just writing the check and can you tell us about some activities that you’ve experienced with your team and maybe in your community of people giving their time back to the community.
Maribeth: Most of the offices involved and the various charities, they pick whom they have the most passion and interest for and become involved in that. And of course we can’t forget that we’re the multi-winner of the Give Back, the food day and we donate all of our food to the senior center. We do that, we go out and purchase the food items, take them to the senior center, sell. You can’t forget that now, can you?
Dave: Oh, I’ve totally forgotten that. You guys are very competitive when it comes to raising funds and getting donations of goods and services.
Maribeth: Organizations really need, like you said, everybody thinks that you just write the check and then that’s all that you have to take care of but there are an awful lot of organizations that need board members and that they just need new blood to come on and bring new ideas and also the sweat equity, whether it’s for one day or for a week or whatever you can gab. Most not for profits are really excited to be able to have some say sweat act one day.
And you know back in the early days when we were just starting out that’s about all we could give.
Dave: You couldn’t advertise. Accountants couldn’t advertise. I think it’s a good time now for maybe a little bit of a commercial for our listeners. As you mentioned you’re one of the very famous people within Rea & Associates for not for profit organizations and not for profit organizations across the state, across the nation are looking for good solid board members and the Rea team throughout the state of Ohio is ready and willing to donate their time to be a board member. And if there are listeners here who want to do that I would encourage them to reach out to you maybe by our website and you can arrange to get a board member to help them regardless of what the cause.
Maribeth: And I’ve participated in events where the boards various not for profits will come together collectively whether it’s like the United Way breakfast but they’ll actually be there to talk about their organization and individuals can walk around and can actually walk around and talk to the organizations and get a feel for if that’s something that they would like to participate in.
Dave: You know what comes across as I talk to you and we set this up is you have fun participating in community events.
Maribeth: I enjoy.
Dave: You really do. It’s not a job, it’s fun and you truly are giving back. So if you were to advise a company in their company’s culture and branding how to start a charitable giving, a community, you know, something that the company can get into a program to help out their community, where would you start?
Maribeth: Well, I’d start with your team members. I’d start with your employees to get ideas on projects or organizations that they’re interested in and why that’s so … We could sit there as managers and dictate and say okay, this is the organization that we’re going be engaged in but you’re not going to get your team to be engaged in it if it’s not something that they really feel a passion for.
Dave: It goes to another point that there we talked or touched in the opening that employees want to work for businesses that give back to the community.
Maribeth: I think that they are just saying that that is a reflection of the type of individuals that they’re working for. Rea & Associates has always been very generous and even allowing their employees to step out during the day, to participate in board meanings and participating in activities.
Dave: So the company, the culture, and leadership, they have to encourage, they have to let their team like if it’s a Friday afternoon, they’re going out to the park to help with an event you have to sponsor or encourage that. I think it was 74%, was that the number? 74% of employees consider their jobs to be more fulfilling when they can impact social and environmental issues.
Maribeth: There’s a lot of research and a lot of articles out there on Google and the internet. I mean, that was where one of the articles that Abby helped me write was centered around, you know, organizations and philanthropy. And the fact that, you know, it’s nice networking, that gives people a chance to meet other people potentially. You don’t do it because you think you’re going to get something out of it like new business but that’s kind of a byproduct because a lot of times you will develop these relationships and be able to come back and actually work with that organization or meet someone.
Dave: Especially over the past month, two months I think not only our firm but C.P.A. firms and other businesses across the country, awareness was a raised because of the hurricanes and probably giving my guess right now is maybe at all-time high.
Maribeth: As far as disaster organizations like the Red Cross. They’re obviously seeing a lot of activity because it has been such a natural disaster here and now you add California on to that. They are seen increased donations definitely come in. There’s a lot of church organizations that are also seeing some pick up in that area.
Dave: I want to maybe switch gears just a bit. The recipient organization and you work a lot with this because you do a lot of the tax preparation I believe it’s form 990, for not for profits but is there a such thing as like a donor’s bill or rights. As a donor, what should I be looking at within that organization before I donate my time or money?
Maribeth: There are a lot of sources out there, GuideStar is out there, Charity Navigator actually we’ll do a ranking of the organization in comparison to their overall fund raising. How much do they spend on program, how much do they spend on general and administrative. So you kind of really have to look at the organization, you can’t just say, well, they have 30% in fund raising and everyone else has 10. You need to look at the organization because that’s just not a flat across the board. And that’s where Charity Navigator actually has taken the guessing game out for donors is because they’ve actually have done a lot of the rankings.
Dave: Just to get a feel for your expertise in the not for profit and giving back to the community, how many not for profit organizations tax returns from a professional level are you involved in an annual basis?
Maribeth: We do 400.
Dave: 400.
Maribeth: 400.
Dave: So you really know what you’re doing?
Maribeth: I think so.
Dave: Well that is one of your major specialties so when we talk about giving back you got it, you know.
Maribeth: Yeah, so I kind of see it all. Part of what we do too when we’re involved in that is to give these organizations recommendations. One, because you see so many different activities going on and best practices coming out of maybe some organizations, you know, that you can share that and hopefully that so they can improve.
Dave: Earlier on we talked about in the 1980’s Reagan administration had big tax reform and we know tax reform is coming. So you have a sense or feel, are charitable deductions going to be cut saved Have you seen anything heard anything under
Maribeth: I haven’t seen or heard anything. People don’t donate because of the tax deduction.
Dave: Say that again.
Maribeth: People do not donate because of the tax deduction.
Dave: That’s great to hear you say and I believe that as well.
Maribeth: So even if it were to go away I don’t think that you’re going to see …
Dave: Organizations …
Maribeth: I would hope not because that’s … Maybe your bigger planned giving might be changed around a little bit but I don’t think that you’re going to see major impact from that.
Dave: Let’s go back to encouraging employees to get out there in their community and volunteer. What are the by products of that? They’re like marketing, public relations, what’s your recommendation there, what do you see?
Maribeth: Well actually one of the things that I read and I’m not encouraging any Rea employees to take this advice but they actually say that it’s a great place if you are in the hunt for a job, a different career path-
Dave: That’s a by product, right?
Maribeth: It’s a by product. Because you are working with different people, with different professions, with different backgrounds that it gives you an opportunity to maybe see some ideas that you might be able to take advantage of if you’re looking for a new job.
Dave: Didn’t you and I plan a golf outing for not for profit organizations many, many years ago?
Maribeth: We did, the Boy Scouts.
Dave: What time did you get home after that outing.
Maribeth: It was late.
Dave: After seven o’clock.
Maribeth: One of my finer moments, that’s all I’m saying.
Dave: But we raised money.
Maribeth: We did. It was a good time.
Dave: So again the benefits could be like you said an employee that might be looking for employment. What about the free advertising and free remarketing?
Maribeth: There is certainly that, you know, that it’s a way for your company to basically themselves by sponsoring events or the pig contest, we got a lot of miles out of that.
Dave: You keep going back to that. I don’t know why that is.
Maribeth: Because it’s recent in my mind and I haven’t completely lost it so.
Dave: Have you read the rules and laws about that or are you …
Maribeth: What?
Dave: About kissing pigs.
Maribeth: No, I haven’t. I didn’t realize there was anything out there.
Dave: Well, there might be, there might be.
Maribeth: But anyway, so when you come back down to … Rea & Associates was part of marketing by the Chamber of Commerce and the newspaper on the radio. So that was kind of a byproduct. You’ve sponsored those events or you’ve participate in those events and your company is usually recognized for doing that.
Dave: As we go back and talk about the positive public relations and building the brand and getting programs in place within a business that’s maybe not accustomed to doing this. How many hours a year would you give, how do you do that?
Maribeth: You just have to use a reasonableness. Obviously, you can’t be out doing charity work 40 hours a week when you’ve got to import, and we have a regular job. Most not for profit, at least the ones that I work with locally are respectful of the fact that volunteers and I probably learned the best from the United Way director at the time because that was kind of the first not for profit I got involved in when I moved back to Cambridge. They were so appreciative of anything that anyone could give. So they recognize the fact that you might not be able to attend every board meeting but if you can come to the board meetings and participate and be part of the campaign especially during campaign time.
So you spread that out among a lot of people instead of putting it all on to just a few people and that you respected what people could give. If they couldn’t do 20 hours a week community service and could only do 10, you appreciated that.
Dave: Giving back certainly has big impact and you shared a lot with that but I don’t know how it’s coming across to the listeners but I think it’s obvious to me and I think and I think it’s coming across in your presentation, you don’t do this because you have to, you’re giving back to the community because you want to. It’s just a natural thing for you and your team and that goes back to the brand that you talked about early on.
Maribeth: And it was a great way too express when you are, you know, in my case I came back when I moved back to Cambridge. It was a great play time for me to start to build new relationships and meet new people because most of my friends that were still in the area were married raising kids. Our lives were in different places and I’m like okay, what I’m I going to do with myself. So, that’s kind of what I started working with the [NYA 00:19:17] and it just kind of took off from there.
Dave: So it’s social benefits and get to meet a lot of folks that you probably still currently doing business with.
Maribeth: Oh, absolutely. Well, a lot of folks I’m still friends with. You just really build some really solid relationships because you have a common ground. You have a common interest and that’s your philanthropic endeavors.
Dave: You know, and you’ve been doing this for several years I would say.
Maribeth: Thanks.
Dave: How much time would you say you give in a year? I know that you don’t track that because you don’t care, you just do it but if I said look, take a stab, what would it be? Is it 100 hours a year?
Maribeth: I’d say probably 100 hours a year.
Dave: Or more?
Maribeth: No, probably closer to 100.
Dave: As a board member on not for profits, do you enjoy doing that and do you recommend again to get employees involved as being board members because C.P.A.’s make great board members?
Maribeth: They do. I do it via C.P.A.’s though if they want to be board members don’t take the treasurer’s job. I’d rather be president than treasurer.
Dave: There you go.
Maribeth: But everybody looks at you and goes, well you know numbers. It’s good for you to do something different than what you do every day. And you don’t want to encourage … But you want to make sure that they pick something they really like, that they really want to be involved in and they want to see that organization improve and not something because Dave Cain or Maribeth Wright says we need somebody on this board because that’s just kind of setting it up for them.
Dave: I want to also direct our listeners. I think I have it here in front of me but you have written a number of articles that appear on this very topic and there posted on the Rea & Associates. One that caught my attention was, it’s from October of 2016. Paying it forward pays. And it hits the high points of what we’ve been talking about today, stronger community relationships equals huge benefits. I would encourage our listeners to jump on the Rea & Associates website and take a look at that article. And there are other articles that you’ve written and you’re a fantastic author in that area and you’ve got a great passion and it comes across and when you talk and speak.
Like I said, you walk the walk and you talk the talk.
Maribeth: Just as a tidbit, if there are organizations and you really need to make sure, I probably shouldn’t even throw this out there but if you’re doing travel on behalf of a not for profit, don’t forget that that travel can be a deductible as a charitable donation.
Dave: This is not a tax program by the way, there’s tax dip.
Maribeth: That’s a tax dip.
Dave: But yeah, we’re running out of time but were you hit on something. what about insurance as a board member?
Maribeth: You definitely want to make sure that your organization has a D&O. It’s just a good thing to have because there’s a number of issues that can arise, you hope they don’t..
Dave: So in the past 30 seconds you gave great two tips.
Maribeth: Two tips. Insurance and tax dips.
Dave: Great. Our guest today has been Maribeth Wright, a principal with Rea & Associates located in Cambridge, Ohio and Maribeth has a quote for us I believe before we sign off.
Maribeth: I do, it’s Winston Churchill. I use this all the time. And it says, ” We make a living by what we get but we make a life by what we give.”
Dave: Wonderful. Listeners, check out unsuitable on our YouTube channel to see what goes on behind the scenes. You can also find a wealth of information to help you maximize your contributions at reacpa.com. And as always don’t forget to subscribe to unsuitable on iTunes. Until next time, I’m Dave Cain encouraging you to loosen up your tie and think outside the box.