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Local philanthropic organization hopes more people will invest in CNY
The organization that encourages philanthropy in Central New York is looking at how much wealth will move between generations in the coming years.
Right now, figures show everybody in Central New York, if you combine all their assets are worth $57 billion according to Central New York Community Foundation President Peter Dunn.
"We think the number is interesting, in part because it challenges the notion that there isn't wealth here, or that the wealth has left," said Dunn. "There is wealth here. It's comparable to a lot of other communities when you aggregate it out together."
That means there will be transfer of funds amounting to $22 billion in the next ten years. Dunn says some of that could really help the non profits that support everything front the arts to education.
"I think there is a significant opportunity for Central New York to be able to aggregate these resources for the better of the community by creating charitable funds, by looking at charitable estates, by harnessing the power of people's passion for the area to better the community," said Dunn.
The research is behind a new "5 for CNY" program the foundation is launching this month, meant to inspire families to think about investing in their local communities when it comes to estate planning.
To learn more about the 5 for CNY program, visit the Central New York Community Foundation.