GS839 - all quizzes

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With regard to the motives Bill and Sallie Wallace had for endowing the Chair at The American College in their name, which of these following statement(s) is (are) true? A. They wished to honor their parents and others who had contributed to their success and to pass on a legacy of giving to their children. B. They wished to create a program that would encourage informed and caring philanthropy throughout the country, and even the world. (2)

Both

With respect to "life review," which statement or statements below is (are) correct? A. It is a phrase from psychology denoting the review elders conduct of their own lives B. It is a narrative process that David Solie terms, "the grand retrospective" (7)

Both

With respect to elders and story, which statement or statements below is (are) true? A. Dr. Russell James found, through MRIs, that when elders are asked about legacy, the brain centers associated with story and with seeing oneself from outside oneself are activated. B. When asked a life question, such as those CAPs raise, elders often answer with a story beginning way back in time. (7)

Both

With respect to planning a legacy with elders, which statement or statements below is (are) true? A. Elders will often veer off into nonlinear responses to legacy questions B. In finding the thread of their life story, elders may also find the legacy that completes it (7)

Both

Why might a child of wealth feel isolated? A. Set apart by privileges and possessions classmates do not have B. Raised largely by nannies, servants, chauffeurs, and paid professionals (4)

Both Neither all children of wealth nor all wealthy families have this sense of isolation, but it is not uncommon.

"Family governance" addresses wealth across generations. Which practice or practices are commonly found in families whose wealth has remained intact or grown over many generations, say, five or six? A. A family constitution B. A family council that holds regular family meetings (9)

Both (plus others!)

David Solie speaks of an elder as longing to leave an "organic legacy." Which elements or elements go into the process by which such a legacy comes into being? A. It begins with a "grand retrospective," or life review, in which events of the entire life are brought to mind and woven together to answer such questions as: "What was the meaning of my life?" "How did I make a difference?" "How will I be remembered?" B. It may be facilitated by a therapist or other professional, who asks story questions, like "What was the world like when you grew up?" "What was the happiest time of your life?" "If you could change one thing, what would it be?" (7)

Both - it grows from the donors own life history and keeping their dream alive

With regard to Millennials and Gen X, per Sharna Goldseker, which statement or statements is (are) true? A. They are so accustomed to self-directed learning and interactive learning platforms that they thrive in a two-way learning environment. B. They learn best by watching their elders in real-world settings, such as making gifts and participating in board meetings. (4)

Both

With respect to "the grand retrospective," as described by David Solie, which of these statements is (are) true? A. It is not optional in elders B. It is a narrative arc spanning a lifetime or longer (7)

Both are true. The creation of that grand retrospective is a form of sense-making that is not optional in elders, though the attempt may be balked, stymied, and truncated.

With preparing heirs for a significant inheritance, which statement or statements below is (are) correct? A. Heirs who are prepared are more confident that they can handle the money well. B. Preparation provided by advisors is generally more effective than that provided by the family informally. (4)

Both are true. This question highlights an opportunity that advisors have to step up.

With respect to holding philanthropic conversations, according to a study by US Trust cited in this course, which statement or statements below is (are) true? A. Advisors are holding these conversations more frequently now than five years ago. B. Nearly all advisors consider it important to discuss giving with clients. (1)

Both statements are true.

What is the Trust Equation? (1)

Credibility, Reliability, and Intimacy divided, by Self-Orientation: Note that Self-Orientation ("What is in it for me?") undermines whatever other strengths an advisor might have. C+R+I ----------- Self-Orientation = Trust The more the client feels like there's nothing in it for you, the better the relationship.

Often, when people make a transition from success in business to a different life, based on another purpose, it is because they have been jolted awake. Bob Buford writes, "'Here's something you can't dream your way out of,' I told myself. 'Here's something you can't think your way out of, buy your way out or work your way out of.'" What was he referring to? (7)

His son's death

What is the family of affinity

People with or without legal or blood ties who feel they belong together and want to define themselves as a family. Where does family begin and end?

"Perhaps, 'elevating the discourse' is the business that most of us are in." Who said it? (11)

Peter Karoff, "Poetry and Practice of Philanthropy". The heartfelt side of what we're doing. Elevating the discourse has to do with the meaning and results.

What is catalytic philanthropy?

Pulling all the levers for social change. (Rafferty)

What is moral imagination?

Putting yourself in someone else's shoes. Empathy.

True or False: A food bank is an example of "direct relief." (5)

True "Direct relief" means relieving immediate needs.

True or False: Funding for a policy think tank is funding for "system change." (5)

True Funding for major overhauls through public policy advocacy, or lobbying for changes in the law, or funding for medical research or new cures, are funding for "system change."

True or False: Advisors spend a great deal of time working with the parents who send the money downstream to the heirs (receivers). (4)

True. Generally, advisors spend time with the parents, not the heirs. This can result in the heirs being unprepared.

True or False: In wealthy multi-generational families, there are founders, children, grandchildren, cousins, and second cousins, along with in-laws, second and third marriages, and partners living together; hence, the boundaries of the family are blurry. (4)

True. all multi-generational families have blurry boundaries, as the nuclear first generation family evolves over generations into a tribe, then a clan. Parents, children, grandchildren, nephews, nieces, first and second cousins, in-laws, spouses of heirs, ex-spouses -- who is considered family, for the purpose of owning and controlling shared family wealth or receiving benefits from it? Who is inside the inner circle? Who is outside it?

What is adaptive/emergent philanthropy?

Trying different things until something works

True or False: In every family, there are black sheep the family refuses to recognize. (4)

False

True or False: Advisors spend a great deal of time coaching the heirs (receivers) how to hold onto the money they inherit and put it to productive use. (4)

False. Generally, advisors spend time with the parents, not the heirs. This can result in the heirs being unprepared.

As a rising star in business, building Buford Cable Television, Bob Buford says his orientation was "up and to the right." What is the best paraphrase? (7)

He was oriented to making his net worth grow, as on a chart, upwards and to the right.

When the Williams Group references "coaching the receivers", who are they referring to? (4)

Heirs who will be expected to 'receive' the family assets

What does discernment mean?

It's the discernment a client has about their own situation. We create an environment in which their discernment of their issues becomes possible.

Who is traditionally NOT at the planning table?

The nonprofit

When the Williams Group references "the quarterback", who are they referring to? (4)

The quarterback is the wealth-holder.

What is the compact of philanthropy?

The rights and social responsibilities of wealth

What is meant by a donor's or client's moral biography? (2)

The story of the client's life told as a tale with a moral meaning or purpose

According to the Williams Group, what is the most important reason family estate transitions fail? (4)

There was a failure of trust and communication within the family.

What is a Dynastic Trust

To keep the $ in the family for multiple generations.

Three tiers of the Fifthian Pyramid

Top - Me, my community and my family Middle- Me and my family Base-ME

What is meant by a three-part allowance? (4)

One part to save, one part to spend, one part for charity Or SPEND, SAVE, SHARE!

Measured in both time donated and money, which cohort is the most generous? (7)

People 65 and older give more time and money per person than any other group.

What is the two tasks of early adulthood? (7)

"Love and work" -- finding love and meaningful work in the world.

To create a successful social movement, Parker Palmer says, there are four steps. Which is the first step? (5)

1. Decide to live "divided no more" 2. Form "communities of congruence" 3. Go public with the shared vision 4. Transform systems of punishment and reward Parker is a social movement builder from the Quaker tradition. His theory of change is based on his personal experience of the civil rights movement. Also speaks of "Be the change you want to see in the world."

What are Scharmer's 4 Levels of Listening (11)

1. Downloading - I know that already 2. Factual - I didn't know that 3. Empathic - I know how your feel 4. Generative - A state of being when everything slows down and inner wisdom is accessed. Synergy.

4 types of problems addressed?

1. Simple - we know the solution and need to fund it (build a hospital) 2. Complicated - the solution is a known science. (create a new vaccine) 3. Complex - many internal feedback loops. A result of many factors. Complicate getting things done. (improve the health of a population) 4. Wicked - so complex that they are bewildering. (global warming)

Per H. Peter Karoff, the Philanthropic Learning Curve has 6 steps. What are they? (2)

1. You become a donor 2. You decide to get organized 3. You become a learner 4. You become issue- and results-oriented 5. Alignment of vision, passion, interests, so that philanthropy is among the most exciting

What percentage of cases do advisors lose control of money under management when the wealth passes to the next generation? (4)

90-95%

In Give Smart, what are the five big questions a donor or grantmaker should ask? A. What are my values and beliefs? What is "success" and how can it be achieved? What am I accountable for? What will it take to get the job done? Am I getting better? B. Who am I? What is the world I want? What are the obstacles? What are the opportunities? What should I do next? C. What am I passionate about? What does my faith require of me? What is my obligation to others? How may I overcome myself? If not now, when? D. What do I want to change or preserve in the world? What gifts have given me greatest satisfaction? How well aligned are my giving and my goals? How will I experiment and revise? Where should I make adjustments?

Per Give Smart, all of these are among the "terrible truths" of philanthropy, EXCEPT A. God works in mysterious ways to bring good out of evil. B. All philanthropy is personal. C. Results can confound the funder with unforeseen consequences. D. Excellence is self-imposed. The donor is not corrected by market forces, stockholders, or elections.

What are Otto Scharmer's four levels of listening? A. Downloading, factual, empathic, and generative B. Distracted, attentive, receptive, reflective C. Unengaged, engaged, appreciative, mindful D. Listening from self, listening from the other, listening to the other, listening for the other (8)

What, generally, is meant by "implementation" in the planning process? A. Moving forward to put in place the tools and techniques the client has chosen from those discussed and projected by the planner B. Mentoring heirs in their future roles C. Achieving a satisfying life for the client through engagement with causes D. Putting into motion those flows of love, money, leadership, and energy that will move the needle on a specific cause of interest to the client (8)

Why do families most often fail to transfer wealth and values across generations? A. Lack of communication B. Poor tax planning C. Flawed investment plans D. Unprepared heirs (9)

Eleanor says, "My research shows that the largest impact per gift dollar can be achieved in the U.S. by upgrading education from first through third grade. Based on studies of student competencies, research indicates that the cost of education can be dramatically reduced by using technology to transfer basic skills, and teacher time to provide individual coaching. I will fund an intervention in Detroit, with two schools matched for all variables other than the intervention. In one school, students will receive a traditional class. In the other, they will receive a technologically enhanced classroom enabled by teachers who have been specially trained in the new methodology. We will test the hypothesis that the students receiving the new format will perform better on statewide standardized tests than do students without the new format. I can devote whatever resources it takes to make this happen. I recognize that there may be pushback, as there always is when technology disrupts and innovates a stagnant system." Which grantmaking style is shown here, in an extreme degree? A. Strategic B. Grassroots C. Social change philanthropy D. Family philanthropy

A - Strategic The pushback may come from local parents, school boards, and teachers, who want autonomy as well as "results." Social change or grassroots philanthropy is more from the "bottom up," and tends to see local people as having the ability to solve their own problems rather than having them solved for them from Washington or from a distant charitable foundation.

A good discovery/agreement conversation for a philanthropic client or donor should include which of these? A. Where do you want an impact? B. When do you want to have an impact? (8)

A good gift planner can elicit answers. A good financial planner can quantify how best to get it done while also meeting other client goals

Which of these is an example of "trust-based philanthropy," as that phrase is used in this course? A. Joan gives $1 million each to ten grassroots organizations and lets them decide how to spend the money B. The Brown Family meets annually to agree on grants from their donor-advised fund. Each family member is given one vote. C. The Barrett Foundation makes restricted grants to fund meals for the homeless through three local shelters. Metrics are used to determine which shelter produces the best results per dollar donated. D. The Scope Foundation seeks to cure Alzheimer's. It funds laboratories at several leading universities doing basic research.

A is correct. The point of trust-based philanthropy is to trust those receiving the money to use it wisely. It shifts power and control to the recipient.

According to Hess and Ludwig, all of these is going to be key human skill in the future. EXCEPT A. Memorization of IRS code sections B. Critical thinking C. Creativity D. Emotional engagement with other people (10)

A is not as important as the others. Machines can learn basic facts. The higher order skills set us apart.

Marjorie Stephens, J.D., believes which of the following can help individuals find their motivations? A. Encouraging Autonomy and Mastery B. Incentive Trusts

A is true. Incentive Trusts can backfire by making the heir overly responsive to the trust incentives, and even gaming them. It provides can be like having the trust micromanage from the grave.

In the context of philanthropy, what is a logic model? (5)

A logic model connects money to socially beneficial results via a causal mechanism. A logic model connecting donor dollars to specific social results is generally absent in plans done by tax, legal, and financial advisors, unless the donor has a person on the team who can connect the money to specific nonprofits and their programs.

To the ancient Greeks what was the definition of an "idiot"? (2)

A person isolated from others

Marjorie Stephens JD believes which of these can help individuals find their motivation? A. Encouraging Autonomy and Mastery B. Incentive Trusts (3)

A. Yes, parents should encourage autonomy and mastery. Marjorie believes Incentive Trust actually demotivate beneficiaries.

In researching potential grantee organizations, Renata Rafferty suggests going to experts, including experienced funders, and doing all of the following, EXCEPT A. Provide them with your moral biography B. Provide them with a profile of what you wish to do or fund: field of service, sphere of influence, locale, budget size C. Ask them for organizations meeting your profile D. Use these sources to compile a large list of candidate organizations (5)

A. Provide them with your moral biography

Which of these is a good characterization of "the virtual planning team"? A. It generally consists of members of the core team, including the most trusted advisor, with one or more additional specialists to address a special issue confronting the client. B. It is generally created online, with limited or no face-to-face interaction. (1)

A. The virtual planning team includes specialists who meet with one or more core team members to address particular issues.

What is meant in this assignment by "The Wheel of Integrated Services?" A. The hub, spoke, and rim metaphor helps us see that we are working with an organized body of knowledge that includes and organizes our respective disciplines, with a hub where each comes together, and a rim where the rubber meets the road. B. The Wheel represents the client sales and planning cycle, from client acquisition, to discovery/agreement, to strategies "below the line," to implementation, to service, to a new cycle of planning. C. The Wheel of Integrated Services is like the condiment tray in a restaurant that spins so that each person can get the item or items he or she needs. D. The Wheel of Financial Services represents a vision widely shared and implemented by professional advisors today. (10)

A. The wheel is a highly ambitious and aspirational way of organizing a client planning process. It integrates all elements (law, accounting, family governance, wealth management, tax planning, insurance, philanthropy, and more) into a coherent whole and emphasizes action, where the rubber meets the road. Few advisors and firms are there yet. The hub, spoke, and rim metaphor helps us see that we are working with an organized body of knowledge that includes and organizes our respective disciplines, with a hub where each comes together, and a rim where the rubber meets the road.

"What keeps you awake at night?" is a Below the Line question or Above the Line? (1)

Above the Line: The open-ended questions about meaning, purpose, ideals, aspirations, ends in view, and larger concerns go above the line. Factual questions and tools and techniques go below the line.

In philanthropy, what is an "issue area"? (5)

An issue or cause on which the giver seeks to have an impact

Which statement or statements below is (are) correct? I. Total giving is about flat, adjusted for inflation II. Giving today skews more and more to the wealthier donors (1)

Both

All of these is one of the Four Decisions as defined by Todd Fithian and the Legacy Companies, EXCEPT A. Agree to implement B. Agree to buy C. Agree to engage D. Agree to meet

B Agree to: Meet Engage Goals Implement

According to John Scroggin, estate planning should start with which of these? A. Things and with the taxes imposed upon them B. People, in the sense of who clients were and are, and who their families are and might become (4)

B only! People first! Possessions second. We know this, but forget it when we get trained in asset transfer planning.

In a discernment-based process for a high-capacity client, how, generally, will the discernment interview end? A. Recommending products, tools, or gifts B. Recommending an appropriate next step in the process (1)

B. Recommending an appropriate next step in the process

100X. What does that motto mean to Bob Buford? (7)

Be fruitful 100 times over.

As expressed in the work of, say, Hughes, Angus, and Collier, what is success in estate planning? A. The family is unified and works well together, each pursuing his or her own dream B. The family assets are passed on in a way that helps each family member achieve his or her dream within an overall family vision and identity (9)

Both

As taught in CAP, what would a good discovery/agreement interview accomplish? A. Planner and client/donor agree on relevant facts as to the client/donor's finances and current legal documents B. Planner and client/donor become clear as to goals, dreams, and aspirations (8)

Both

Dr. James Grubman, in discussing "natives" and "immigrants" to the land of great wealth, makes which of these points? A. Generation 1 (the "immigrants" to great wealth) creates and owns wealth and is comfortable managing it B. Generation 2 (becoming "natives of great wealth") often does not own the bulk of family wealth; rather, it is owned for them in trusts and other structures that require the sharing of responsibilities and roles. (9)

Both

Elders seek to pass on what matters to them in which way or ways? A. Wealth, through legal and financial means B. Meaning, wisdom, discernment, through stories (7)

Both

For what reason or reasons does family governance become increasingly important, as wealthy families go from one to two to three to four or five or six generations? A. The family becomes a "tribe" or "clan" over time. B. The family entities become more numerous and complex over time. (9)

Both

Give Smart asks, "Are we getting better?" To whom does the book suggest this question applies? I. Grantmaker II. Grant recipient

Both

Give Smart says, "Power imbalances between donor and grant recipient create poor communication." Which of these is (are) examples of that? I. Grantmaker is vague about what he or she wishes to accomplish but rigorous in following up to make sure the grant recipient did accomplish it. II. The grant recipient dummies up reports to the donor, telling the donor what the donor wants to hear.

Both

Give Smart suggests that among the challenges of philanthropy is the "haze of feel-good rhetoric." Which of these statements is consistent with their view? I. Funders often operate with feel-good phrases about what they intend, such as, "make the world a better place," without being specific as to what they mean by that. II. Grant recipients often are reluctant to tell the funder in plain terms what the organization has done or accomplished with the money. Instead, the grantee may tell the grantmaker what the grantmaker wants to hear.

Both

Give Smart: Philanthropy that Gets Results is written by two experts. Which fields are represented? A. Business consulting turned to nonprofit purposes B. Foundation leadership

Both

Imagine that a sculptor becomes an architect. Trained only in art, his buildings collapse, but they look great before they do. Imagine a mason trained only to cut and lay stone, who is asked to design and build a cathedral. It is built to last, but is common as rain and as ugly as sin. With respect to this parable of legacy planning, what statement or statements below is (are) correct, in the light of CAP? A. Such an architect needs such a mason. B. Such a mason needs such an architect. (9)

Both

In South Africa, during apartheid, Stephen Biko wrote, "The greatest tool in the hands of the oppressor is the mind of the oppressed." His example inspired others. Over time, change came. Which statement or statements below is in line with this example? A. "Never doubt that a small group of people can change the world. Nothing else ever has." (Margaret Mead) B. Social change begins when we personally decide "to live divided no more." (Parker Palmer) (5)

Both

In which group or groups below could you readily find psychologists who specialize in working with families in business? A. Family Firm Institute B. Purposeful Planning Institute (9)

Both

Kristin Keffeler believes that good financial parenting includes which of these: A. Parenting for a Growth Mindset B. Parenting for Grit (3)

Both

Parker Palmer likens the "soul" to a wild animal. Which trait or traits below does he attribute to this wild creature? A. It knows how to survive in difficult environments. B. It is shy and will flee deeper into the woods, if pursued. (7)

Both

Patricia Angus suggests which of these? A. Family governance requires Principles, Policies, and Practices B. Family governance is established in three stages: Chaos, Coordination, and Cohesion/Continuity (9)

Both

The course suggests that "legacy," giving, or making a difference, are concepts that have different meanings to people as they pass through the life cycle. For a young person, say, 24, what developmental need or needs might starting or joining a double-bottom line social venture meet? A. Living out a moral identity within a circle of peers, family, and friends B. Making a living (7)

Both

The use an intriguing one liner to introduce yourself offers the benefit of A. Preventing the client/prospect from putting you in a pre-determined box B. Encouraging further conversation between you and the client/prospect (10)

Both

What reason or reasons does Ronald Aucutt, a respected trust and estate attorney, give for why it is difficult for an attorney to do family governance work? A. Bar canons make it difficult to represent more than one family member, much less an entire family B. Issues of confidentiality are almost certain to arise. (9)

Both

When it comes to counselling families about complex issues, what is the difference between a "dilemma" and a "problem"? A. a problem requires a solution by experts B. a dilemma may have no solution and requires a decision (9)

Both

Renata Rafferty recommends which of the following as methods for due diligence concerning a charity? A. Document analysis: review letters of interest that have come in and requests for proposals from specific organizations. B. Site Visit: Review how well organized, energetic, and engaged the staff and leadership are; consider the facility and observe programs. (5)

Both are approaches to due diligence recommended by Renata Rafferty. She also recommends a third approach, which involves meeting with leadership and sitting in on board meetings.

Patricia Angus reminds us that when we contemplate the ultimate issues of life, meaning, and mortality, we are not alone with those questions. To which source or sources of wisdom does she suggest clients and advisors might turn? A. Faith traditions B. Philosophical traditions (2)

Both are correct. Patricia Angus reminds us that questions about life, mortality, wealth, and meaning are the questions that philosophical texts, literature, myth, and scripture have always addressed. It feels risky to say this in public because we each draw on our own sources and traditions in our pluralistic society. It is safe to say, "Each client has their own values." It is more true to say, "Each client is caught up, wittingly or unwittingly, in a conversation of humanity that goes back to the dawn of time." "Wealth and Wisdom" is a topic to make even a stone Sphinx smile.

Which figure or figures below fit Paul Schervish's account of "hyperagency"? A. JFK B. Bill Gates (2)

Both are correct. A "hyperagent" is one who creates the conditions under which others, on a national or global scale, live their lives.

With respect to "priming," a term borrowed from psychology and applied to our work as philanthropic advisors, which statement or statements below is (are) correct? A. Priming means how the stage is set and how the client's frame of mind, or frame of reference, is established B. Legacy planners can "prime" for money, meaning, or both (7)

Both are correct. Our initial questions can "prime" a client for a discussion of tax, tools, and techniques, or our initial questions can prime the client to consider legacy planning under the heading of purpose.

With respect to the maieutic method, which statement or statements below is (are) true? A. It is a method of questioning that leads a client to "birth" their own insights B. It got Socrates killed (2)

Both are correct. Socrates's mother was a maieutic, a midwife. He said he was following his mother's trade, since his questions induced a kind of labor in which the client gave birth to new insights, even to a new self. But his clients were dignified and powerful men. They did not necessarily want to be "transformed" or reborn. And, as we know, those who give birth may die away in the process. Socrates was executed for showing too little respect for established pieties, for probing too deep for the truth.

From James Grubman, which statement or statements below is (are) correct? A. Immigrants to great wealth need primarily independence skills B. Natives to great wealth need both independence and interdependence skills (9)

Both are correct. The point is that first-generation wealth holders are independent and have what amounts to middle-class values and work ethic. They are can-do, go-getter, driven, autonomous people. Their heirs, though, need that and more. They also need to be able to work well together with respect to shared family assets, such as a vacation home, a family foundation, a family business, and family trusts. They need skill at both independence and interdependence.

Donors can fund "programs or capacity." Which statement or statements below is (are) true about programs and capacity? A. Programs are the projects and ongoing work of the charity that provide benefits to those whom the nonprofit serves. B. Capacity is the general infrastructure needed to support programs (5)

Both are true

Which of these statements is (are) true of the "Core Team," as described by the Fithians? A. The Core Team has access to tax, legal, and financial expertise, meets regularly with the client, and shares information with each other. B. One or more members of the Core Team may meet with outside experts on specialized issues, thereby forming a Virtual Team. (1)

Both are true

With respect to giving by men and women, which statement or statements below is (are) true? A. In 90% of households, women are the primary or equal decision-maker. B. Women are more likely than are men to have a giving plan or budget. (3)

Both are true.

With respect to advisors conducting philanthropic conversations, which statement or statements below is (are) true? A. The field has evolved in a good direction over the last ten years, with advisors increasingly committed to holding philanthropic conversations B. Advisor/client disconnects are still prevalent (1)

Both are true. The majority of advisors say they hold these conversations and consider it a professional obligation. The majority say they initiative the conversations and ask good questions about meaning, vision, and purpose. Clients, however, feel they initiate, and that advisors spend most of their time on tools and techniques.

With respect to giving trends, which statement or statements below is (are) true? I. High-income earners ($500,000 or more) are giving far more than a decade or so ago. II. Ordinary givers (income less than $100,000) are giving significantly less than a decade ago. (1)

Both are true. Hence, in CAP, the emphasis is on "high-capacity donors," on those who can and will do more for others.

"Commit to asking more and better questions. Pause and absorb the answers. Embrace a beginner's mind. Hear without listening for a solution. Let time stand still.... In the final hours, human connection is all that matters. That is legacy." Scott Fithian wrote that. Which quotation or quotations below say or says much the same as what Scott says? A. "When someone is thinking around us, much of the quality of what we are hearing will be our effect on them." (Nancy Kline) B. "Listen with mindfulness, so that your thoughts and emotions pass like clouds across the sky." (Patricia Angus) (8)

Both are true. Many authors in this course, including those cited above plus Carl Rogers, Otto Sharmer, Tracy Gary, H. Peter Karoff, and Parker Palmer, make similar points about the importance of reflective silence in enabling a client or donor to reach their own discernment, or moment of clarity.

Kristin Keffeler believes good financial parenting includes which of these: A. Parenting for Mastery B. Parenting for Autonomy

Both are true. Successful Financial Parenting includes these as well as Parenting for Close Positive Relationships and Fundamental Character Strengths, and Grit.

"Whose money is it?" This question, about the money inside a family foundation, is raised by a study by the National Center for Family Philanthropy. A. The family made the money and may control the foundation; in that sense, it is "their money" B. The foundation is established by law to serve the public interest, and therefore the money belongs to the community it serves (4)

Both statements are true. There is an important tension in a family foundation between the family that established and may still control it and the interests of the public that foundation was established to serve. As you follow debates in the public press or in Congress about family foundations, you will quickly hear both points made: "The family controls it and should control it: they made the money, they gave the money, they can name all the trustees, and they legally control things." On the other hand, "The foundation exists by law to serve the public interest; the money was given away; the money was given a tax break; therefore, the trustees should treat the money as belonging to the public and should serve the public as fiduciaries; if they don't, the law should step in and make them do so." Both sides of this debate have merit, and the two remain in tension.

H. Peter Karoff ends his essay on philanthropy and poetry with a poem. The final lines of the Maya Angelou poem he cites are, "Sculpt it into/The image of your public self." By "it," she means "the dream." In what way or ways might philanthropy, as Peter sees it, sculpt dreams into a public self? A. The donor has a dream, and philanthropy gives it form. B. In sculpting a dream of a better world, the artist also sculpts himself or herself as a public figure. (2)

Both statements are true. An artist becomes who they are in the act of sculpting a dream. The artist may work in marble. The philanthropist works in money, tools, techniques, programs. Both artist and philanthropist create a public monument and a public persona or self.

With respect to "phronesis," and "discernment," as Paul Schervish uses these term, which statement or statements below is (are) correct? A. Phronesis (a term deriving from Aristotle) is more than knowledge in the head; it is the practical wisdom that achieves successful outcomes under complex, rapidly changing conditions, as in war, diplomacy, chess, or navigating a sailing ship in high winds. B. Discernment (a term deriving from St. Ignatius Loyola) is seeing who we ourselves are and the way forward for us under complex conditions that have a moral dimension. (2)

Both statements are true. Paul is drawing both on Aristotle for the concept of phronesis, or practical wisdom, and on St. Ignatius Loyola, the founder the Jesuits, for the concept of "discernment," which might be called practical moral wisdom that includes both self-knowledge and the way forward, when the complex issues have a moral dimension.

When should wealth be transferred? That question comes from Collier. A. Lifetime transfers can take advantage of gift tax annual limits; using the Unified Credit during lifetime can reduce total transfer tax; lifetime giving can also make use of discounting techniques; plus lifetime giving can fund insurance premiums which will, in turn, magnify net wealth to heirs. B. Giving children money during the parent's lifetime helps the parents to see how they handle it and to mentor them along. (3)

Both statements may be true in general, but only the second is discussed by Collier.

"Are you called or are you driven?" asks Bob Buford. Which statement or statements below are implied in his question? A. Some of us are called to a higher purpose B. Many of us are driven by our own egos (7)

Both.

Having studied and reflected upon this assignment, which statement or statements below would the course author consider true? I. Giving at its best is strategic, oriented toward getting results II. Giving at its best is an expression of love, confirming a self in community with others

Both.

"The law of unintended consequences." With respect to multi-generational planning, which example or examples below illustrate(s) that law with respect to trusts? A. Client asks for tax minimization, protection of assets, and a secure income for life for heirs. Advisor puts in place a trust that meets these goals. Heirs decide never to work and frequently complain that the trust is more a curse than a blessing. B. Client asks that her heir be set up for life in a way that discourages him from leading an unproductive life. The advisor sets up a trust that makes distributions to cover health, education, maintenance, and support. Under "maintenance," the trust is instructed to pay for the heir's wedding. The heir marries and divorces his wife every year, in order to have a lavish party at a destination resort. (3)

Both. Yet, the law of unintended consequences was fully in effect. The opposite of what the parent wanted was the unintended result of what appeared to be excellent planning.

"Bob, what is in the box?" When asked this by a life coach, why did Bob find this question so challenging? A. Bob was raised by his mother to take over the family business and make it a success, and he grew up with a strong religious orientation B. Bob felt he could only have one highest value, either worldly success or success by the standards of his faith (7)

Both. The question about the box implies that we have a highest value, the one we pick when we have to make hard choices between things we value

Addressing the issues of importance to wealthy families, the National Center for Family Philanthropy says that family philanthropy helps children develop a "view outside the airport." Which statement(s) below is (are) consistent with the meaning of that remark? A. Wealthy children lead privileged lives and need to see how others who are less fortunate live. B. Wealthy children are themselves "at risk," in that they may grow up with limited vision and without empathy for those in other walks of life. (4)

Both. The study in general and this remark in particular help us see that giving helps not only others but also the giver. Informed giving can bring a child or young adult from a privileged background into conversation with people from other walks of life. The child gains a moral perspective that might otherwise be lacking. In their own way, wealthy children are also "at risk." Their parents often know this, and are thus often receptive to strategies like family giving that will help their children to grow up with a balanced sense of what is important.

Competition for the 'Trusted Advisor' seat at the table is stiff. All of these are factors, EXCEPT A. Robo Advisors, Smart Machines and Artificial Intelligence B. The internet C. Enhanced new account bonuses D. Eroding margins and fee compression (10)

In the Burns family of Three Generations of Philanthropists, all of these are friction points EXCEPT: A. Political views. B. Geographic locations. C. Shared living quarters. D. Judgements about each other. (8)

According to Simon Sinek, at the center of the Golden Circle is A. How B. Why C. When D. What (10)

C is correct. "Why" is the heart of it all.

Above and Below the Line Planning refers to the separation of all of the below EXCEPT A. The Qualitative and Quantitative sides of planning B. The Why and How of planning C. The Sales and Consulting sides of planning D. The People and the Tools & Techniques of planning (10)

C is the one that is not like the others. The others all say some version of a human why and and a technical how.

Your New Me story should begin with A. Why clients buy from me B. Why clients hire me C. The 'old me' D. Your transforming event (10)

C- Start with the old me, then a transforming event, then the new me. That new me is what makes you special, explains what you do now, and shows why clients or donors should relate to you.

Four types of philanthropy according to Ellen Remmer? (5)

Charitable giving Responsive philanthropy Impact investing Strategic philanthropy

What is Charitable Giving according to Renner? (5)

Charitable giving, to Remmer, means giving when the heart is touched by an immediate need: giving a coat to a person in need, or a meal, or giving after a disaster.

What will advisors lead with in a philanthropic discussion? (11)

Clients say: They lead with tools and financial issues Advisors say: Purpose, goals, objectives, vision

According to the National Association of Estate Planners and Councils, what are the three "Cs" of collaboration? (1)

Communication, Coordination, Cooperation We communicate, coordinate, and cooperate across our disciplines to ensure that the client is well served across the range of needs.

Tracey Gary is an expert in what?

Community

"Operation successful, but patient died." Let us say your client or donor has a perfect estate plan in which no estate taxes are paid, even though tens or hundreds of millions of dollars transfer to the heirs. Yet, a generation later, the heirs are miserable, most of the money has been wasted, and the third generation is back to "shirtsleeves," with no inheritance. From this observation, the authors in this assignment draw all of the following conclusions, EXCEPT A. Plans on paper matter, but so does how well those plans are executed over the generations B. How plans are executed will depend on how well heirs are mentored, educated, parented, coached, and trained. C. Family governance, including family council, family fund, or bank, and a formal process of developing procedures and practices drawn from family vision and principles are all important, as important as tax planning. D. Addressing human issues is inappropriate on a planning team, since these issues are personal and private and do not often admit of solutions.

David Solie speaks of listening to elders as "whale spotting." Each statement below fits his meaning, EXCEPT A. As we raise life questions with elders, the surface of the conversation may remain smooth and untroubled, but much may be happening below the surface. B. Those spotting whales on a cruise ship scan the horizon, but the whale may surface from an entirely unexpected direction; likewise, in a conversation with seniors, the most important and energetic concern may rise unexpectedly, and we must then adjust. C. The conversation with elders about legacy is often non-linear and discontinuous. D. Elders are often infirm, do not focus well, and tend to go off on their own tangents. (7)

Lee Hausner, Ph.D., believes all of these are best practices as part of good financial parenting, EXCEPT: A. Allow children to make mistakes. B. Set a good example. C. Avoid money issues until age 12 or so D. Avoid mentors.

D - Kids SHOULD have mentors

According to a study by the National Center for Family Philanthropy, what is "generally considered the greatest challenge to be faced" by multi-generational family philanthropy? A. Preserving clear focus on results B. Partnering effectively with grantees C. Maintaining foundation assets D. Passing on the stewardship of the family philanthropy across generations (4)

D is the correct answer.

What are the four types of planning teams? (1)

De Facto Team Core Team Intentional Team Virtual Team

According the The Fithians', what are the different types of teams? (11)

DeFacto - a team that "just happens" - matter of fact Intentional - the team put together on purpose Core Team - contains the most trusted advisor - meets regularly Virtual - special advisors

Describe the discernment style. (1)

Discernment is a matter of asking questions, listening to answers, hearing the story behind the words, interpreting, embracing, and extending that story, and eliciting from the client or donor an "Aha!" of shared understanding of the underlying pattern and purpose of a life. It is not "selling" and not "telling."

Difference between called and driven according to Bob Buford?

Driven - career oriented Called - a higher purpose

What is success panic?

I have everything I want but I'm not happy. Need help getting back on a path towards their dreams.

After a flood, Blaire invests in creating a company that will jack up houses and put them on higher foundations, so that in the future there will be no water damage. She finds ready buyers and her firm is profitable, but Blaire keeps prices reasonable in order to help as many of her neighbors as she can. In Ellen Remmer's terminology, what kind of philanthropy is this? (5)

Impact Investing Clearly, this is an investment in a business oriented to impact. It could be set up for "impact first," with low prices designed to help the most people, or "profit first," with prices calculated for maximum profit. In this case, the project seems to balance profit and purpose.

What are the 4 levels of client engagement

In order of highest breadth of issues and depth of personal relationship 1. Trusted advisor 2. Valuable resource (mastered several resources) 3. Subject matter expert + affiliated field (deep and a little broader) 4. Subject matter expert (deep, not broad)

Incentive trusts use which of these: A. Incentive Provisions B. Skill Development (3)

Incentive Provisions

What is the primary test for both the poetry and the practice of philanthropy? (11)

Integrity - was our purpose noble, were we true to it, and did we in all instances deeply listen to the community of interest we presume to Founder of serve.

What is responsive giving according to Ellen Remmer? (5)

It is giving when asked, without much thought.

What is a spendthrift provision?

It protects a trust beneficiary's interest from creditors by prohibiting voluntary or involuntary transfer of the beneficiary's interest. Does not apply if settlor is beneficiary.

"Great life, great wife, but my life? My wife?" A man who feels this way is likely in what "predictable crisis of adult life?" (7)

Midlife Crisis

What is meant by "moral compass"? (2)

Moral compass is the client's sense of moral direction.

"Are you hired to help or hired help?" asks Patricia Angus. She goes on to suggest that either answer is fine, if you and the client or donor are in agreement. Let us say that the client sees you as the provider of a particular giving opportunity, product, or service. In that case, which of these is (are) appropriate? A. Engaging in a discernment-based interview, in which you elicit the client's or donor's life story B. Engaging in a generative conversation, in which the client or donor has a mountaintop experience or transformational insight (8)

Neither! A high-level discernment interview or generative dialogue or transformational experience is, in fact, the exception for even the best advisors and gift planners. For the most part, we remain "hired help," solicitors, product providers, or experts. We are there, in the eyes of the client or donor, to get a job done and to provide a transaction.

According to Give Smart, who are philanthropists accountable to?

No one except for themselves but need to be accountable by the communities served.

When are the power years?

Retirement age

What does Ken Dychtwald mean by "the power years?" (7)

Retirement, Dychtwald suggests, is a concept that is out-of-date. We are now living longer. We have what amounts to a longevity bonus.

According the The Fithians', the roles at the table are: (11)

Sales - Sell, commodity (gift planning, sales, transactions) Advice - Tell, provide a service (an expert/planning person) Discernment - Listen, become a confidant (helping the client think for themselves)

What is peanut butter philanthropy?

Spreading $ too thin and random

What is the Trust Equation? (11)

T = Trustworthiness C = Credibility R = Reliability I = Intimacy S = Self-orientation T = C+R+I/S

Above-the-line planning addresses what? (1)

The "why" of planning: The planning done above the line gets at the client's vision, values, hopes, dreams, aspirations, ideals, their conception of a better life in a better world. WHY ------ HOW

Which term or terms is another way of saying "above-the-line planning"? A. Qualitative planning B. Quantitative planning (10)

The correct answer is A. "Qualitative," "humane," "values-based," or "planning for the why" are ways of saying the same thing as "above-the-line planning". "Quantitative planning," "strategic planning," or "planning for the how " focuses below the line.

All of these shortfalls or gaps can be determined by projecting the client's financial situation forward with financial planning software, EXCEPT A. Gap between desired social impact and likely result of gift B. Gap in money needed at retirement C. Gap in money needed by survivors at death of breadwinner D. Gap between money needed at disability and actual income, if disabled (8)

The correct answer is A. A financial plan looks at the gaps between a client's personal goals and current and projected financial situation. The gap between a client's philanthropic aspirations and the results actually accomplished are not generally discussed by financial or estate planners.

Todd Fithian believes that you should not focus on comparing yourself to other professionals, but instead should A. Focus on the differences you make in client's lives B. Focus on the quality of your products C. Focus on your designations, which show your commitment to professionalism D. Focus on the power of your tax reduction strategies (10)

The correct answer is A. All the other answers focus on the advisor, not on the client/donor.

What is the difference between "transferring" an estate to heirs and "transitioning" the estate? A. "Transfer" is a legal matter; "transition" means enabling the heirs to handle what they receive. B. "Transition" is about assets moving; "transfer" is about building values and expertise in the next generation C. "Transition" means assets going to insiders; "transfer" means assets going to outsiders D. "Transfer" planning reduces estate and income tax; "transition" planning does not. (9)

The correct answer is A. As the terminology is used by Tim Belber, JD, AEP, transfer is all about the assets, and about reducing tax and building wealth through financial and legal means.

According to Nancy Kline, A. In almost any setting, the best help we can be is to create the conditions for people to generate their own finest thinking. B. Interruptions serve a valuable purpose in stimulating thinking. (8)

The correct answer is A. Interruptions disturb the flow of thinking and can greatly hinder a person's ability to generate meaningful thoughts on a topic.

Flooding destroyed entire blocks in Max's home town. He has reached deep into his pocket to fund the creation of an embankment that will protect the town in the future. He paid for some of the work, raised money from other people, and got his local government involved as well. In the terminology of Ellen Remmer, what kind of philanthropy is this? A) Strategic philanthropy B) Responsive philanthropy C) Charitable giving D) Impact investing (5)

The correct answer is A. It is strategic philanthropy.

The 'Intriguing One-Liner' serves the purpose of A. Helping to get a deeper conversation and engagement with the client or donor. B. Allowing the advisor to focus on the products he is trying to sell. (10)

The correct answer is A. Mutual engagement and interest can occur only when true curiosity is sparked.

Marie's home town flooded. Her house of worship is collecting food and clothing to help those who are now homeless. Marie fills sacks of food from her pantry drives them to her house of worship for delivery to her neighbors. In the terminology of Ellen Remmer, what sort of philanthropy is this? A. Responsive philanthropy B. Charitable giving C. Strategic philanthropy D. Impact investing

The correct answer is B. Giving hand to hand, from the heart, and often with a shared sense of humanity: this is charitable giving.

Assume you are in sales. What would generally be the best place for you to conduct a transactional interview? A. Business setting, where the client can be handled efficiently B. Client or customer's home, where the checkbook is handy C. Golf course, if you have a mobile credit card processing app D. Ski lodge at 1 am, watching the fire burn down to embers as the client talks on and on about their history and dreams (8)

The correct answer is A. Our practices in sales, planning, and gift solicitation are premised often on the smooth functioning of repeatable, impersonal transactions that make the cash register ring. Relationships are seen as a means to an end. The context most efficient for small transactions is in the place of business, or via the mail (annual giving, or web input form for a gift). The setting most appropriate for a relationship-based gift or sale might be the client's kitchen table, or the golf course, or some other place where the relationship is cultivated prior to an ask or close. At the farthest extreme, though, for a few high-capacity clients and donors, it may be possible to have a peer-to-peer moment, in and out of time, in a vacation or meditative frame of mind, where the gift or financial commitment to a plan grows organically from the client's or donor's own self-reflective life story, and completes or fulfills that story. This is what Solie calls "organic legacy." McCrea speaks of "abundance." And giving joyfully. Karoff talks of such gifts as being among the most fulfilling things a person does in a lifetime, as creative and generative an act as art, and dreamed up in a mood no less inspired. Creating an open space for that spirit to emerge is a theme that runs throughout this course, not for all clients or donors, but for the precious few.

Consider these words by H. Peter Karoff: "The primary test for both the poetry and the practice of philanthropy is integrity - was our purpose noble, were we true to it, and did we, in all instances, deeply listen to the community of interest we presume to serve?" Which philanthropist below best meets Peter's test? A. Maria, a woman of wealth, creates a giving circle within her rural town. Within that circle are several women who have a moderate amount of money and some who have very little. A few are drawn from the townspeople who have the least. Each contributes what she can. (Maria contributes by far the most, being the wealthiest.) The group then determines, through conversation and consensus, where the money goes. B. Bill hires expert consultants to examine the best way to provide primary school education across the United States. He determines that standardized testing provides the best chance of improved outcomes. His foundation then suggests the standardized test formats and questions. He works with Congress to get these standards implemented. C. Belinda's goal is to eliminate ringworm in Africa and so "uplift the lives of countless millions." In guiding her investment in this issue area, she relies on scientists with expertise in the disease. D. Albert gives via an electronic database that rates and ranks nonprofits based on their cost ratios and effectiveness in addressing issues of interest to him.

The correct answer is A. Peter would admire the way that Maria has directly involved those she "presumes to serve." She is not making decisions for them without consulting with representative members of that community.

Specialized planning for a CFP may involve such topics as education funding, divorce, elder care, disability, terminal illness, nontraditional families, job change and job loss, and dependents with special needs. Which of the issues below is also included in the CFP list of special issues? A. Monetary windfalls B. Philanthropy (8)

The correct answer is A. Philanthropy is a blind spot for most financial planners.

What do the Fithians mean by "financial independence"? A. The income and assets needed to provide financial security for life. B. Enough money to provide for self and family C. Wealth needed to provide for self, family, and social impact D. Wealth needed to perpetuate a family dynasty for 100 years (8)

The correct answer is A. The Fithians suggest that before a client becomes optimally generous, they must see that there is "enough" for financial security for the donor's own life. Then, the family may want to plan for an inheritance. Beyond that, there may be abundance to direct to social goals. Not all families follow this process, but the Fithians' insights ring true to many financial planners and are a good predictor of the behavior of many donors.

Which organization or organizations below will typically serve at most a handful of families? A. Family office B. Private bank (10)

The correct answer is A. The family office may serve only one family (a single family office) or several (a multi-family office). A private bank, often part of a larger bank, will serve many families.

Where, in the financial planning process, is it best to elicit a shared dream with the client as to outcomes for self, family, and society? A. Discovery/agreement phase B. Implementation C. After a foundation or donor advised fund has been established D. Whenever the advisor wants to place a tool or technique (8)

The correct answer is A. The goals for philanthropic impact, along with the goals for the client and family, should be set prior to choosing tools and strategies.

The discernment style works least well in which of the following markets? A. Middle income, with limited assets B. Affluent C. Emerging wealthy D. Very wealthy

The correct answer is A. The less money the client has, the shorter the process must be. The discernment style requires the most time and energy and talent. An advisor who works in this style must zero in on clients who have high income and/or high net worth and who have the financial capacity to plan for ideals as well as for needs.

To find appropriate grantee organizations, Renata Rafferty suggests "casting a wider net" by doing which of the following? A. Publicizing what you wish to fund through a newsletter, trade publications, and professional journals, while preserving privacy by using a blind mailbox or blind email for replies B. Send personal letters to as many organizations as possible within the preferred issue area (5)

The correct answer is A. The second of the two approaches would be cumbersome and would result in the loss of the funder's privacy. Very likely, the funder would be besieged with requests for funding as their name got around.

Charisse is a loyal supporter of her college; she has given to the annual appeal every year since graduating twenty years ago. Her gifts began at $10 and are now $300 a year. In the terminology of Ellen Remmer, this is an example of what kind of giving? A. Responsive philanthropy B. Charitable giving C. Impact investing D. Strategic philanthropy

The correct answer is A. There is a fine line between "charitable giving" and "responsive giving," but in Ellen Remmer's terminology, this is responsive giving. It is giving when asked, without much thought. Charitable giving, to Remmer, means giving when the heart is touched by an immediate need: giving a coat to a person in need, or a meal, or giving after a disaster. Clearly, this is not an impact investment, via markets, nor is it strategic.

Which of these is H. Peter Karoff's "primary test" of philanthropy? A. Was our purpose noble, were we true to it, and did we, in all instances, deeply listen to the community of interest we presume to serve? B. Was our vision clear, did we implement effectively and efficiently, and did we, to the extent possible, achieve our intended result? C. Was our purpose noble, were we true to it, and did we achieve our intended result efficiently? D. Did we listen to the community and achieve for them the results most important to them? (2)

The correct answer is A. This is a direct quotation.

Assume that Meg, in the Forest Primeval case study, is your client. She is torn between the vision of her son and her daughter as to the family philanthropies. You share with her the Rockefeller booklet, "Talking to Family about Philanthropy." She thanks you, reads it, and then says to you, "I am not ever going to reach a consensus. I run the foundation. I must make a decision, and deliver it, as final." In the terminology of that booklet, what is her goal in the family conversation? A. To inform B. To inspire C. To engage D. To propose (9)

The correct answer is A. This is her "verdict." She is going to lay it down as her decision.

The correct answer is A. This is strategic to an extreme degree.

To achieve shared success, per Give Smart, what must align? I. Donor's resources and strategic input with nonprofit's capacities, programs, and strategies II. The mission of the nonprofit with the needs of the community

The correct answer is A. Under shared success, the authors of Give Smart are discussing the alignment of funder and the nonprofit funded.

When Jay Hughes (and others who follow him, like Tim Belber) says that families have more kinds of capital than just financial, what point is he making? A. Families have "virtues" as well as money, and to manage those virtues across generations is critical to maintaining the financial well-being of the family over time. B. Virtue is its own reward, and even poor families may be rich in the more important things of life. C. Wealth and virtue cannot both be managed; the client must choose. D. The family's greatest assets are its business interests and financial wealth projected across generations. (9)

The correct answer is A. What he is saying is that it is self-defeating to manage only financial assets, since the assets will eventually come into the control of heirs, who will then squander or destroy those assets, unless the family has successfully transferred values along with the valuables.

Older women in an underdeveloped country make their living and contribute to their families by doing handwork, including sewing. As they age, their eyesight dims. Glasses are not available. Larry starts a nonprofit to collect used glasses as well as donations and to get these to the women. What sort of issue area or problem has Larry taken on? A. Simple B. Complex C. Complicated D. Wicked

The correct answer is A. While the problem is significant and may take a lot of work on the part of the nonprofit, there is a known solution - putting eyeglasses in the hands of those who need them. A complicated problem is one without a known solution, though we may know how to find a solution, such as a new vaccine. A complicated problem, such as, say, inadequate rural education, may not have a linear solution because the factors causing the problem are interrelated (uninformed school boards, children who come to school hungry, inadequate tax base to support needed teachers, lack of parental support, need for the children to be working at a young age.) A wicked problem is one so complex that reasonable minds wonder if any solution is possible; world poverty, war in the Middle East, and climate change might be examples.

With respect to preparing heirs to receive a significant inheritance, which statement or statements below is (are) correct? A. The majority of parents say it is important. B. The majority of parents have established formal or informal programs to prepare heirs. (4)

The correct answer is A. Yes, the majority of parents know preparing heirs is important, but only about 35% have actually done anything about it.

Of these questions, Collier, Senior Philanthropic Advisor at Harvard, asks all, EXCEPT A. What is an appropriate financial inheritance for children? B. What has Harvard meant to you? C. What principles will guide your decisions about estate allocation? D. What has been your experience of working together as a family? (3)

The correct answer is B. Note that although Collier does work for Harvard, he downplays the case statement and the "ask." His book is full of case studies of Harvard families and their large and fulfilling gifts, but he goes out of his way to avoid appearing to be a fundraiser "pitching" a gift. He wants to come across as, and actually he functions as, a consultant who works for Harvard but is centered on the well-being and ideals of the donor and the donor's family.

As an advisor moves up from a subject matter expert to a subject matter expert with knowledge of an affiliated field, to a valuable resource, to a trusted advisor, what happens to the breadth of the issues addressed and to the depth of the relationship? A. Breadth of issues addressed decreases B. Depth of relationship increases (1)

The correct answer is B. The trusted advisor generally has a specific area of expertise, a core discipline, but they have learned a bit about affiliated fields and have breadth of vision regarding both human and technical areas. As the breadth of issues addressed by an advisor increases, so, too, does the depth of the client relationship.

Marie is one of three sisters whose parents set up a trust for their financial security. The sisters are fed up with the trustee and the trust company, and would like to move the trust to another bank. Which provision or provisions below would be helpful to them in getting the trust moved, if it is found in the trust? A. HEMS B. Decanting (3)

The correct answer is B. HEMS provides for Health, Education, Maintenance, and Support, but does not address moving the trust. Decanting provisions do address that. Not mentioned in this question, but also helpful, would be a "trust protector" who can intervene between the trustee and the beneficiaries, to protect the beneficiaries' interests.

A saying among consultative sales trainers is this: "Prescription before diagnosis is malpractice." Which of the processes below would be "malpractice" by that definition? A. 1) Establish and define the advisor-client relationship, 2) determine goals and gather data, 3) analyze and evaluate the data, 4) develop and present a plan, 5) implement the plan, 6) monitor the plan B. 1) Intuit the client or donor's needs, 2) run gift or sales concept, 3) make appointment, 4) present concept, 5) close or ask, 6) answer objections and close (8)

The correct answer is B. In comparison to A, the steps in B would seem like malpractice to an advisor.

For Charles Collier (or for that matter, Tim Belber, Jay Hughes, and Patricia Angus), what best defines the purpose of estate planning? A. To transfer assets effectively and efficiently in accordance with client intentions B. To facilitate the transfer and transition of an appropriate inheritance to enable heirs to thrive (9)

The correct answer is B. The thinkers referenced here would not disagree that an estate plan should be effective and efficient, but would not define the purpose in that narrow asset- and tax-focused way.

Collier illuminates a "productive tension," as he calls it, between a child's need to find a shared dream, a common destiny, a shared moral identity, with others in the family and that child's need to strike out on their own hero's journey, pursuing their own conception of happiness. Assume that her father is autocratic and controlling. Assume that he owns a business and wants his daughter to join it. She, on the other hand, is a gifted painter. He says to her that if she pursues her "airy fairy" painting, then she will not get one dime from him. Which of the questions below might a trusted advisor ask the father to prevent family tragedy? A. Shall we write that into the trust? B. What would you do, as an independent person yourself, if you were she, faced with that ultimatum? (3)

The correct answer is B. The trusted advisor role requires helping the client or donor come to the best possible understanding. At times, this may mean gently nudging the client or donor to reconsider snap judgment or even deeply rooted biases.

A discernment-based advisor will likely do the following: A. Use open-ended questions, followed by probing, closed-ended questions B. Confirm understanding before moving ahead (1)

The correct answer is BOTH. This is a concise statement of a consultative process. Begin with open-ended questions to get the client talking about issues of importance to them, then guide the process to a clear, shared understanding by asking closed-ended, factual questions about what the client has said. Then, when the picture comes clear, play it back, and ask the client or donor to confirm or correct the shared understanding.

The late Reverend Gomes of Harvard, cited in Collier, says: "How do I strike a balance between what is good for me and my family and what is good for society? Building family and building society go together. Money is a means to an end, morally neutral but with public consequences." What would be a good way to raise such issues, without provoking controversy and pushback? A. Ask a probing question, such as, "Do you believe you have a responsibility to society?" B. Give the donor or client a book or a reading that raises these larger issues, and let the donor client reach their own reflective conclusions. (3)

The correct answer is Both. Both are good practices. Telling a client what his or her moral responsibilities are will shorten the interview and end a relationship. On the other hand, these questions point to real issues.

"In fact, the quality of our attention determines the quality of other people's thinking. Attention, driven by deep respect and genuine interest, and without interruption, is the key to a Thinking Environment. Attention is that powerful. It generates thinking. It is an act of creation." That is from Nancy Kline. Who else in this course would be likely to agree, or to say similar things? A. Carl Rogers B. Otto Scharmer (8)

The correct answer is Both. Rogers is the ultimate source for much of the best contemporary writing on reflective or generative listening. Scharmer makes similar points. Karoff does as well, coming from the perspective of a poet. Palmer arrives at similar views, drawing on Quaker circles.

Using good judgment, your native intelligence, and all you have learned, what benefit or benefits do you see in the worksheets in Mark Weber's book? A. They take a high-level process taught in CAP and make it practical for clients and advisors B. They save the advisor time, while giving the client "time to think." (10)

The correct answer is Both. The CAP process grows out of the work done by authors like those in Wealth of Wisdom who work in family offices, multi-family offices, private banks, or best-of-breed teams of independents with clients from Ultra-High Net Worth on up to billionaires to, well, centa-billionaries who may not want to even be on the same island with everyday billionaires. You don't have that many billionaires as clients. For the CAP process to be practical for most of us, we have to shorten it without shortcutting it. Yes, we should have clients start "above the line" with time to think. Yes, we then have to translate their qualitative concerns into quantitative strategies. And, yes, the hardest part and the most time-consuming is "above the line" because clients face dilemmas they cannot resolve. They cannot bring their own thoughts about life, love, and legacy to rest. So, the strategy of Mark's book, the right strategy, is that to put the work "above the line," the work of reflection and discernment and the making of hard choices among warring goals into the client's court. The book gets the client thinking. That pondering could take months! Then, client and spouse may have some battles over it. But when the client or couple return, what they have in hand are neatly spelled-out worksheets. The advisor can then pivot below the line and start doing billable work, or work that leads to product sales, gifts, or assets under management.

"As a deaf person working with the deaf, I receive grants and then distribute them to other organizations I know well who do great work in this area." What grantmaking style is illustrated here? A. Catalytic B. Strategic C. Adaptive D. Participatory

The correct answer is D. The style could be described as community-centered, trust-based, or participatory. The point is that power and control have shifted from the funder to an intermediary embedded in the community served.

The client might not want a fundraiser/development director to have access to their financial statements for all of these reasons, EXCEPT A. The fundraiser has no particular need to know. B. The fundraiser is perceived to have only one objective: to get money for their charity. C. The fundraiser is passionate about making the world better. D. The fundraiser is perceived to have little to add from a technical perspective. (1)

The correct answer is C. The fundraiser, no less than a salesperson, may be "typecast" as having a limited agenda. By speaking up for philanthropic motivation and social impact, not just for their own charity, a fundraiser may gain a respected seat at the table as an expert and as an advisor.

What is the meaning of the often-cited saying, "Shirtsleeves to shirtsleeves in three generations"? A. Hard work makes us successful. B. Self-reliance makes us stronger over time. C. Family wealth is transitory D. Over time, we are paid what we are worth. (9)

The correct answer is C. Family wealth is not forever. The first generation builds it from nothing, the second coasts, and the third destroys it.

In The Center for Family Philanthropy's piece, "The Power to Create Wonders," Joel Fleishman is quoted as saying, "Why is family philanthropy important? Because it perpetuates the inter-generational transfer of moral authority and values." Considering the context (very wealthy families and their foundations), what is the point he is making about the "transmission of moral authority"? A. Parents transmit their authority to children as they pass the baton B. Parents transmit moral values to children C. Dynastic wealth may appear illegitimate, unless some is used for public good D. Family values bestow moral authority

The correct answer is C. Fleishman has the courage to raise this point. Does it appear right for so few to have so much? A family like the Rockefellers would answer that in the affirmative, by pointing to their multi-generational traditions of public service and philanthropy. That public use of private funds lends moral authority. Tracy Gary, cited often in this course, was raised in such a family and had service drilled into her.

In conversation with an attorney about a trust, you are told it contains "HEMS" provisions. As to that, all of the statements below are true, EXCEPT A. HEMS provisions are quite common in a trust set up to benefit a family member or members. B. HEMS provisions address who can get what money for what purposes from the trust C. HEMS stands for Health, Education, Maintenance, and Supervision D. HEMS provisions provide guidance to a trustee, but do leave a zone of discretion as well, in applying the standards (3)

The correct answer is C. HEMS stands for Health, Education, Maintenance, and Support. These guide the trustee, but the trustee still does have to apply them with an eye to the individual case. Such provisions are often included in trusts to help take care of a family member.

Per Give Smart, measuring the results of a grant or gift serves all these purposes, EXCEPT A. Accountability: What did donors get for the money? B. Continuous Improvement: Given these results, how can we get better? C. Ranking: Which are the best charities? D. Proof of Impact: Can the results we are seeing really be tied to the work our organization did?

The correct answer is C. Ranking of charities is not an emphasis in Give Smart.

In the Socratic method, well demonstrated by Collier, the questioner elicits the client's better self by opening lines of thought and letting the client complete them in their own way. After asking "How wealthy do you want your children to be?" what would be Collier's next move? What will likely be the next thing out of his mouth? A. He will listen and then correct any misunderstandings the client may have. B. He will listen for an opening and then make his proposal or case statement. C. He will listen, hear, understand, empathize, and, most likely, ask another question related to what the client has said. D. He will go on to the next question on his list or fact-finder. (3)

The correct answer is C. The Socratic method is like a chess game. The questioner makes a move. The other person makes a move. The questioner asks another question. The question asked depends on the answer the other person gave to the first question. The method depends crucially on listening to what the client says and what the client does not quite say. Every question builds not on the earlier question alone, but on the answers being given by the client and on the picture that begins to emerge from those answers. The fact-finder approach and the sales talk approach, or the case statement followed by ask, are all completely different from the Socratic approach. In sales, planning, and in gift solicitation, the process is linear. In Socratic conversation, the client can go anywhere and the advisor follows, asking more questions. If the client returns to the advisor's own central concerns, it is because the client shares them. Socratic conversation feels risky to advisors and fundraisers because they cannot predict or control the short-term outcomes and because they must think fast on their feet, as the conversation goes all over the place. Yet, Socratic conversation works because it connects the client's or donor's own thoughts, feelings, and convictions to the process and helps the client or donor take ownership of the conclusions. In Socratic conversation, the questioner helps the client see the underlying logic of the client's own beliefs. Socrates likened this to helping a woman give birth to what was already in her.

The questions Collier highlights as important throughout his book can be described using all the following words, EXCEPT A. Probing B. Open-ended C. Analytical D. Profound (3)

The correct answer is C. The questions Collier asks are drawn from the liberal arts and from his training in family psychology and in theology. They are "big picture" questions about quality of life. They are not detailed, factual questions, such as would be found on a client fact-finder in a law office or financial planning firm. These are, in Fithian's terms, "above-the-line issues" that Collier explores.

To the ancient Greeks what was the definition of an "idiot"? A. A person of low intelligence B. A person from a low station in life C. A person isolated from others D. A philanthropist

The correct answer is C. To the Greeks, to be a full human being was to live within a community in which you played a role.

In the CFP process and worldview, each of these is among the major issue areas, EXCEPT: A. Risk management and insurance planning B. Income tax planning C. Retirement planning D. Charitable planning (8)

The correct answer is D.

When Collier says family wealth planning should have a "long-term focus," he means which of the following? A. Longer than 90 days B. A year or more C. 3-5 years D. Several generations, or 100 years (3)

The correct answer is D. Collier follows James E. Hughes, who likes to say that planning for family wealth is like planting a tree that will last 100 years or more.

Below-the-line planning addresses what? (1)

The how of the client's plan: Above the line is the why, below is the how. (First goals, then strategies to accomplish them.) WHY ------ HOW

Per William Wallace, each of these is a purpose of CAP, EXCEPT A. Create national awareness of the need for client advisors to discuss philanthropy with clients B. Provide a comprehensive common curriculum for all professionals who advise clients on philanthropy C. Create an environment where for-profit and nonprofit professionals understand the perspective of their peers D. Reduce time advisors spend in the planning process (2)

The correct answer is D. All but the last is true. The time taken to do philanthropic consulting in a comprehensive, cross-disciplinary way is greater than would be needed for a more transactional approach.

With regard to his family philanthropy, all the following considerations for giving are mentioned in Bill Wallace's "Remarks" to the Bethesda Country Club, EXCEPT A. Honoring parents B. Giving back to a school from which he had gained much C. Feeling satisfaction in doing the right thing D. Reducing taxes (2)

The correct answer is D. Bill Wallace stresses not finance but the good that philanthropy does for family and society.

Scott Fithian believed it important to know where you 'sit' in the mind of the client. All of these reflect that position, except A. Clients and donors have preset boxes in their minds and are mentally trying to put you into one of these B. To determine whether the prospect knows what Scott does C. To discover and reframe how the client sees Scott D. To tell Scott what products he will be able to sell this client. (10)

The correct answer is D. By clarifying his role with the client beyond the client's initial 'box,' Scott was able to deliver better results.

Generative listening - what is that, in the work of Otto Scharmer? A. Listening that generates a sale or gift B. Listening that generates a good conversation C. Listening in which the speaker is fully comprehended by the hearer D. Listening in which something new and even uncanny makes itself heard, as if coming from beyond both hearer and speaker (8)

The correct answer is D. Generative listening hears what neither speaker nor hearer knew they knew.

Give Smart discusses what grantees (grant recipient organizations) need to get the job done. The book emphasizes that the recipient organization needs all of these, EXCEPT A. Funding for capacity (for the infrastructure supporting the overall organization) B. Sufficient funding to hire excellent staff C. Time to accomplish results D. Rigorous and detailed reporting procedures to make the grantee accountable to the grantmaker

The correct answer is D. Give Smart does endorse making the organization accountable to a degree to the funder, but also cautions funders not to make the reporting so rigorous and detailed that it becomes a costly burden to the recipient organization.

All of these are included among the seven major planning areas addressed by CFPs, EXCEPT A. Risk management and insurance planning B. Income tax planning C. Retirement planning D. Information Technology audit (8)

The correct answer is D. Planning for technology needs is not a major area for CFPs.

Carl Rogers wrote, "I have found it of enormous value when I can permit myself to understand another person." In teasing out the meaning of his remark, each of the statements below is appropriate, EXCEPT: A. In understanding others, it is we, ourselves, who are often the biggest hindrance B. We could understand others more often, if only we would relax our defenses against understanding them C. Often, what others need from us is not a solution or recommendation, but simply to be heard and understood D. To understand others is to realize how much alike we all are (8)

The correct answer is D. Rogers actually suggests that when we permit ourselves to understand another, the other may emerge as "strange." Each of us is unique.

In giving tips on listening well, Carl Rogers said each of these things, EXCEPT: A. To accept others, I must accept myself B. I must be willing to open a channel to the other's private world in all its strangeness C. What is most personal in the other is also the most general D. To grow or be healed, the patient must hear and accept an appropriate diagnosis (8)

The correct answer is D. Rogers did what is called "nondirective therapy." He was slow, very slow, to give a diagnosis, because he believed in the human potential to heal ourselves.

The late Reverend Peter Gomes at Harvard begins by saying, "My thesis involves the distinction between making a living and making a life...." He goes on to make a strong plea for which of these? A. Making a good living while doing as little harm as possible B. Raising a flourishing family C. Passing on family values D. Wealth has civic responsibilities, and society has a claim on our wealth (3)

The correct answer is D. The Reverend believes that we owe something to others and that with wealth comes civic responsibility. He does not say it is optional, or a client or donor choice.

In Give Smart, the funder should do each of these, EXCEPT A. Get clear: What is success? B. Get real: How can success be achieved? C. Get personal: What am I accountable for? D. Get aligned: To whom am I accountable?

The correct answer is D. The authors of Give Smart suggest that very wealthy funders are not greatly accountable to anyone.

Strategic philanthropy is characterized by all the points below, EXCEPT A. Seeks measurable results B. Seeks to make grant recipients accountable for results C. Seeks to produce an outcome that is clearly stated in advance D. Frames grants in terms of "the moral dimension"

The correct answer is D. The moral dimension may be implicit in all giving, since all giving posits a world made better in some way. But the language of strategic philanthropy is "all business." The language is that of strategic planning in a businesslike context.

Assume Meg decides to "inform," rather than inspire or engage, her children in the direction of the foundation. When it comes to informing, all of these are best practices, per Rockefeller Philanthropy Advisors ("Talking to Family About Philanthropy"), EXCEPT A. Create a formal record of the conversation (possibly video). B. Be clear about the decision. C. Be clear whose decision it is. D. End on a high note. (9)

The correct answer is D. The pamphlet is hard-nosed and realistic about an "inform" conversation. The decider should make clear whose decision it is, what the decision is, and why the time is right to make that decision. The one deciding should anticipate a sense of loss and should acknowledge it. Because the decision may not be popular, it should be carefully documented in writing or, perhaps, in a video. It may not be possible, in a case like that of the Forest Primeval, for Meg to end on a high note with her son and daughter. Her decision may be met by at least one child in stony silence or with verbalized loss and frustration. Meg should anticipate this.

Jane gives to a women's fund, the Dallas Foundation, whose motto is "Strong Women, Better World." Asked for her philosophy, she says, "I believe that the best investment we can make in Dallas is in women and young girls. When a woman does better, the whole family does better, and so does Dallas." Asked how she knows this, she talks about her own history and about the women and girls' programs she has volunteered for. She mentions three young girls she has personally mentored and how their lives were affected and how their families were affected. She traces her involvement back to her college days, when she participated in women's circles. All of these are good ways of describing Jane's giving, EXCEPT A) Expresses her identity B) Is highly hands on and engaged C) Is backed by a theory of social change D) Is highly scientific and based on a proven logic model (5)

The correct answer is D. There is no hard and fast difference between a theory of change based on human dynamics and a scientific theory or logic model of how to get things done for people by people.

Bob Buford describes his own midlife transition in terms of a "sigmoid curve." Which statement or statements apply? A. A sigmoid curve, as Bob would draw it, is a rising S curve that overlaps upon an earlier rising S curve B. The first curve for Bob is success, the second is significance, and the two overlap for a period of years (7)

The correct answer is both. Both are in tune with what Bob suggests. With the two rising S curves, one overlapping the other, Bob makes the point that we don't have to quit one life to start another. It may be wiser to keep the old life going as we test out the new. That period of overlap may extend for several years, or may even continue for a long time, "double-tracking," not with a hobby but with a second passionate interest.

In old age, says, Erikson, we must achieve "integrity," or we will fall into "despair and disgust." What statement or statements below is in accord with his meaning? A. Seeing your life as having had a purpose and as being a unified whole B. Seeing your life as having both expressed and formed your true identity or character (7)

The correct answer is both. Both fit. Erikson wrote about Identity and the Life Cycle. As our lives unfold we both express who we are and are formed by events. Much seems to happen at random or by chance. Sometimes, terrible things befall us or those we love. Yet, toward the end of life, he says, the psychological task that must be accomplished is somehow to see ourselves and our lives whole.

What does Collier mean when he suggests that heirs need a "mentor-like relationship with trustees?" A. Trustees, like parents themselves, should try to coach and elevate heirs. B. Trustees should have the human skills to work with an heir so that the heir actually develops as a human being. (3)

The correct answer is both. Mentoring heirs in the roles they will play in life, including the role of trust beneficiary, is a key theme in Collier and, indeed, in this course as a whole.

Collier speaks repeatedly of "successful families." Which of these statements about successful families is (are) true, judging from the Collier text? A. Successful families treat the family members themselves as the family's key assets. B. Successful families maintain their financial standing from one generation to the next because they invest in the capacities of the family members themselves. (3)

The correct answer is both. Successful families are successful as human beings and as family members, not just financially successful. A morally bankrupt family may soon be financially bankrupt. A successful family has to be "up to the task" of managing not only the money but also themselves.

Which of these words comes from a root word meaning love? I. Charity II. Philanthropy (2)

The correct answer is both. The CAP symbol shows a hand holding a heart. The purpose of this question is to stress that philanthropy is more than a craft or trade: it is also something we do for love.

With regard to the CAP symbol, which of these statements is (are) true? A. It was originally the symbol stamped on pieces of silver that Sallie Wallace's father created and gave to close friends and family. B. The hand holding a heart stands for craft and love. (2)

The correct answer is both. To know these points allows the CAP to "tell the CAP" story to potential donors. It is a good story, one that engages the donor's own "heart and head."

Imagine that Patricia Angus is brought in by Meg in "The Forest Primeval" to help the family with its governance. What would she likely counsel as among the first steps? A. Be clear where the family is (chaos? coordination? or cohesion?) B. Start with shared principles, if possible, then move to policies and practices (9)

The correct answer is both. While her terminology is deceptively simple, Patricia Angus is drawing on a career of experience in counseling families and facilitating the resolution of family issues. She says that the first step is to know where the family is.

What is the Trusted Team? (11)

What is trusted on the team built by a servant leader is the team itself, not just its leader. Ego is put aside. The client's wishes prevail. The team presents its shared wisdom as the truest possible "discernment" of client intent.

What are the 5 milestones in the philanthropic roadmap provided by Rockefeller Philanthropy Advisors? (5)

Why am I giving? What do I hope to achieve? How do I think change will happen? How will I measure results? Who joins me?

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