Joe Davenport: Supporting Philanthropic Efforts
Raised in Chattanooga, Joe Davenport is passionate about this community he and his family have called home for generations. He is grateful for the blessings he has received in his life and has a strong desire to give back in ways that enrich the lives of others in his community, in particular, low-income residents.
The co-founder of Pointer Management, one of the nation’s most successful hedge funds, Mr. Davenport sought a philanthropic vehicle that enabled him and his family to support the causes they care about, while investing the assets in the same hedge fund strategy that helped him generate his wealth.
“After talking to Mr. Davenport about what he wanted to accomplish through his philanthropy – provide long-term support for our community, engage his family and invest the philanthropic assets in Pointer Management – I thought a Supporting Organization would be a great philanthropic tool for him,” notes Maeghan Jones, Community Foundation President.
Established by an individual, family or business, a supporting organization is a separate nonprofit corporation that qualifies as a public charity through its affiliation with the Community Foundation. The many benefits of a supporting organization include, but are not limited to, reduced administrative responsibilities, semi-autonomous operations (donor may select board members which may include family members), choice of preferred investment strategies, back office support from Community Foundation staff, and organizational identity.
Working closely with Mr. Davenport’s attorney, the Community Foundation was able to structure the supporting organization so that it honored both Mr. Davenport and his family’s current giving as well as the charitable legacy they wished to leave. This was accomplished by arranging for the supporting organization to sunset in 50 years after Mr. Davenport’s passing, at which point the assets will come under the control of the Community Foundation and our grantmaking experts, who will guide future grantmaking under the guidelines Mr. Davenport has set forth. This extraordinary gift will ensure that continued efforts to improve and preserve the causes and organizations that Mr. Davenport supported in his lifetime will continue for generations to come.
When asked about his decision to start a supporting organization at the Community Foundation, Mr. Davenport notes, “I believe strongly in good leadership and well-run institutions that help the most disadvantaged in our community. The Howard Fund was created to support my family’s philanthropic goals and vision and to preserve what is precious about Chattanooga, while working to build stronger institutions and programs that can address the community’s greatest challenges in a creative and innovative way.”
To learn more about creating a Supporting Organization, contact us now