This blog delves into the evolution and complexities of family offices, which manage significant wealth for single families or small groups. It discusses the trends driving the growth of family offices, including the desire for greater control over investments and the need for tailored wealth management strategies to preserve generational wealth. The blog emphasizes the importance of governance in family offices, noting that well-structured governance frameworks can mitigate risks, ensure sustainability, and align family values with investment goals. It discusses challenges such as succession planning, the integration of younger family members into the governance structures, and adapting to global regulatory changes. The blog calls for continuous adaptation and professionalization within family offices to manage wealth effectively in an increasingly complex global market.
Family offices are powerful, a financial force to contend with. Even many in the financial world have yet to understand the family office’s sheer influence, especially when retail investing, private equity and venture capitalism have the limelight. The family office has deliberately preferred to remain relatively incognito when it comes to announcing investment and wealth management strategies.
The family office serves as wealth and trust management of high net worth families. Families can be defined as multi-generation family businesses, as well as high net worth individuals who may have come into inheritance or independent net worth. The family office can comprise an individual, department or separate firm whose sole objective is wealth management and legacy planning for the family. The single family offices (SFO) serves the investment needs of one family while the multifamily office (MFO) is structured much like an asset management firm, providing customized wealth management and planning to a larger number of families and high net worth individuals. This explanation may sound simple; rest assured, the family office structure is one of the most complex in the entire investing sphere.
Family offices are on the rise, and institutional investors are feeling the effects. U.S. Bank’s Ascent Private Capital Management has coined the term “insti-viduals” to describe the marked increase in family office dealflow usually presented to traditional institutionals such as pension funds. And why should the finance industry be surprised? We have had constant challenges with U.S. public pension funds and alternative investors such as hedge funds metting out disappointing returns. While traditional institutionals and hedge funds are very regulated, family offices do not have to register with regulators once investment advice is kept within ten generations of ancestry.
According to Campden Research’s most recent family office report, family offices hold more than US$4 trillion of assets, and the global average for assets under management (AUM) comprises US$921 million. Family offices are fast approaching the alternative investment cumulative AUM of US$5.7 trillion, albeit with much less sensastionalism. Indeed, The Wall Street Journal reports that since 2011 three dozen hedge funds have converted into family offices. The symbiosis between family offices and private equity is also strong and growing, where family offices are taking higher stakes in private equity deals.
Such astounding growth demands a inherent need for continuity. We are confident that the family office is stepping in to fill investment gaps left by failing institutionals and alternative investors. Upon exclusive study of the Family Office Exchange’s FOX Guide to the Family Office, The Family Office Club’s Family Office Report and Trusts & Estates’ expert panel discussion of The Famiy Advancement Sustainability Trust (FAST), we suggest beneficial processes for family offices. In this regard, measures of internal policy ensure family office longevity and legacy.
The Family Office Exchange (FOX) stipulates critical management issues faced by family offices:
FOX Family Office Benchmarking™ provided surveyed data from its family office membership concerning family office risk perception. Most families are initially worried about financial and operational challenges. Business risks such as talent acquisition, operating structure, and investment advisory comprise a hefty 37% of the families’ risk perception. Economic and financial risks comprise 26% of risk concern. However, when it came to actual family challenges such as legacy continuity, the family risk perception measured a mere 7%. Via Trusts & Estates’ Family Advancement Sustainability Trust (FAST) analysis, the risk reality shows quite the opposite.
On examining the quantitative and qualitative data of family business challenges affecting the family office, roughly 60% of disruptions and failure stemmed from family communications and generational problems, while only 3% of issues arose from financial and investment advisory challenges. Talent and advisory acquisition in the financial industry does not pose a threat to the family office in our current workforce environment. The Institutional Investor reports a marked increase in hedge fund managers either leaving lagging funds to manage family offices, or converting hedge funds into family offices for streamlined clientele. Private banking divisions at Citigroup, Morgan Stanley and J.P. Morgan have dedicated top senior bankers to be primarily responsible for multifamily office dictates. Family offices have a wealth of investment and estate talent to choose from. Given the flexible regulatory nature of a family office, top talent once constrained in the institutional arena may find room to expand expertise for the family office. In short, it is truly the “Ownership and Governance” issue that needs prioritized attention.
As with any enterprise, family office governance policies need to be formulated long before execution of any financial and operational implementation. Family offices are in need of much more qualitative guidelines for business and wealth continuity. The Family Office Club based out of Key Biscayne, Florida gives specific insight into structuring family office ownership and governance guidelines via The Family Office Report. Remember, unlike standardized business or investment firms, each family office would have highly tailored objectives, so customization of certain objectives and criteria would be necessary. However, this framework helps with organizational structure across the board. Key components are as follows:
The mission is the starting point for what The Family Office Club coins “The Family Compass.” Family businesses may already have commercial mission and vision statements. However, the family office is responsible for management of the actual family’s qualitative mission, vision and goals. These are high level objectives for wealth creation, succession, philanthropy and legacy.
The ethics and values policy defines what is acceptable to the family’s core values when it comes to external talent, vendor transactions, business acquisitions, paths of philanthropy, and internal code of conduct. The ethics and values policy covers all issues of compliance such as money laundering, insider trading and bribery concerns. This policy should be reviewed consistently in strategy sessions with both family and external professionals within the family office.
As expected, this mandate delineates family office investment governance. The investment mandate sets the investment criteria and asset class composition of investments for the family office. All taxation, income growth, wealth creation strategies, liquidity concerns and payout requirements must be detailed in this mandate. According to the Family Office Club, the Chief Investment Officer is responsible for the creation of this mandate, along with input from the CEO and vested family members. The mandate can be revised on a monthly basis. Quantitative social capital investments and philanthropic endowment strategies should be included in this mandate, if applicable. This mandate also aids the family office in shareholder activist campaigns when the need arises.
Key Performance Indicators (KPIs) are highly detailed and action specific dictates per each member of the family office. Measurable outcomes are expected for involved family members and external hires. We would suggest broad KPIs be set for all external vendors, businesses and asset managers who deal with the family office. The Family Office Club suggests creation of at least three KPIs per member, as well as three “smart numbers” comprised of various KPIs for the entire family office.
Systems & Processes here covers the details needed for organizational continuity within the family office. Where the ethics and values policy or strategic plan may deal with broad succession planning, systems and processes deal with the documenting of detailed processes carried out per member, so that in the case of natural causes or termination, talent or legacy replacement can occur without severe disruption to actual procedures. According to the Family Office Club, each member may add to a mini-process book, which then should be reviewed by selected family office executives.
In addition to the governance policies stated above, the family office will greatly benefit from the creation of a Family Advancement Sustainability Trust (FAST). The FAST is a brainchild of Marvin E. Blum, JD, Thomas C. Rogerson, Gary V. Post, JD of the Blum Firm. The FAST has the structure of a directed trust, but encompasses more than the typical mandate for disbursement of funds to heirs or philanthropic beneficiaries. In the authors’ own words, the FAST is “A pool of funds to invest in the family members—in the family relations, development, and advancement—rather than just distribute to the family members.” The FAST comprises four committees: the Trust Protector Committee, the Investment Committee, the Distribution Committee and the overall Administrative Trustee. Both family members and outside professionals within the family office comprise these bodies. The FAST is primarily for continued family education, family cohesiveness and legacy in both qualitative and quantitative concerns.
The family office has existed across geographies and dynasties, quietly providing funding and making investments long before our global banking system came into play. Modern day family offices are now formalized, and are stepping in to fill investment gaps that are fast being created by lagging institutional and alternative investors. Thus, it is of utmost importance that existing and newly created family offices implement solid governance practices to ensure financial, operational and legacy continuity.
Disclaimer: This article discusses certain companies and their products or services as potential solutions. These mentions are for illustrative purposes only and should not be interpreted as endorsements or investment recommendations. All investment strategies carry inherent risks, and it is imperative that readers conduct their own independent research and seek advice from qualified investment professionals tailored to their specific financial circumstances before making any investment decisions.
The content provided here does not constitute personalized investment advice. Decisions to invest or engage with any securities or financial products mentioned in this article should only be made after consulting with a qualified financial advisor, considering your investment objectives and risk tolerance. The author assumes no responsibility for any financial losses or other consequences resulting directly or indirectly from the use of the content of this article.
As with any financial decision, thorough investigation and caution are advised before making investment decisions.
Disclaimer: This article discusses certain companies and their products or services as potential solutions. These mentions are for illustrative purposes only and should not be interpreted as endorsements or investment recommendations. All investment strategies carry inherent risks, and it is imperative that readers conduct their own independent research and seek advice from qualified investment professionals tailored to their specific financial circumstances before making any investment decisions.
The content provided here does not constitute personalized investment advice. Decisions to invest or engage with any securities or financial products mentioned in this article should only be made after consulting with a qualified financial advisor, considering your investment objectives and risk tolerance. The author assumes no responsibility for any financial losses or other consequences resulting directly or indirectly from the use of the content of this article.
As with any financial decision, thorough investigation and caution are advised before making investment decisions.
CHECKMATE COMMUNISM: The Most Critical Chess Game of Our Lives August 29, 2024
The Trojan Horse of Artificial Intelligence: A Corrupt Bargain, A Nation’s Betrayal August 15, 2024
Power, Conquest, Glory: Unlock the Master Code to Riches August 12, 2024
The Financial Policy Council-Cultivating Liberty, Championing Prosperity, and Shaping America’s Future August 5, 2024
The Great Equalizer- Harnessing the Power of Economic Education to Create a More Equitable and Prosperous Nation June 19, 2024
Virtual Staging AI: Revolutionizing Real Estate Investing in Miami June 18, 2024
The Venture Debt Delusion: A Faustian Bargain for Modern Entrepreneurs May 29, 2024
Unveiling The Secret Weapon in Personal Branding Harnessing Vulnerability to Build Trust May 13, 2024
Biden’s Administration Proposal To Eliminate The 1031 Tax Exchange: Potential Impacts On Real Estate Investors And The Economy May 9, 2024
Terrorism vs. Renewable Energy – A Game Theory Analysis April 29, 2024
Beyond Division: The Financial Policy Council’s Role in Fostering Unity and Dialogue in the Age of Cancel Culture April 22, 2024
Safeguarding your Brand’s future with AI Guardrails April 15, 2024
Technology Innovations to Unlock Abundant Domestic Fossil Fuel Supplies April 10, 2024
The Grand Illusion. Cancer, Elites, and the Eternal Quest for Power. March 26, 2024
Fortunes Forged in the Fires of Finance: Navigating Wall Street’s Tumultuous Waters January 29, 2024
Quantum Computing: America’s Key to Remaining Globally Competitive January 22, 2024
Navigating the Social Media Renaissance: Cutting-Edge Marketing Strategies for Business Growth January 19, 2024
Revolutionizing Your Image: Unique Strategies for Impactful Personal Branding January 15, 2024
The Ultimate Guide to BRRRR Method: Building Wealth through Real Estate Investment January 5, 2024
From Pig Valves to Stem Cells – The Exciting Evolution of Regenerative Medicine January 3, 2024
The Silent Saver-How High-Net Worth Individuals are Leveraging MSOs for Tax Savings December 14, 2023
NYC’s Holidays of Our Present-Future December 13, 2023
Uniting America: A Journey Back to Foundational Ideals and Forward to Prosperity December 5, 2023
The Impending Collapse of American Healthcare November 28, 2023
Taxation and Economic Impact: A Comparative Analysis New York vs. Florida November 17, 2023
The Ultimate Guide to Launching and Scaling Your Startup Dream November 16, 2023
Unlocking the Hidden Tax Shelter Inside Your Life Insurance Policy November 1, 2023
Three Ways to Create Wealth Based on the Financial Policy Council Mission October 30, 2023
Revitalizing Real Estate – The Case for Mortgage Rate Profitability and a Stronger U.S. Economy October 17, 2023
For the Prosperity of the People… October 2, 2023
Bridging the Financial Literacy Gap to Improve the State of Our Nation September 27, 2023
1,000,000 Shares for Your Employees and Advisors – Employee Stock Ownership Plans (ESOPs) September 25, 2023
Decentralized Private Market Advantages in Turbulent Times September 19, 2023
The Secret Arms Race in Finance September 12, 2023
Leading with Impact – Transformative Strategies for Financial CEOs to Build Trust and Unleash Influence September 11, 2023
America and the Future of Globalism Challenges, Opportunities September 8, 2023
The Overhyped Tax ‘Loophole’ That Could Leave You Owing Big September 7, 2023
The Bitcoin and CryptoRegulatory Landscape: Navigating a Path Forward to Prosperity September 5, 2023
How to Prepare Your Kids for Wealth August 31, 2023
Paving the Way for Progress: Bitcoin Mining’s Role in Energy and Economic Development August 28, 2023
The Forgotten Man Sings: An Uneasy Nation Listens August 22, 2023
Safeguarding Your Life’s Work: Tax Reduction Strategies for Physicians and Their Heirs July 31, 2023
Capitalizing on Tokenization: Harnessing Digital Assets for Unprecedented Profit Growth July 24, 2023
The True Threat of Debt Default for America July 18, 2023
The $8 Trillion Dilemma for CEO’s: Upskill Trust or Pay Costly Workforce Replacements? July 17, 2023
We Need to Add Ownership to the Concept of NIL July 10, 2023
How to Turn the Economy Around Given the Absolute Mess We Are In? July 4, 2023
Decoupling Climate Change and Renewable Energy: A Business Perspective June 28, 2023
Transforming Healthcare Economics: Enhancing Revenue Integrity Amidst Economic Uncertainty. 6 Strategies for Investors and Operators. June 27, 2023
Banking Overlords: The Armageddon for Commercial Real Estate Investors June 26, 2023
Electric Aviation: The Next Chapter in Freedom June 21, 2023
Standing Tall with Mark Levin: A Convention of States as the Beacon of Fiscal Responsibility June 6, 2023
Issues and Remedies for Our Efficiently Broken Supply Chain May 30, 2023
Current State of U.S. Oil Industry: Future Difficulties and Solutions May 24, 2023
Thriving Amidst Chaos: Unraveling Opportunities in the Volatile Commercial Real Estate Landscape May 19, 2023
A Strategic Imperative for the USA: Funding Entrepreneurs May 18, 2023
Wildcatting in the Oil Industry vs. Shielding Wealth Out-of-the-Box Tax Strategies for Young Entrepreneurs May 17, 2023
The Future of Insurance: How Blockchain is Disrupting, Driving Innovation and Reshaping the Industry May 1, 2023
The Ripple Effect: Exploring the Consequences of the Recent Bank Failures on Venture Capital and Banking Operations April 6, 2023
U.S. Shale Oil Revolution & Future April 5, 2023
Leveraging Tax Strategies to Maximize ROI and Profitability in Commercial Real Estate April 4, 2023
Profiting from the NFT Revolution: A Comprehensive Guide to Investors March 30, 2023
Cyber Protection of US Critical Infrastructure March 23, 2023
What’s the Next Game Changer Ahead? March 15, 2023
From Crisis to Opportunity: Transforming America’s Economy for the 21st Century March 13, 2023
Step Up Your Game, Increase Your Profit and Knock it Out of the Ball Park March 2, 2023
Social Marxism, Entrepreneurialism and the Gen Z generation-The Clash of Perspectives February 22, 2023
Financial Independence and Wealth Generation Starts with Due Diligence February 16, 2023
What $1.8 Billion Aid Package to Ukraine Means for American Consumers January 30, 2023
The spread of Socialism and How to Counter It January 24, 2023
US Critical National Infrastructure: pitfalls and solutions in the utility and energy sectors January 17, 2023
What is REAL MONEY? January 13, 2023
When Are We Going to Ever Stop Falling for the Con Out There? January 3, 2023
Women and the Green August 10, 2022
Bucking the Status Quo August 9, 2022
Does the United States Still Have an Economy? July 30, 2022
Transformational Healthcare: Reversing the Effects of a Broken System and Ill Health May 4, 2022
Compliance – Not Technology – Crowns FinTech Champions March 25, 2022
Inflation and Government Financial Threats Will Fuel the Rise of Bitcoin March 18, 2022
Our Chaotic, Biased, Dishonest News Media — Threats, Mistakes and What to Do About It February 17, 2022
2022: Why Capitalism is the Only answer to freedom, prosperity and well-being. January 20, 2022
How to Form Good Money Habits in the New Normal October 10, 2021
Useful Tips on How to Increase Your Profits from Crypto Investment September 22, 2021
Is America Becoming the New Leader in Crypto Currency? July 22, 2021
A Time to Buy & A Time to Sell: Fearless Investing in Crypto June 24, 2021
Real Wealth Creation: Wealth for Generations to Come April 27, 2021
The Most Common Reason More People Aren’t Buying Crypto April 14, 2021
Reducing the Risk: Angel Investing March 30, 2021
Where Did We Go Wrong: Polarization of US Politics March 15, 2021
Lessons Learned from the 1929 Stock Market Crash March 1, 2021
It’s 2021…Why Are You Not a Capitalist? February 19, 2021
Why Do People Lose Money on Stocks? February 11, 2021
Facts About Hedge Funds That Will Blow Your Mind January 27, 2021
The Big 5 Breakdown January 19, 2021
2021: Where to Invest December 15, 2020
4 Tips To Become a Wealth Creation Warrior November 20, 2020
You Get What You Negotiate November 13, 2020
Capitalism: The Empowerment of the People November 9, 2020
Economic Agenda: Trump v/s Biden…. The choice is clear October 28, 2020
Capitalism: Misunderstood October 20, 2020
America the Beautiful October 5, 2020
Business is War October 1, 2020
Redrawing the American Economic Map September 28, 2020
Have the socialists set out to destroy your family? September 24, 2020
3 Financial Rules That You Can Never Break September 16, 2020
Will President Trump Reign Supreme in This Election? September 8, 2020
The Games Have Begun September 5, 2020
The Power of Capitalism – My Testimony August 28, 2020
Why would anyone in his right mind vote for a Socialist Democrat? August 24, 2020
Capitalism: Your Ticket to Freedom August 15, 2020
Check These 4 Things To Skyrocket Towards Your Goal August 6, 2020
Beware: This One Thing Can Cost You Your Freedom July 23, 2020
Colleges Tax-Exempt Status Needs to Be Re-Evaluated July 20, 2020
The Bigger Picture July 17, 2020
We are under spiritual attack. Are you prepared for war? July 10, 2020
Ripping Off the Band-Aid: Why Payment Protection Programs are Not Good in The Long Term July 1, 2020
Negative Conflict June 15, 2020
The Road to Tyranny February 12, 2020
Banks must find their Crypto courage November 6, 2019
Congress Must Pass the SAFE Banking Act October 28, 2019
Private Equity and Venture Finance in MENA: Back to the Future August 22, 2019
Venture Finance in the MENA Region: Challenges and Opportunities Ahead July 15, 2019
The U.S Must Win the 5G Race by Any Means Necessary July 5, 2019
The Unprecedented Wealth Creation Opportunity of the Cannabis Industry is just getting started June 3, 2019
How to Take Out the Trash: Weeding Out Bad Data & Keeping It Out May 13, 2019
Garbage In, Garbage Out: Why Bad Data is Worse Than No Data May 10, 2019
The US Desperately Needs of a Department of Cyber Security April 29, 2019
US Health Care and Health Tech Innovation April 1, 2019
Credit Reporting Reform: Individual Consumers Must Take Responsibility of Their Own Data March 5, 2019
American Exceptionalism vs. Socialism February 16, 2019
Blockchain: U.S Regulation and Governance. January 21, 2019
Nonbank Lenders: The New Risk in the U.S. Mortgage Industry December 10, 2018
Regulating Social Media – Yeah or Nay September 18, 2018
The Systemic FinTech Revolution September 5, 2018
What Does It Take to Be a BIG Disruptor? August 4, 2018
Crude Oil Price Cycle – The Stealthy Economy Killer June 12, 2018
Make Cannabis Great Again May 7, 2018
Emerging Markets Infrastructure Project Investment: Issues and Opportunities April 26, 2018
The Case for a Free World: Central Banks vs Cryptocurrencies March 5, 2018
Family office growth and governance January 31, 2018
Future of the VC Industry January 16, 2018
The Blueprint for Community Banks in a Digital World January 11, 2018
Bitcoin: Drawing the Line Between Investors and Gamblers December 12, 2017
Why Keep the Mortgage Interest Deduction Intact for Now November 24, 2017
The Looming Public Pension Fund Crisis October 23, 2017
U.S. Healthcare: The Most UnAmerican Industry October 10, 2017
Understanding and dealing with bubbles – a review of the state of the art September 27, 2017
RENEWABLE ENERGY: A COMPLEX SYMPHONY TO BE CONDUCTED, NOT REGULATED August 22, 2017
The FATCA Debacle Requires Repeal July 15, 2017
The Financial Power of Impact Investing June 2, 2017
Chinese Investments in U.S. Real Estate – Challenges, Opportunities and Policy Recommendations April 18, 2017
A Case For US Infrastructure April 4, 2017
Turning around the US Economy:- My Top Recommendations for President elect Trump December 12, 2016
To all those wide-eyed millennials looking for a break November 29, 2016
BREAKSIT June 24, 2016
The Symbiosis of Institutional Investors and Activist Hedge Funds May 16, 2016
Emerging Economies – Black Holes or Treasure Troves? April 24, 2016
Financial Impacts of Foreign Events March 31, 2016
Hedge Fund Performance and Regulation March 21, 2016
The World In a (Cracked) Nutshell: Things Happen February 24, 2016
Making a Difference in Our Short Lives February 16, 2016
Investors Can Boost Their Cybersecurity: Back to the Basics February 5, 2016
Key Financial Regulations To Monitor January 14, 2016
Success and Ego – Two sides of the same coin? November 22, 2015
When Will We Stop Blindly Pissing Away Money Down the R&D Rat Hole? November 11, 2015
The Activist Investor: A True Ally of Corporate Governance November 3, 2015
Is the Intellectual Elite Out of Touch with Reality? November 2, 2015
Harvard Business Review: Candid Arrogance or Just Plain Stupidity? October 23, 2015
Smart v/s Wealthy August 10, 2015
US Infrastructure Development: A Case for Public Private Partnerships June 13, 2015
Will Wall Street ever be fixed? May 26, 2015
Entrepreneurship: The Way To the Future? April 27, 2015
Financial Policy Best Practice Framework March 24, 2015
Why Financial Education? March 9, 2015
Central Banks: A Question of Governance February 5, 2015
My Personal Reflections on Davos 2015 February 2, 2015
Salvaging the US shale boom January 3, 2015
What Would Our Founding Fathers Think if They were Alive Today? November 23, 2014
Is Greed Good for the Goal of Improving Society? September 29, 2014
Monetizing your Knowledge – Convert Knowledge into Money September 8, 2014
Making the Capital Markets Smarter Some Food for Thought May 5, 2014
Coming out with “Out of the Box” Ideas for your Non-Profit January 29, 2014
Whatever happened to Integrity January 13, 2014
Building a Crisis Resilient Financial System December 16, 2013
Raising Money For Non-Profit Organization – Ziad K Abdelnour November 12, 2013
The Power to turn the US Economy – Financial Policy Council October 5, 2013
About the Power Brokers Shaping Our Global Capital Markets September 16, 2013
Are You Really The Entrepreneur You Claim To Be? September 2, 2013
My Thoughts Regarding Wealth Redistribution August 27, 2013
Winning Financial Support For Your Non Profit August 19, 2013
Will the Venture Capital Industry ever go back to its glory days? August 12, 2013
Discerning Fact from Fiction August 5, 2013
Living your Life as a True Activist? July 28, 2013
Wealth Takers v/s Wealth Creators Some food for thought July 9, 2013
Stop Procrastinating and Find a Reason to be Rich July 1, 2013
It is all about Money and the Media Stupid Wake up June 29, 2013
Why do we still listen Economists when Vast Majority Forecasting Wrong? June 24, 2013
Is this Capitalism? June 13, 2013
America Tear down the wall before it’s too late June 11, 2013
Investing Post Crisis June 5, 2013
Is this a Housing Scam or What Exactly? June 1, 2013
Why Wealth Bashing? – Financial Policy Council May 16, 2013
Wealth Creation Tips and Strategies April 9, 2012
Why don’t we let Banks Fail? November 13, 2011
On Tax Cuts for the Middle Class and the Wealthy August 20, 2011
7 Rock Solid Reasons Why Giant Banks Need to be broken up NOW August 15, 2011
What part did Hedge funds play in the crash of 2008? July 15, 2011
Have we learned anything from the Financial Crisis of 2007? June 3, 2011
How stupid does Wall Street think we all are? – Financial Policy Council June 3, 2011
The Seeds of our Destruction – An academic outlook May 2, 2011
Wreckonomics: America’s Fiscal Policy in Action April 15, 2011
The greatest threat facing the US today is…. April 2, 2011
Note: The Financial Policy Council (FPC) is a registered 501(c)(3) non-profit organization. This means that your generous donations to support our mission and initiatives are tax-deductible to the fullest extent permitted by law. To claim your tax deduction, please keep a record of your donation, including the date, amount, and any correspondence you receive from the FPC acknowledging your contribution. You should consult with your tax advisor to determine the specific tax benefits available to you based on your individual circumstances.