Larry Wallach had a dilemma: for years, his donor-advised fund (DAF) was invested traditionally with a major financial institution, while his grants fought for social justice. “There was a disconnect between our social goals and where the money was invested,” he admits. “We thought our resources could go farther to achieve our ends.”
That tension drove Larry to move his DAF to CCF. Four years into a philanthropic journey, supported by funding from his wife, Jo Viney’s, work building biotech companies, he decided to act. “There’s this fork in the road about how you want to invest money you’re holding in trust for the public benefit,” he explains. “Put it into an organization built on values and community expertise, and you’re getting double your money. A dual benefit.”
For Larry, who raised his family in Belmont, Cambridge itself carries special obligation. His wife Jo, an accomplished scientist, built biotech companies from her “yellow pad and pen,” supported by the city’s “embarrassment of riches”– world-class universities, cutting-edge research, and investors committed to medical advances. “Cambridge is a world capital of science,” Larry says. He believes financial success born from Cambridge’s ecosystem demands giving back to the Cambridge community.
Larry’s move to CCF wasn’t just about geography. It was about active partnership. Larry sought more than just an optimal return on his DAF account; he wanted an engaged co-investor and advisor who is as passionate as he is about uplifting the Cambridge community. CCF shares this philosophy, ensuring its DAF holders have meaningful philanthropic experiences that foster a deep connection between stakeholders and the community.
The current political moment adds urgency. With threats to foundations and nonprofits mounting, Larry sees moving DAFs to CCF as a strategy, “to strengthen the sector by making our money work harder. If you can get a dual benefit from your resources, you should do that.”
Larry’s message to fellow donors is direct. “It’s a virtuous circle. DAFs support CCF’s boots on the ground work strengthening the local nonprofit ecosystem. You’re maximizing your philanthropic impact.”
If you’re interested in learning about opening a DAF at CCF, please contact Michal Rubin, vice president of philanthropic partnerships, [email protected].
