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Pohlad Family Announced $25 million commitment to Racial Justice in Twin Cities.

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#1 Seth Stohs

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Posted 10 June 2020 - 03:57 PM

Another very impressive donation from the Twins ownership, the family and its foundation. 

 

Bill Pohlad is the president of the Pohlad Family Foundation... He was also a producer on the award-winning movie 12 Years a Slave. 

 

Here is the press release: 

 

 

The Pohlad Family Announces $25 Million Commitment to Racial Justice in the Twin Cities

 

MINNEAPOLIS, June 10, 2020 /PRNewswire/ -- In response to the murder of George Floyd and the deeply ingrained systemic racism in our country, the Pohlad Family announced today that it is committing $25 million to racial justice, bringing to bear resources of the Pohlad Family Foundation, Pohlad family members, and Pohlad Companies in a two-phased, community-based approach.

 

"Black people have experienced oppression and racism for far too long in this country," said Bill Pohlad, president of the Pohlad Family Foundation. "We condemn racism in all its forms, and we are firmly committed to helping to enact meaningful change. We know this will take time and effort, and we are committed to this work beyond this seminal moment in our country's history."

 

In the short term, the Pohlads are focused on providing immediate relief and rebuilding organizations in impacted communities. In addition to encouraging employee volunteerism and matching employee donations across Pohlad Companies, the Pohlad Family Foundation will support grassroots organizations doing this important work. The Pohlad organization also plans to work with local government, philanthropic organizations and the business community to help rebuild businesses that have been destroyed, with the goal of ensuring the continued cultural diversity and affordability of the local areas.

 

Over the long term, the Pohlad family will focus on impacting structural change through the Foundation. They will partner with other equally committed organizations to help change the systems that create racial inequities and marginalize people of color.

 

The commitment of $25 million is in addition to the ongoing work of the Pohlad Family Foundation in the areas of homelessness and housing stability.

 

"As we undertake these additional efforts in racial justice, we will take the time to listen and learn from the community first. We believe that people are experts in their own lives, and to make lasting change, we must learn from their lived experience," said Susan Bass Roberts, vice president and executive director, Pohlad Family Foundation. "Our goal is to work in community to identify and support solutions that reflect the input of those closest to the issue and address their greatest needs."

 

"While we are determined to help affect change in our community, we also know that any real change must start from within," added Pohlad. "And so, we acknowledge that we have our own work to do and are working to strengthen diversity and inclusion in our organization."

 

About Pohlad Family Foundation

The Pohlad Family Foundation's mission is to improve the quality of life and opportunities for those most in need in the Twin Cities region. Our strategic focus is to improve housing stability with the goal of preventing and ending homelessness among families and youth in the Twin Cities. We use four strategies: 1) catch youth and families before they experience homelessness; 2) fund housing affordability solutions; 3) address systemic change; and 4) create awareness and galvanize support. To learn more about the Foundation's history and focus, visit pohladfoundation.org.

 

About Pohlad Companies
Founded by Carl R. Pohlad in the 1950s, the Pohlad Companies had its start in the banking and soft-drink bottling industries. Now managed by his three sons Jim, Robert and Bill, with third generation family members actively involved, the organization has four primary business groups. Operating Companies includes ownership and management of firms in diverse industries such as commercial real estate mortgage banking (NorthMarq), automobiles (Carousel Motor Group) and automation (PaR Systems); Real Estate includes commercial real estate development and investment activities, principally through United Properties LLC.; Sports and Entertainment comprises investments in the sports and entertainment industries including the Minnesota Twins Major League Baseball Club; and Investments includes direct and non-control investments in privately held companies and in financial instruments of varying duration and type. The Pohlad family and the Pohlad Companies have a deep commitment to the communities where they live and work, demonstrated through the Pohlad Family Foundation, along with the giving and engagement initiatives of its operating businesses and employees. To learn more, visit pohladcompanies.com.

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#2 Hosken Bombo Disco

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Posted 10 June 2020 - 04:10 PM

The team also announced it:

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#3 DocBauer

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Posted 10 June 2020 - 06:54 PM

While unrelated, this and the payments to milb players and no cuts shines a different light on the Twins ownership. And I think what they are doing here is wonderful.

To be honest, maybe it's because I don't live in Minnesota, I've never heard of the Pohlad Family Foundation. Have I missed out? Or is it that bad and controversial news and opinion is just more interesting to report and discuss?
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#4 jctwins

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Posted 10 June 2020 - 07:20 PM

 

While unrelated, this and the payments to milb players and no cuts shines a different light on the Twins ownership. And I think what they are doing here is wonderful.

To be honest, maybe it's because I don't live in Minnesota, I've never heard of the Pohlad Family Foundation. Have I missed out? Or is it that bad and controversial news and opinion is just more interesting to report and discuss?

 

An entity like "Pohlad Family Foundation" is how a wealthy person creates a charitable organization that they are in control of, but because they have the proper filings with the IRS it allows them to make tax deductible gifts, essentially to themselves. 

 

Not to take anything away from them, but they can gift appreciated personally held assets into this foundation, and then sell them at no tax cost. 

 

 

 

 


#5 IndianaTwin

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Posted 10 June 2020 - 09:31 PM

 

An entity like "Pohlad Family Foundation" is how a wealthy person creates a charitable organization that they are in control of, but because they have the proper filings with the IRS it allows them to make tax deductible gifts, essentially to themselves. 

 

Not to take anything away from them, but they can gift appreciated personally held assets into this foundation, and then sell them at no tax cost. 

 

 

When the Pohlads make a gift to their foundation, they are not making a gift to themselves. What they are doing is making a gift that is required to have charitable purposes. The strong economy of recent years has made this a particularly opportune time to gift appreciated assets, with donors receiving both the charitable deduction and the advantage of avoiding capital gains. 

 

It is true that a private foundation has the ability to make payments to employees, including its officers. According to the Foundation's 2018 Form 990, the total compensation paid by the Pohlad Family Foundation to officers was a little over $300K and to other employees a little over $400K, with a little over $100K in pension and other employee benefits. The only paid officer was the Susan Bass Roberts quoted in the news release. The foundation's highest-paid employee received just under $160K in salary and benefit, another around $130K, one at $90K and one at $70K. With total assets of $118 million at the end of 2018, these seem like fairly modest amounts to be paying to administer the foundation.

 

As a public foundation, they are required to distribute at least five percent of their assets each year, but it appears they gifted close to 10 percent of their assets in 2018 and similar percentages in previous years. I'm impressed with the wide variety of causes and organizations they have supported, with gifts ranging from several hundred dollars to some six-figure gifts.

 

A primary advantage of using a private foundation for generosity is that it allows a donor flexibility in the timing of their charitable distributions. For example, they may well have made their gifts into the foundation over a period of years, which gave them the opportunity to respond to a specific need at this time with a larger amount than they would want to do from current assets.

 

Most of us will not have the resources to make it cost effective to go to the expense of setting up a private foundation, but many of us can use some of the same techniques with a tool known as a Donor Advised Fund. In my line of work, it is not unusual to see a farmer make a gift of highly appreciated land into a DAF. In gifting a parcel of farmland, for example, they can receive a sizable tax deduction, avoid capital gains, and fund their charitable intent for multiple years into the future. For others of us, gifting appreciated stock or mutual fund shares can make sense. 

 

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#6 Nick Nelson

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Posted 10 June 2020 - 09:37 PM

This is great to see. Proud to call myself a Twins fan and "Pohlad Pocket Protector" today.

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#7 IndianaTwin

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Posted 10 June 2020 - 10:00 PM

In looking at the PFF Web site, I'm even more impressed: 

 

https://pohladfoundation.org/

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#8 Sconnie

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Posted 11 June 2020 - 06:04 AM

This s awesome news! The way the Pohlad family and MN Twins organization has stepped up in this time of unprecedented need is to be proud of.
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#9 rdehring

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Posted 11 June 2020 - 08:24 AM

 

In looking at the PFF Web site, I'm even more impressed: 

 

https://pohladfoundation.org/

Was not aware that the Pohlads bought J.B. Hudson jewelers.Was aware of United Properties and the auto dealerships, but they really are into so much more than any of us realize.  


#10 jctwins

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Posted 11 June 2020 - 10:53 AM

 

When the Pohlads make a gift to their foundation, they are not making a gift to themselves. What they are doing is making a gift that is required to have charitable purposes. The strong economy of recent years has made this a particularly opportune time to gift appreciated assets, with donors receiving both the charitable deduction and the advantage of avoiding capital gains. 

 

It is true that a private foundation has the ability to make payments to employees, including its officers. According to the Foundation's 2018 Form 990, the total compensation paid by the Pohlad Family Foundation to officers was a little over $300K and to other employees a little over $400K, with a little over $100K in pension and other employee benefits. The only paid officer was the Susan Bass Roberts quoted in the news release. The foundation's highest-paid employee received just under $160K in salary and benefit, another around $130K, one at $90K and one at $70K. With total assets of $118 million at the end of 2018, these seem like fairly modest amounts to be paying to administer the foundation.

 

As a public foundation, they are required to distribute at least five percent of their assets each year, but it appears they gifted close to 10 percent of their assets in 2018 and similar percentages in previous years. I'm impressed with the wide variety of causes and organizations they have supported, with gifts ranging from several hundred dollars to some six-figure gifts.

 

A primary advantage of using a private foundation for generosity is that it allows a donor flexibility in the timing of their charitable distributions. For example, they may well have made their gifts into the foundation over a period of years, which gave them the opportunity to respond to a specific need at this time with a larger amount than they would want to do from current assets.

 

Most of us will not have the resources to make it cost effective to go to the expense of setting up a private foundation, but many of us can use some of the same techniques with a tool known as a Donor Advised Fund. In my line of work, it is not unusual to see a farmer make a gift of highly appreciated land into a DAF. In gifting a parcel of farmland, for example, they can receive a sizable tax deduction, avoid capital gains, and fund their charitable intent for multiple years into the future. For others of us, gifting appreciated stock or mutual fund shares can make sense. 

 

I was trying to say the same thing you did in a more concise way, and I don't have an issue with anything you're saying. I suspect you and I are in the same line of work. 

 

 

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