Ken and Jean Lovejoy
Giving — and having solid information on which to base it — matters to Ken and Jean Lovejoy.
“We’re both data-driven people,” said Jean, describing their approach to philanthropy. Both graduates of The University of Toledo, Ken went into engineering and Jean into pharmacy — “so it goes with our training.”
Not surprisingly, then, their annual charitable giving decisions used to be stressful. “We’d look at a folder full of appeals and try to decide which ones to support. We were giving under time pressure, in a very scattered way.”
Things changed when the Lovejoys established their donor advised fund with the Toledo Community Foundation in 2011. “Before, our donations were a mile wide and an inch deep,” said Ken. “Now, we evaluate our annual plan and submit a single donation to the Toledo Community Foundation, then assess where the funds should go over the next several months.”
“It’s more enjoyable to give this way — and we can use the Foundation’s website,” said Jean. “The Foundation vets each organization listed, and the facts they provide are invaluable.”
In 2012, Ken and Jean again turned to the Foundation to establish a Legacy Fund. A portion of the fund will ultimately go to the UT Colleges of Engineering and Pharmacy, with the balance to other area organizations.
“Education has done much for us, and helping others to benefit from an education is a priority,” said Ken. “We recognize that estate planning objectives and priorities can change, so the flexibility of a Legacy Fund is very attractive. If our other charitable goals shift over time, we can make changes without altering our will.”
“When we started our first fund, we considered other options,” said Jean, “thinking a Toledo-based foundation might be limited, or that they could only fund local entities. We were delighted to find otherwise — their service is truly outstanding.”