(October 2015) Bob Dooley is no stranger to the Diabetes Research Institute, having been a supporter since 1979. His interest was motivated by his son Robert’s diagnosis 49 years ago, before they moved to Florida. When he found an endocrinologist to treat his son, the physician recommended that he contact the DRI Foundation.
A member of the Florida Bar for 63 years and engaging in several business adventures, Bob’s business acumen provided him with resources to invest. Under the guidance of his other son, Bryan, who is an investment manager, he started an investment portfolio. “Bryan knew what he was doing and the value increased,” he proudly stated.
Bob wanted to find a way to transfer highly appreciated stock, gain tax benefits, and then be able to disperse the funds to charities that he was interested in supporting. He learned that a donor-advised fund with the Broward Community Foundation, now called the Community Foundation of Broward (CFB), would provide that vehicle. He received a tax benefit the year the gift was made and then he was afforded the ability to designate gifts from the fund at his discretion. The tax benefit and the philanthropy issues were two separate issues, yet the first action enabled the ongoing actions. The funds are professionally managed, and usually grow. In Bob’s case, the amount in his fund has grown considerably, and he has been able to increase his generosity to many organizations.
The original gift to the CFB to establish this donor-advised fund was made up of stock, as were subsequent gifts, so the funds no longer “belong” to the donor, in this case Bob. He is not required to make any additional gifts to the fund. In some planning instruments, there is a required minimum distribution. This is not the case with a donor-advised fund. Bob recommends that the CFB make specific donations through his fund to one or more charities. Invariably, they honor his requests. In addition, the managers (in this case the CFB) of a donor-advised fund can recommend other charities for the donor to support. When he passes away, the entire fund is dispersed at the discretion of the CFB.
Bob also has a daughter who lives in Florida and four wonderful grandchildren. His passion now is travel, and it takes some careful planning to catch him in between cruises and other trips to many areas around the world. Full of energy, he is known for his almost nonstop dancing at the annual Love and Hope Preview Party and Ball. Bob commented, “You never know how long you’re going be here, so you might as well enjoy it while you can. It sure beats the alternative.” His sense of humor and zest for life make him a pleasure to be around.
Bob defined how he feels about contributing to worthwhile charities by quoting another philanthropist he knew who said, “We don’t give to be blessed; we are blessed because we give.” Bob Dooley truly believes in that philosophy, and the DRI Foundation is blessed to have him as a supporter.