Thomas Frist0:25
September 24, 1990, I went to lunch with my friend Ida Cooney. She and I had lunch about once a year for 150 years prior to that, and we were sitting at lunch and I was whining to her, moaning about sitting on the board of nonprofit organizations and having executive directors who were overworked and underpaid being responsible for things for which they had no training. I looked at, I was on the board of the Tennessee Repertory Theater and Mack Perkle, who is a wonderful artist, was negotiating employee benefit contracts and managing endowment funds. And Martin Omaker at Family Children's Service was doing the same thing, and I said it's patently ridiculous! These people aren't trained for that. It's unfair of us as a community to expect them to suddenly develop this expertise overnight. And Ida leaned across the table, this was the Cakewalk Restaurant, she leaned across the table and wagged her finger in my face and said in that incredibly gravelly voice, 'What you need to do is start a community foundation.' And I said, 'What's a community foundation?' And she proceeded to give me the, probably 30 second version of it. And I said, 'You're right. That's what we need.' She then proceeded to sort of sit back and say, 'Well, uh, okay.' We talked a little bit more about it. At the end of lunch I said, 'Do you have any information about this?' And followed her back to the then HCA Foundation where she handed me a couple books, Xeroxed some things for me and gave me enough to go home and read. Two days later I was back at her office getting more information and truly found that it was the greatest thing since sliced bread. A community foundation is at its heart the community's savings account, charitable savings account. Most charities go out every year raise the money that they use to pay the light bill and raise the money they used to pay salaries. It is - they are charitable checking accounts. And what the community foundation concept brought to a community, or brings to a community is the opportunity for money to come in to be invested, to be safeguarded and to be used over the course of a long period of time to support the charitable needs of the community as they emerge. The first community foundation was created in 1914 in Cleveland, Ohio by a man named Frederick Gough who was, I have heard, a trust department person, a judge, a lawyer, and heaven only knows what else. He saw the need for there to be an opportunity for the dead hand not to control such gifts. He wanted to see that there was a group of civic leaders who were charitably inclined. Again my words, not his, that could make sure that somebody's charitable wishes became a reality. And one of the apocryphal stories, um, which I hope is true because it's wonderful, is that he had seen a couple in rural Ohio who had, had the wonderful intention of alleviating poverty in their county. They left in their will of a bequest and said, 'We want every year, we want money to go to the six poorest people in our county.' It's a wonderful idea. It's a wonderful concept. The reality was that instead of lessening poverty in the county, it increased poverty in the county, because everyone who was poor from miles around moved to that county in a race to the bottom. The wonderful story is, that despite unintended consequences that may be included in the letter of a gift like this, if it's given through a community foundation the spirit becomes just as important, if not more important, than the letter. And when you see those unintended consequences crop up, you can tweak the gift to make sure that the spirit of the gift is protected.