The day-to-day operations of a family foundation are naturally consumed by details such as grant reviews, donation formulas and site analyses. Though important work, family foundations focus less attention on the basic questions: Why give? What difference does it make?
We hear much these days about how difficult it is to put together a career. The "younger" generation seeks more than jobs. They want their work to be fulfilling and to make a difference, and they need to earn a salary that they can live on, have medical benefits and maybe even save enough to one day retire. This is a tall order in these times of corporate and government downsizing and greater competition among nonprofits for shrinking resources.
Donors' charitable gifts to their family foundations are not always administered by successor trustees in the manner in which originally intended. Donors must carefully articulate a mission for the organization — their private foundation — that will be the repository of a significant portion of their wealth.
The family office is often called upon to organize and staff family charitable endeavors. Community foundations can be a resource for the family office by providing information, insight, technical know-how, and alternate means of funding and conducting a family's charitable activities.
Our advice to anyone hesitating to bring about an intergenerational family foundation because the time does not seem right or there are too many family issues to confront is — just get started. There is no better time than now to have the satisfaction of helping others and, at the same time, to give your family the opportunity to grow and to discover the pleasures of working together.
The act of giving through family philanthropy can be a transformative experience for both family members and the communities they serve, sometimes with an impact that lasts generations. However, achieving a positive, enduring impact requires purposeful vision and decision making throughout the lifespan of the family's philanthropic work. With the deep experiences of philanthropic families and advisors showing the way forward, the roadmap to meaningful giving can be made easier and more effective.
Your fellow FOX members have contributed these philanthropic planning tools and samples. Please note that these samples have been provided for illustrative purposes only, and may not represent the latest versions at the organizations listed.
The 2019 FOX Survey on Values-Aligned Investing was completed alongside our annual Global Investment Survey.
The concept of “making an impact” is not new. Families of substantial wealth and philanthropy have long had an intertwined history. So it is no surprise that, when 2020’s tremors hit, families of exceptional wealth stepped up in ways not only addressing the pandemic but also tackling deeper societal issues. FOX Chief Operating Officer Glen W.
The field of philanthropy has primarily been built around the more tactical aspects and the how of giving while taking the why for granted.