Peter Tumbas, of Tumbas and Associates in Monroeville, is a leading financial planner in the Pittsburgh area. In addition to referring several clients to The Pittsburgh Foundation, Pete and his wife Janet have established The Katherine Bassara Memorial Fund and Our Grandparents’ Memorial Fund.  

Why did you establish funds at The Pittsburgh Foundation?

My wife Janet and I wanted to honor our grandparents. We set up funds to award grants to the Serbian churches in Monroeville, where both sets of grandparents worshiped during their lifetimes.

Have you awarded any grants?

Yes, recently we awarded grants to the Saint Nicholas Serbian Orthodox Church and the Saint Sava Serbian Orthodox Church. Do you have a vision for the future of your funds? We have two daughters, Julianna and Stefanie, who will be involved in our grantmaking. The idea of grants being awarded in perpetuity very much appealed to my wife and me. At some point in the future, we are considering setting up an advised fund in our own name, which will make grants to the charities we are involved with.

Do you have any advice to others thinking about starting a fund?

Recently I’ve been recommending charitable lead trusts — limited term trusts that have appeal for many people. With these vehicles, my clients don’t have to part with their money forever. They receive income or principal after a period, and at the same time support their causes. It’s a sound investment decision.

Do you find that your clients are inclined to look at charitable giving as a part of their financial plan? Is it primarily about tax benefits?

It’s about much more than the taxes, although that is a nice advantage. I tell my clients, it’s a win-win situation. They plant an orchard, and the community harvests fruit for decades to come.