CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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Fred and Danny Magnanimi grew up watching their father create beautiful, handcrafted jewelry in the family's Cranston, RI jewelry manufacturing business. When the boys grew up, Fred moved to New York and began working on Wall Street as an investment banker, while younger brother Danny, still enamored by the family business, stayed home. Increased competition from overseas businesses created significant challenges for the business, but Danny was confident he could find a way for the family business to evolve and thrive. This was his mission, this was his passion.
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        Elizabeth O. Manchester

        As Chair of the firm's Charitable & Nonprofit Organizations Practice Group, Elizabeth represents tax-exempt entities, centered on compliance, formation, charitable gift planning issues and best practices. She has extensive experience assisting institutions with the inception of planned giving programs, as well as, compliance issues, various corporate governance matters and maintnance of tax-exempt status. Elizabeth also advises charitable institutions and institutions of higher learning about tax benefits available to donors, to assist in discussions with donors appropriately to advance their mission.

        Elizabeth advises nonprofits regarding board education, training and advice on fiduciary obligations, compliance, donor representation, endowment fund management, finance, Form 990 and reporting issues, and governance, including bylaws and policies, joint ventures and affiliations, and litigation planning and prevention. In addition, she advises nonprofits regarding managing bequests and complex gifts for organizations, mergers and acquisitions, obtaining and maintaining tax exemptions, policies, political and lobbying restrictions and tax.

        Elizabeth also counsels individuals, families, and fiduciaries on all aspects of estate planning, estate settlement and trust administration in Rhode Island and Massachusetts, including planning and tax strategies designed to further the unique goals of clients.


        • Northeastern University School of Law, J.D.
        • Providence College, M.B.A.
        • Providence College, B.A., magna cum laude

        Bar Memberships & Admissions

        • Rhode Island
        • Massachusetts

        Practice Areas

        Professional Affiliations

        • Rhode Island Bar Association
          • Business Organizations and Nonprofit Committee, Chair
        • Roger Williams University School of Law Pro Bono Collaborative

        Boards and Community Activities

        • Leadership Rhode Island
          • Member of 2016 Mu II Class
        • Partnership for Philanthropic Planning of Rhode Island
          • President
        • Rhode Island Communities for Addiction Recovery Efforts
          • Chair
        • Rhode Island Foundation
          • Professional Advisory Council
        • Roger Williams University School of Law Pro Bono Collaborative
          • Event Committee
        • Taco/The White Family Foundation
          • Board of Directors 
        • Urban Collaborative Accelerated Program: Planned Giving Committee


        • Rhode Island Monthly  Professional Excellence In Law Honoree, Nonprofit Law (2019, 2020, 2021).
        • Providence Business News 2017 40 Under Forty Honoree.

        Representative Work

        • Has assisted higher education and nonprofit institutions with raising over $100 million in new planned giving commitments and structuring complex gifts.
        • Works with donors to achieve charitable giving goals and find tax efficient estate planning strategies.
        • Allows charitable institutions to have flexibility with planning strategically for the future through the establishment of sophisticated charitable giving programs.

        Estate Planning
        Elizabeth is an experienced estate planner. These skills also fit within the context of charitable giving, including in the following areas:
        • Facilitates business succession planning with stock recapitalization agreements and stock gifting.
        • Meets with clients to assess estate planning needs and draft estate plans, including revocable trusts, wills, powers of attorney, health care proxies, irrevocable life insurance trusts and qualified personal residence trusts.
        • Drafts all documents related to family limited partnerships and limited liability companies utilized for gifting.
        Charitable Giving
        Elizabeth can assist with advising charitable institutions on accepting gifts of the following assets and how to engage in the following conversations with donors:
        • Bequests
        • Retirement Benefits
        • Art and Unique Assets
        • Real Estate
        • Life Insurance
        • Donor Advised Funds
        • Charitable Remainder Trusts
        • Pooled Income Funds
        • Charitable Gift Annuities
        • Charitable Lead Trusts
        • Privately Held Stock

        Crediting and Recognition Policy
        Elizabeth advises organizations regarding appropriate crediting policies for bequests, bequests with testamentary pledges and life income gifts of all varieties.

        Gift Acceptance Policy and Committees

        Elizabeth has experience drafting appropriate acceptance policies related to the following:
        • Gift Review Committees for certain assets.
        • Allocating bequests to endowment, quasi-endowment or current use based on testamentary language.
        • Expenditures of bequests designated to specific purposes in year they are received.
        • Drafting, amending and establishing gift agreements.
        Gift Administration
        • Best practices to protect an organization’s interests through the administration processes for these gifts, including:
        • Gifts through probate or trust administration. Assists clients in reviewing first and final accountings, receipts and releases and understanding customary and reasonable expenses associated with estate administration.
        • Reviewing trust statements for externally managed trusts that were both income producing and non-income producing. Reviews good investment practices, reasonable trustee’s fees and proposals to trustees to terminate interests in trusts, expediting distributions for the client.
        Formation of Nonprofit Entities, Corporate Governance and Maintaining Tax-Exempt Status
        • Nonprofit qualification for tax-exempt status and formation.
        • Implementing corporate governance checks and balances and best practices.

        Personal Note

        Liz lives in Rumford with her husband Bernie and her daughters Quinn and Blair. Her passion for giving back and philanthropy was inspired by her parents who opened their restaurant in Fall River, the Rocking Horse Pub, on the holidays to feed the homeless. She is a mentor for San Miguel School in Providence. She enjoys playing golf, skiing, and rooting for the Providence College Friars.

        Representative Publications

        Representative Speaking Engagements