Philanthropy Ireland’s Post

This is such an important op-ed. It's a call to action for the wealthy and super wealthy to be more philanthropic. One of the reasons that Mackenzie Scott has been so admired in recent years is because she donates boldly and generously. She's an anomaly. "At the start of this year, charitable foundations in the United States found themselves with nearly $1.5 trillion in assets." Did you know that foundations are required to distribute only 5% of their assets annually? "To get more resources into the world, larger numbers of wealthy individuals — not just foundations — also need to give more. The portfolios of the world’s wealthiest have grown substantially since the start of the Covid-19 pandemic. Yet giving among the ultra-wealthy hasn’t kept pace with that growth. Imagine the possibilities if the world’s billionaires, worth a combined $12.2 trillion, donated just .05 percent of their net worth — or more than $6 billion — to charitable causes. They could save and improve hundreds of millions of lives — and still have billions left over." https://lnkd.in/gPxTESUf

🎯 Key findings on Private Charitable Foundations among UHNW Individuals 🌟 Check Altrata's Research Report, published last March 13, 2024! 📍 17% of UHNW individuals have a private foundation. 📍 Nearly 30% of those with a net worth over $100 million have a private foundation. 📍 The presence of private foundations underscores their growing importance. 📍 UHNW individuals with private foundations tend to be older. 📍 There is a slightly higher female representation among these individuals. 📍 They are more likely to have solely inherited their wealth compared to the average UHNW individual.

To address the “significant backsliding” in “the health and prosperity of those furthest from economic opportunity,” Mark Suzman of the Gates Foundation offers the following advice to grant makers and major donors: 1.     Give to the areas of highest need – to help the world’s poorest and most vulnerable. 2.     Spend more assertively – to increase giving commensurate with the increase in foundation assets and individual wealth that has grown substantially since the start of the Covid-19 pandemic. 3.     Celebrate all forms of philanthropy and encourage others to join in – from the collaborative funds, the prominent philanthropists, and everyday people. #philanthropymatters #foundations #charitablegiving #charities #donations #philanthropists #collaborativefunds #wealthy #majordonors #grantmakers #poorpeople #economicopportunity #healthandprosperity #gatesfoundation #covid19pandemic

In 2010, 40 of the world’s richest people made a collective promise, known as the Giving Pledge. They would give the majority of their wealth to philanthropic causes, either during their lives or soon after their deaths, in an attempt to solve some of society’s most complex problems. Yet, you don't have to be ultra rich to leave a lasting legacy. With planning and a team, anyone can give significantly. Read more in this #VESTEDmagazine article: https://okt.to/fR4mlI

A federal lawsuit has been filed against The Church of Jesus Christ of Latter-day Saints' investment arm, alleging that it misused hundreds of thousands of dollars donated by individuals rather than using the funds for promised charitable purposes. This lawsuit brings attention to the financial practices of the Mormon church, known for its wealth accumulated through member tithing and its lack of public financial disclosure. The lawsuit seeks the return of $5 million donated by a former member, similar to a previous lawsuit. The recent lawsuit questions whether the church's investments align with donor intentions, following a recent $5 million fine imposed by the U.S. Securities and Exchange Commission for obscuring investment portfolio details. The core issue in both lawsuits is whether the church's investments align with donor wishes. Allegations in the recent lawsuit claim the church diverts donations to accounts that are not used for charitable work, including tithes directed to a nonprofit organization that has amassed over $100 billion in value. The lawsuit seeks class-action certification and an independent entity to oversee donations. The church is defending its handling of contributions, and the outcome of a previous lawsuit is under review. #EnsignMagazine #EnsignPeak #DowntownSaltLakeCity #JonHuntsmanJr #SaltLakeCity #Judaism #DavidNielsen #UnitedStatesSenateCommitteeOnFinance #CatholicChurch #UnitedStatesDollar #UnitedStates #GeorgeWBush #Jesus #Virginia #UnitedStatesSenate #TempleSquare #Bbc #California #SecuritiesAndExchangeCommission #Christianity

I want to flag what I think is becoming a major trend in philanthropy's response to the equity imperative (and one way of reconciling cause pluralism and prescription, which I've also written abt): what Mark Suzman* calls the "yes, and" approach. That is, instead of urging donors not to give to well supported institutions (be it an alma mater, or a research institution in a Western country), the suggestion is to give but to pair the donation w/ another to a less well-endowed institution (an HBCU, or an institution in the global south). Versions of this idea have been cropping up quite a bit over the last year; the next step would seem to be some sort of formalization process with the pairing. Worth watching in the year to come. *Full disclosure: I'm a Gates grantee. https://lnkd.in/eZHC9QQv

I like the pairing idea and even better if you’re pairing global with local or making an gift bin response to a disaster and contributing to long term resilience and recovery (and tackling climate change) at the same time. So glad to see this piece from Mark Suzman in the The Chronicle of Philanthropy!

If you like data and are interested in fundraising, this article is for you. It's important to understand donor habits to better plan your own funding strategies for the year ahead. #Fundraising #Development #GivingTrends #NonprofitNetwork #Philanthropy

We need to talk about it, the US has a colonial problem. This framework has denied people living in the US’s five territories — 98% of whom are people of color — democracy, equity, and self-determination. What’s worse is that philanthropy has consistently overlooked or missed the mark entirely on funding. Philanthropic interest and investment should not be limited to disaster relief. It’s why I joined Deanna James, PHR, sarah nededog, and Right to Democracy to write about it — we need to sustainably fund organizations in American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands. Read the full op-ed here:

"Spearheaded by groups like the Excessive Wealth Disorder Institute, Inequality.org, and the Institute for Policy Studies, the campaign draws attention to the fact that much of the money philanthropists donate to charitable causes never reaches the people it is supposed to serve. Instead, the donations are often hoarded in donor-advised funds (DAFs), which don’t have payout requirements. According to the Excessive Wealth Disorder Initiative (EWDI), this type of wealth and the wealth hoarding it often enables are a “societal sickness” resulting in the insatiable need to acquire more. Founded in 2022, the California-based organization seeks to tackle this sickness through research, education, organizing, and building a broad-based movement that dismantles the social, economic, and environmental dangers of excessive wealth. 'For us, a critical aspect of inequality in philanthropy has to do specifically with wealth hoarding. The key vehicle that is propping up the ability for excessively wealthy folks to hoard their wealth is the tax system, and the tax system is also what underlies the system of philanthropy,' said Gabriela Sandoval, EWDI’s executive director, in an interview with NPQ." https://lnkd.in/eiwymcEY