Impact Series: Inspiring impact with philanthropist Mitzi Perdue, Part 1

Welcome to Ren’s Philanthropic Insights, hosted by Kim Ledger, Ren’s SVP of Complex Assets, and co-host Sarah Rhodes, Ren’s Family Office Charitable Services Director. In this special Impact Series episode, we feature Mitzi Perdue, an anti-human trafficking advocate, former rice farmer, and past president of American Agri-Women. Join us as we explore her insights on impactful philanthropy and hear about one of the most exciting donations our team has worked on. 

Be sure to check out Part 2 of this episode to dive deeper into Mitzi’s inspiring philanthropic journey!

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Until next time, keep giving wisely.

Transcript

Kim Ledger:

Welcome to Ren's Philanthropic Insights video podcast series, made to help financial advisors make the most of their clients' charitable giving. I'm your host, Kim Ledger, Ren's SVP of Complex Assets. In this special season, we delve into the stories of generous philanthropists shaping our world and how financial advisors and family offices can help them maximize the impact of their charitable giving. If you haven't been following along with our Philanthropic Insights video and podcast series, be sure to check out the first series that dives into different ways advisors can leverage DAFs for long-term impact and the second series on how to make the most of complex asset donations.

With me today is my co-host and charitable giving expert, Sarah Rhodes, Ren's family office charitable services director. And in today's episode, we're privileged to have the remarkable Mitzi Perdue joining us. Mitzi is an anti-human trafficking advocate, former rice farmer, and past president of American Agri-Women. She's an accomplished speaker, author, and war correspondent, in addition to being an inspiring and impactful philanthropist. But before we get to Mitzi, which I'm very excited about, Sarah, you're working on a big project at Ren. Can you tell us a little bit about that?

Sarah Rhodes:

Oh, thank you for asking. I'm so very excited. I'm actually helping to develop this family office services group that's going to help amazing donors see their impact beyond just their DAF, and I can't wait to get started.

Kim Ledger:

That's a great segue into our conversation today with Mitzi Perdue. I'm so excited for you to meet her. I've had an opportunity to work with her for a little while, and so I'm excited for you and for our audience today to meet her.

Hi, Mitzi, and welcome. We're so glad you're here. I got to tell you, of all the complex assets that I've worked on, your story is when people ask me, What is your favorite complex asset gift you've ever worked on? It's always your story. I love it.

Mitzi Perdue:

I'm so happy to hear that because I sure love this story.

Kim Ledger:

Me too.

Sarah Rhodes:

Well, Mitzi, I am brand new here. Would you mind telling me the whole story?

Mitzi Perdue:

Oh, I'd like nothing better. Shortly after the invasion of Ukraine by the Russians, I got invited to spend, let's see, I guess it was seven days there as the guest of the Kyiv Region Police. At the end of it, I learned so many needs that the police had because the Russians, when they invade a country, they do this every time, and it's been nine times since the Russian Federation formed, nine times that they've invaded other countries. And every time, almost one of the first things they do is they try to destroy law enforcement. They bomb police stations, they burn the cars, they sink the police patrol boats. And so while I was there and learning about that, I really, really wanted to do something to help. But as I'm going to guess that many of our viewers are in the same situation that I was in, you have some funds, possibly by inheritance, but they're not liquid, or you have liquid funds, but you've already promised them elsewhere.

I really wanted to help. And I had inherited from my beloved late husband, Frank Perdue, an engagement ring. This isn't it, but it would be that finger. It was one of the world's larger, perfect emeralds, and it was historic like you can't believe. He, Frank Perdue, was one of the financiers of finding the treasure ship Atocha, which is the richest treasure ship ever found. And is part of what he was given for a financial backing was this quite large, perfect emerald, and I thought Frank Perdue was the most philanthropic person I ever met in my life.

I bet, I'm saying to myself, that he would approve of using that ring to really make a difference in the lives of the Ukrainian people. And so if you're going to sell a ring, what would be the most tax-effective way of doing it? And at that point, I want to give a great, big, glorious bouquet, metaphorically speaking, I want to give a bouquet to UBS. Because Chris Marsh from UBS, he spent hours with me figuring out how to do it. Because how do you give an object and turn it into money and have Uncle Sam still love you and think you did something great? As in, that it's tax-effective. And UBS found Ren, and my life changed.

Kim Ledger:

That's how we felt, too. Yeah. I loved working with Chris, and I remember the day, I can remember where I was when Chris and I talked about the potential gift, and then we worked with Sotheby's and then sold the ring. And do you mind telling our audience how much the ring sold for? I know that there are numerous articles about that, but-

Mitzi Perdue:

Oh, it is not secret. The only thing that's secret is who bought it. I don't know who has the ring.

Kim Ledger:

Oh, I don't know either. Yeah.

Mitzi Perdue:

And if anybody has a way of telling me, please do because it's a beautiful thing. However, it went for $1.2 million and something that just-

Kim Ledger:

Yeah, so exciting.

Mitzi Perdue:

Okay. But something that delights me beyond measure. Sotheby's had to be really, really good at their publicity because I got letters from Japan, well, I got letters from all over South America, and one of the best letters, this is about the sale of the ring in Seville, Spain, there was a group at some bar that had gotten together to watch the sale of the Atocha Emerald, this historic emerald. And they said that in some bar in Seville, there were a group of 20 people just yelling and screaming as the price got higher and higher.

Kim Ledger:

I think we were doing that at our office as well. It was such an exciting day.

Mitzi Perdue:

And me watching it, I was about to faint because I thought she did much more than I hoped for. And then, on top of that, the potential of doing lots and lots and lots of good, boy, that was a great day for me.

Kim Ledger:

It was for us, too. We were just so excited about that. And like you said, working with Chris with the advisor, and he came in and suggested, again, looking at the different options, it just seemed to make the most sense, and you were able to avoid capital gains taxes by doing that. So that was wonderful. And because that, at least more money for your projects, which I am excited to get into as well.

Mitzi Perdue:

Well, I love that. But can I back up a second?

Kim Ledger:

Sure.

Mitzi Perdue:

I said that I wanted to give a bouquet to UBS. How about to Ren also? Because we were really down to the wire because December 7th was the day of the auction, and I had to have a completed gift of the ring, and you would understand more of the mechanics of it, but it meant being on the phone to California and also to you guys, like, for me at 11 o'clock at night. There's a fair amount riding on this because if we could get it done right, it would be I've save taxes for another five years. Done wrong, I'll lose a lot. And you guys were so helpful in just leaping over all the obstacles that the paperwork required or even thinking about the solution. I had a glorious experience with you guys.

Kim Ledger:

Thank you.

Mitzi Perdue:

And anybody who's listening, if you have an object, a high-value object, and I think we're talking a couple of hundred thousand dollars or more, if you want to turn it into cash to help a charity of your choice, this is the way to go.

Kim Ledger:

And I think that was the interesting thing, right, about the ring too, is we were, I think Sotheby's anticipated a sale of between three to 500,000, if I remember correctly. And so the 1.2 million, and not only did Sotheby's do a great job of marketing, but I know you did as well because there was quite a bit out there story-wise. And I love seeing all, I think you were in numerous articles, especially after the sale. Prior to and then afterwards. But yeah.

Mitzi Perdue:

If somebody is watching this and has a high-value item that they want to turn into cash for their charity, I have a recommendation on that. I would go, I think it might've gone for half a million, but with the publicity surrounding it, okay, tale out of school, I actually hired a public relations firm for a month to supplement what Sotheby's doing, and I think they earned their fee probably 50 times over.

Kim Ledger:

I think so too. Yeah.

Mitzi Perdue:

So I thought that anybody who's considering doing this, if it's something that can be publicized. In my experience, you can vastly increase the sale price. And then something else that I'd advise, first of all, I advise going to Sotheby's because, boy, did they treat me well. I mean, oddball phone calls that return immediately. It was a great experience, but something that I would recommend, I came up with the idea of selling the ring. Maybe don't hold me to this, but I'm directionally accurate. Maybe six weeks, maybe a month, maybe a couple of months. But if I had to do it over again, boy, I think I'd devote half a year to getting all the details planned so that it's a relaxing experience rather than imposing on everybody the last minute.

Kim Ledger:

Yeah, it came about quickly.

Mitzi Perdue:

But you guys came through. It was a miracle. I love you.

Kim Ledger:

Thank you. It was a great experience for us. Like I said, it's one of my favorite stories. And I know that philanthropy has been a big part of your life, not just, it didn't just start now. It's been something that I know was important to both you and Frank, and I think one of the articles talked about that that a lot of the proceeds from the Atocha he gave to charity, maybe you told me that, but that this was important. So the extension of the ring providing for the Ukraine, I think to your earlier point, that's just fantastic.

Sarah Rhodes:

And what would you say when you were going through this process, what was the most important thing to you? What did you need everybody to keep in mind as we were working through-

Kim Ledger:

That's great question.

Sarah Rhodes:

... how to put this in auction and publicize it?

Mitzi Perdue:

For me, I didn't plan this. It happened. The team that was working on it, which would be UBS and Ren, and in the end, Sotheby's. The best thing that you can hope for is a team that's on board and believes in what you're doing. And I don't know how you get that other than going to Ren, and UBS, and Sotheby's.

Kim Ledger:

All right, Mitzi, we're getting ready to break for today. Is there anything else that you have from the Atocha?

Mitzi Perdue:

Oh, I'm so glad you asked that because-

Kim Ledger:

Ta-da.

Mitzi Perdue:

This coin. It's a part of a piece of eight from the Atocha. It was minted in 1622, but since many people in the audience are part of family businesses, I've lost track, but I think I have probably 30 or 40 of these. And when a woman marries into the Purdue family, she gets one of these. And I love the idea for continuity of the family. The Purdue's have been a family business for 104 years, and I memorized a little phrase that I invite everybody else to listen to carefully, which is, tradition is the lifeblood of identity.

And I'm going to repeat that because I think it's so important. If you want your family to last, it needs identity, and tradition is the lifeblood of identity. And for the Purdue family, if you're a Purdue woman, you own one of these, and it's a tradition, it's just very meaningful, and whatever your family is, is there something that when there's a married in and jewelry works for women? Hunt for that kind of thing because to make a family last, create traditions, and boy, this is a real popular one because when a woman's engaged in the engagement party, in the ceremony of giving her the coin, it really works.

Kim Ledger:

Oh, I love that story. I love that. Thank you so much, Mitzi, and I look forward to seeing you on our next episode.

Thanks everyone for watching, or if you turned in via podcast, thanks for listening. If you want to learn more about Ren and how we might be able to help with your philanthropic program needs, visit reninc.com or email us at consulting@reninc.com. We'd also love to hear if you have questions or topics about planned giving you want us to talk about. And of course, don't miss the great information we have in our Advisor's Philanthropic Insights newsletter. Sign up at reninc.com/advisorinsights. Find all the links mentioned in the show in the description, and you'll find expert tips daily on our social channels. Check it out. Until next time, I'm Kim Ledger. Give wisely.