It’s often said that family and money don’t mix well. However, I would challenge the notion—I literally wrote the book, A Passion for Giving, on the topic, providing practical guidelines to leverage family wealth for impactful philanthropy. Giving is not just good for the world, but also integral to nurturing healthy family dynamics—and may even... Read More
According to Fidelity Charitable, a private family foundation is “a type of private foundation set up by a family, funded with the family’s assets and often run by family members who can also participate in its charitable grantmaking.” Our annual Foundation Operations and Management Report (FOMR) gives insights into the grantmaking, operations, and management of... Read More
Next generation philanthropy. No matter how you define the next generation, many foundations struggle to engage this subset into their philanthropy. “The most important thing is to treat young people as equals at the board table,” says Susan Price from the National Center for Family Philanthropy. “They don’t know everything the older generation knows, but... Read More
There are big benefits when a family foundation invites one or more nonfamily members to its board. Nonfamily members can help the family make more objective grantmaking decisions. Similarly, family members tend to behave differently in the presence of nonfamily members. This can help shift family dynamics that may be getting in the way of... Read More
There was a time not so long ago that nearly all philanthropists, as well as many others, carried a mechanical watch. Prior to cell phones, digital watches, and electrical quartz watches, the mechanical watch was a true marvel—a complex assembly of springs, gears, jewels, pins, and other components. Winding a watch transmits energy into a... Read More
Getting clear on your foundation’s lifespan is one of the most fundamental decisions your board will make. It affects virtually everything else you do. Think for a moment of the difference in, say, a 25-year lifespan or one of perpetuity when it comes to setting grantmaking priorities, managing investments, engaging the next generation, or running... Read More