Robert John Floe Endowment

A longtime supporter of Pasadena Community Foundation (PCF) and local charitable organizations, Robert “Rob” Floe is the president and founder of Floe Financial Partners, a Pasadena investment advisory firm. Floe Financial Partners has been helping individuals, charities, and corporations for more than 35 years. Rob has served as Chairman of the Board of Union Station Homeless Services (USHS) and has been on the Boards of Five Acres, Heifer International Foundation, and Pando Populus. A native of Minnesota, Rob graduated from Macalester College in St. Paul, MN, where has endowed a scholarship find. He lives in Pasadena with his partner Henrique Martins.

In 2021, Rob created a unique bequest for PCF with the help of his attorney Karla Berensten. He named PCF as the beneficiary of the entirety of his retirement funds to create the Robert John Floe Endowment Fund.  While PCF is frequently selected as the beneficiary for retirement or other funds, this fund in particular has a unique angle: Each year, 4% of the endowment balance will be used for one “high-impact” grant award, supporting a single nonprofit in the five areas of interest that are important to Rob. The grants will cycle through the areas of interest every five years.

Rob liked that using IRAs was easy and efficient. “All I had to do was change the beneficiary to make 100% of my estate go to doing something good in the world.” Rob also liked the idea of being forever part of one of his favorite events in Pasadena: PCF’s Local Heroes Breakfast. “That event is a blast because money is being given away to such deserving groups. It’s one of the most positive events of the year in our community and always makes me so happy.”  The “high impact” idea emanated from Rob’s Board roles. “Organizations always have projects on their ‘To Do’ lists but never quite have enough resources to get them done. A larger gift gives them permission to be innovative and get something important done with it.”

Honoring His Myriad Passions

Rob focused on his passions to choose five Impact Areas to receive his high-impact grants.

• Year #1, Year #6, etc.  Homelessness — Organizations that will help those experiencing homelessness rebuild their lives. Rob served on the USHS Board of Directors and was a longtime donor to the organization.
• Year #2, Year #7, etc.  Abused Children — Organizations who help children who have suffered neglect and abuse.  Agencies that use evidenced-based practices for prevention, intervention, treatment, and recovery will be considered for funding. Rob served on the Board of Five Acres and saw how important it is to help young people who experience early trauma in life.
• Year #3, Year #8, etc. LGBTQ Youth — Organizations involved in advocacy for and/or direct services to the LGBTQ+ population will be considered for funding. As a gay man, Rob wants to support young people who face adversity because of their sexual orientation or non-confirming gender roles.
• Year #4, Year #9, etc.  Arts & Culture — Organizations providing arts education or access to the arts will be considered for funding. Rob is a singer and is appreciative of his liberal arts education. He believes that exposure to the arts has been an important component to his rich and well-rounded life.
• Year #5, Year #10, etc. International Development — Organizations that are U.S.-based nonprofits with a focus on helping those in poverty in developing countries will be considered for funding. Rob was actively involved with the Heifer Project and believed in Heifer’s philosophy of helping people help themselves to build sustainable lives.

“I think it’s important for all of us who value giving to the community during our lives to also ensure giving after we’re gone. It’s a way for our values and goals in life to continue after death.”

Rob’s Partnership with an Estate Planning Attorney

Karla Berensten, the Chair of Hahn & Hahn’s Trust and Estates Practice Group, handles complex estate planning and serves as Rob Floe’s estate attorney. She sees huge value in choosing charities as the beneficiaries of retirement assets upon death, as Rob has. It is an easy process, no fees are incurred to make the changes, and it offers a win-win solution to a 2020 tax law that imposes harsher tax consequences on non-spouse beneficiaries (such as children and grandchildren) who inherit a retirement account. It’s also a feel-good option: “I see that when charity is involved, there’s a feeling of ‘Wow, I am going to do something important with my money, I am creating a lasting legacy.”

Karla loves connecting her clients to Pasadena Community Foundation. “PCF is so educated about all the local charitable organizations. That deep knowledge helps clients narrow their focus and feel like they are getting a vetted understanding of nonprofits and how their money will be used.” Karla notes that PCF’s personal touch is always evident. “PCF spends careful time with clients to make their goals happen, spending time understanding their goals and integrating them carefully into the Memorandum of Charitable Intent. In turn,

“My clients feel strongly that ‘PCF is going to do right by me.”