ADVERTISEMENT
When it comes to family name recognition in Springfield, few can match the O’Reillys. Leaders in the local business and philanthropy communities, the family’s multi-generational tradition of giving and civic involvement has evolved to include efficient decision making through the O’Reilly Family Foundation, which does its charitable giving through a donor-advised fund at the Community Foundation of the Ozarks.
Charlie O’Reilly, family patriarch and the company’s vice chairman, says the family business and the family philanthropy are inextricably linked in spirit.
“We structured it from the standpoint of family teamwork,” O’Reilly says. “O’Reilly Auto Parts has been a good corporate citizen, as far as giving back. Starting the foundation was the growth of our family working together to support good causes.”
Once a year, members of the O’Reilly Family Foundation come together to decide which causes will receive support. And while the OFF does not constitute the full extent of the family’s giving, it does account for much of their work in the area of human services.
The partnership between the O’Reilly Family Foundation and the CFO was a natural one. Mary Beth O’Reilly, Charlie’s wife, is a former CFO volunteer board president; the volunteer relationship evolved into a mutually beneficial partnership.
“We thought of the Community Foundation because of the great work they are doing … We have a firm belief in community teamwork and the Community Foundation is the best example in the world of community teamwork,” Charlie O’Reilly says.
The benefits are logistical, as well. “This arrangement still allows us to direct where the funds are going,” he says. “The CFO does the paperwork as far as receiving requests and coordinating the donations, and we have most of our funds distribute once a year, but have the flexibility to keep some back for special cases.”
Bill Putnam, a Carthage-based estate planner and a founding member of the Carthage Community Foundation, stresses the importance of family involvement when it comes to charitable planning, both while donors are alive and for their legacy gifts after death. Raised by parents and grandparents for whom giving was a major priority, Putnam says communicating and making decisions between the generations can benefit everyone involved, not only financially but as a charitably minded family with a lasting legacy. It’s a lesson his family has learned first-hand.
“We have our children help us make decisions about what charities to support during our lifetime,” Putnam said. “When we’re gone they’ll have some basis for making decisions later on.”
And this tradition of giving — whether large or small — is the only thing that’s going to make sure the spirit of philanthropy helps make southwest Missouri a better place for the next generation, as it has for current ones.
“Springfield wouldn’t be what it is today without the generosity of families like the O’Reillys,” CFO President Brian Fogle says. “You can look around town and see the impact of their charitable giving everywhere, from event sponsorships to human-services agencies like Breast Cancer Foundation of the Ozarks, to Drury University’s new O’Reilly Family Events Center.”
Donor-advised funds, which are endowed for perpetuity with at least $25,000, are just one way families can participate in charitable giving. The CFO also offers Family & Community Funds, which can be opened with any amount and begin distributing when they reach a level of $2,500.
“The Family & Community Funds are a great way to start thoughtful and intentional charitable giving,” Fogle says. “They offer a ‘one-stop shop’ for families to support all of their nonprofit interests, from their churches and colleges to their favorite causes. We encourage families to talk about their interests and involve their children in helping make decisions on what they want to support.”
The O’Reilly family’s giving spirit, which started with Charlie’s grandfather and father, is now extending to the third generation.
“We’ve definitely taken them into the mindset of giving, and getting them involved in philanthropy,” Charlie says.
Though their charitable interests are perhaps more widely varied than their parents’, a local focus remained.
“They’ve all been involved in various good causes at the Community Foundation, also, so I think the connection is there.”
To learn more about the types of charitable funds available at the Community Foundation of the Ozarks, call (417) 864-6199; or e-mail cfo@cfozarks.org; or visit with your professional advisor to learn more about the tax deductibility of various types of charitable giving.Click here for the full 2012 Giving Guide.
