A study from the Iowa Council of Foundations (ICOF) shows Iowa communities could lose billions of dollars in assets over the next decade as older Iowans transfer their assets. The study estimates that more than $30.4 billion in Iowa assets will change hands by 2034 with the passing of older residents. Over 40 years, the figure swells to $128 billion. If heirs and successors live out of state, those assets may leave the communities where they were generated. ICOF President Kari McCann Boutell says, “The 2024 Iowa Transfer of Wealth study illuminates a significant shift on the horizon that could challenge communities across the state. This data also presents exciting potential for Iowa small towns and cities that inspire locals to include hometown causes in their charitable giving plans.” Iowa Community Foundations recently launched a coordinated effort to encourage donors to commit five percent of their assets to local charitable giving through the “5 for the Future” campaign. This initiative aims to educate Iowans about the implications of wealth transfer and offers simple steps individuals can take to help communities retain and reinvest local funds. Donating just five percent of the $30.4 billion expected to transfer would create over $1.5 billion in new endowments, supporting grantmaking of more than $1.8 billion over 20 years for local projects such as workforce housing, cultural experiences, and innovative programming. Boutell says, “Our Iowa Community Foundations network is working to cultivate hometown generosity and secure vibrant futures across the state.” Learn more about the program and read the entire study using the links included with this story on our website.
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