MINNEAPOLIS — May 21, 2020 — North Star Resource Group, one of the largest independent wealth management firm in the Twin Cities,1 is a new member of the MPLS Regional Chamber’s Minnesota Keystone Program, a group of businesses committed to a higher level of community service and philanthropy.
“North Star is proud to be part of this group of businesses who serve their customers, team members and communities every day,” said Ed Deutschlander, CEO of North Star Resource Group. “I believe North Star’s values of service, gratitude and responsibility will help us uphold the Keystone Program’s spirit of generosity and sense of community.”
In 1976, 23 Minnesota companies—Including Target Corporation, Medtronic, Inc. and Wells Fargo Bank Minnesota—created the Minnesota Keystone Program to recognize and encourage charitable giving in the state. Companies must contribute 2 percent of their pre-tax earnings to charitable organizations to be considered for membership.
Each year, North Star Resource Group donates 10 percent of all profits to charitable organizations through the Scott Richards North Star Foundation. To date, the foundation has contributed over $5 million to worthy charities.
“Part of being in the North Star Family is giving back to the community,” Deutschlander said. “We stress this in multiple ways—from giving team members the opportunity of paid time off to volunteer to having regular opportunities to donate blood or to participate in food and toy drives in our offices.”
Since founding its foundation in 2004, North Star has focused its efforts on six main causes, including ataxia, Bikes for Kids, Alzheimer’s disease, breast cancer, cystic fibrosis and myelofibrosis.
“One area that has been a key focus of our foundation is finding a cure for Alzheimer’s,” added Deutschlander. “As horrific as COVID-19 has been, Alzheimer’s continues to take millions of lives, and the time for a cure is long overdue. We will continue to focus efforts in equipping great medical professionals like Dr. Praticò at Temple to eradicate Alzheimer’s.”
Senior vice president at North Star, Shaun McDuffee, founded Stop Alzheimer’s Now (SAN) in 2013, and many North Star team members and advisors have joined him on awareness walks throughout the United States to raise funds for Alzheimer’s research.
Together with SAN and Philip Richards, founder and chairman of North Star, the Scott Richards North Star Foundation has funded two fully endowed chairs for Alzheimer’s research at Temple University.
“The Alzheimer’s Center at Temple is committed to promoting brain health and fostering discoveries for a better understanding of Alzheimer’s disease through advanced research, clinical studies and innovative educational program,” said Dr. Domenico Praticò, Scott Richards North Star Charitable Foundation Chair for Alzheimer’s Research. “[North Star and SAN’s] gift will allow us to continue to pursue our ultimate goal of finding a cure.”
North Star’s foundation also supports various local nonprofits through a matching gift program, which doubles each employee’s donations up to $500 or donates $500 to charities where an employee has volunteered eight or more hours of their time. One in four North Star employees participates in this program each year,2 supporting over 36 charities throughout the U.S.
Additionally, team members receive eight hours a year to work at the 503(c) organization of their choice. In 2018, North Star’s advisors and team members used a total of 183 paid volunteer hours.3
To learn more about North Star’s charitable contributions, visit: northstarfinancial.com/foundation.
About North Star Resource Group
North Star Resource Group is a Minneapolis-based financial services firm that provides individuals, families and businesses with the resources needed to create, preserve and protect their wealth. With a network of 170 advisors in 22 states, North Star has contributed to the financial security and well-being of over 140,000 individuals.* Additionally, North Star contributes 10 percent of profits each year to worthy nonprofits through the Scott Richards North Star Foundation, totaling $5 million donated since 2004. To learn more about North Star Resource Group, visit northstarfinancial.com.
*Data as of December 31, 2019
About the Minnesota Keystone Program
The Minnesota Keystone Program promotes corporate philanthropy by recognizing and honoring companies that donate at least 2 percent of their pre-tax earnings to charitable organizations. Qualifying companies have an operating presence in Minnesota and donate cash or in-kind donations, including pro-bono services, and/or employee paid volunteer time. Find out more about the Minnesota Keystone Program at mplschamber.com/minnesota-keystone-program.
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1Ranked #18 based on assets under management on the Minneapolis-St. Paul Business Journal’s Largest Wealth Management Firms, January 2020
226 percent participation in the program according to the July 2018 to July 2019 fiscal year
2As of July 9, 2019