Patriotism, Taxes, and Liberty

Posted on July 2, 2014 by Stewardship Foundation

In 2008, Vice President Joe Biden suggested in an interview with ABC’s Good Morning America host Kate Snow that shelling out more to government is patriotic. “It’s time to be patriotic, Kate. Time to join in, time to be part of the deal, time to help America out of the rut…”

Four years later, America’s debt continues to rise, so should we all wave the flag with one hand and and pay higher taxes with the other? If we do, are we better patriots?

Not if you listen to the honorable Judge Learned Hand (1872-1961), a US judge and judicial philosopher who served on the US District Court in New York and later the US Court of Appeals Second Circuit. Judge Hand has been quoted more often by legal scholars and by the Supreme Court that any other lower-court judge.

Because we’re in the business of helping donors avoid unnecessary taxation, our favorite quote from Judge Learned Hand is this:

God Bless America “Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.”

And because it’s July 4th week, our country is in the midst of an immigration crisis the likes we’ve not seen in our lifetime, we wanted to share another noble address the judge gave in 1944 during an address in Central Park at the annual “I Am an American Day” event where newly naturalized citizens swore the Pledge of Allegiance to the United States of America:

“What then is the spirit of liberty? I cannot define it; I can only tell you my own faith. The spirit of liberty is the spirit which is not too sure that it is right; the spirit of liberty is the spirit which seeks to understand the minds of other men and women; the spirit of liberty is the spirit which weighs their interests alongside its own without bias; the spirit of liberty remembers that not even a sparrow falls to earth unheeded; the spirit of liberty is the spirit of Him who, near two thousand years ago, taught mankind that lesson it has never learned, but has never quite forgotten; that there may be a kingdom where the least shall be heard and considered side by side with the greatest.”

We wish all our friends, fellow advisors, and partners a blessed and joyous July 4th, and may God Bless America.

“Lobbying” for Morally Responsible Investing

Posted on May 30, 2014 by Patrick Finneran

It’s been an embarrassing time for Hobby Lobby, the retail store chain that had most of us cheering when they took their case against the Obamacare mandate all the way to the Supreme Court. Regardless if Hobby Lobby wins in court what promises to be a landmark case exempting it from abiding by the HHS mandate, the company has other issues to address internally.

After a little digging into Hobby Lobby’s 401(k) plan, Mother Jones, a nonprofit news organization that specializes in investigative, political, and social justice reporting uncovered that the closely-held company’s 401(k) employee retirement plan held more than $73 million in mutual funds with investments in companies that produce emergency contraceptive pills, intrauterine devices, and drugs commonly used in abortions. Hobby Lobby makes matching contributions to their company-sponsored 401(k).

Considering the investment the Green family has made fighting the mandate, the story is likely more unfortunate than hypocritical. It didn’t need to happen! And what’s worse, other pro-life companies and ordinary pro-life investors all have an easy choice – there are pro-life investment funds that screen out stocks of companies that may be engaged in Planned Parenthood, certain abortion drugs, or embryonic stem cell research. If this news about Hobby Lobby has made you uncomfortable about your retirement plan choices, you are not alone. Fortunately, we have a policy of preventing our investors from making morally objectionable investments.

The Stewardship Foundation is adamant about carefully selecting our investment portfolios. We guide our donors and partner nonprofit organizations to practice morally responsible investing that matches the foundation’s call to Christian conscience. And we do this with no sacrifice in investment returns. If you or your organization is unsure whether or not your portfolio matches your morals, we are happy to assist you make that determination.

The following is a summation of the companies behind the Hobby Lobby debacle:

“These companies include Teva Pharmaceutical Industries, which makes Plan B and ParaGard, a copper IUD, and Actavis, which makes a generic version of Plan B and distributes Ella. Other stock holdings in the mutual funds selected by Hobby Lobby include Pfizer, the maker of Cytotec and Prostin E2, which are used to induce abortions; Bayer, which manufactures the hormonal IUDs Skyla and Mirena; AstraZeneca, which has an Indian subsidiary that manufactures Prostodin, Cerviprime, and Partocin, three drugs commonly used in abortions; and Forest Laboratories, which makes Cervidil, a drug used to induce abortions. Several funds in the Hobby Lobby retirement plan also invested in Aetna and Humana, two health insurance companies that cover surgical abortions, abortion drugs, and emergency contraception in many of the health care policies they sell.”

— Mother Jones Article ‘Hobby Lobby’s Hypocrisy: The Company’s Retirement Plan Invests in Contraception Manufacturers’, April 1, 2014

— Patrick Finneran

April is the Cruelest Month

Posted on April 24, 2014 by Stewardship Foundation

“April is the cruelest month,
breeding lilacs out of the dead land,
mixing memory and desire,
stirring dull roots with spring rain.”

― T.S. Eliot, The Waste Land

I am often reminded of this quotation by renowned poet T.S. Eliot around tax filing time. These lines talk about the expectations and disillusionments that can befall the investment decisions that are revealed in your tax returns.

snow iris Some of your investments unexpectedly become “lilacs out of the dead land…” Whether by your efforts or those of your financial partner they yield the positive results your desire. Your tax return can also revive memories of poor decisions and lost opportunities… “mixing memory and desire”

Whether you were pleased with your investment returns this year or not, you know that tax laws continually change. However, there remains one constant — charitable giving. Giving always yields positive results! Your giving affects the bottom line of the charities you support, and it changes lives of real people in ways most of us will never know. The way you give can also affect your financial health. For example:

If you bought or sold property this past year but did not go through the Stewardship Foundation, you might have missed some important tax benefits.
If you are holding onto property or a business because the market does not favor selling, you might benefit from alternative options the Stewardship Foundation can suggest.
If you tried to support a charity or non-profit using non-cash assets, but your preferred charity or non-profit was not in a position to receive it, you should contact the Stewardship Foundation for our assistance.

The Stewardship Foundation can work with donors and investors of most charities and non-profits. We are experienced at stirring dull roots with spring rain. Now is the time to plan and to explore your investment options for the 2104 tax year. Now is the time that your charities and non-profits need your financial support.