News about the capabilities of artificial intelligence has skyrocketed over the past few months. No doubt you are watching these developments closely, both because of the potential legal issues involved and also because of the ways AI can enhance your work.
Here are three suggested discussion points when your clients ask how AI might impact their charitable giving plans:
– For clients who serve on nonprofit boards or work for a nonprofit, AI could mean significant advancements in fundraising capabilities. From research to communications, generative AI could help fundraisers get their work done, which would be a welcome development in a profession that has been under stress due to a shortage of professionals and a challenging fundraising environment.
– Some of your clients may be investing in AI companies. While certainly not all AI ventures will prosper, some AI startups will likely be very successful, creating huge financial gains for their shareholders. Talk with your clients about contributing shares of these companies to their Donor Advised Fund at the Omaha Community Foundation. Upon an eventual exit, the shares donated to a Donor Advised Fund will not be subject to capital gains tax, allowing your client to support their favorite nonprofits much more significantly than if the client waits to sell the shares and then transfer the proceeds (minus the tax hit) to a Donor Advised Fund.
– While AI can certainly help your clients research their favorite nonprofits, and similarly also will play a role in helping nonprofits fundraise and carry out their missions, it’s important to remember that right now, in AI’s early stages, most AI results are still only as good as the prompts and instructions provided by humans. The key to getting the right answers is to ask the right questions, and sometimes asking the right questions is the hardest part.
As always, please reach out to the Omaha Community Foundation for help as you serve your charitable clients. We welcome the opportunity for human interaction as that becomes even more of a rarity! You can reach us at 402-342-3458 or giving@omahafoundation.org.